As bitcoin grows in value, more merchants every day are accepting the digital currency to stay ahead of the times. This week one of Michigan’s largest and oldest lawn equipment and power sports stores — Ball Equipment is now accepting bitcoin.
73 Year Old Business Thinks Outside the Box
The fourth generation family owned superstore, Ball Equipment, is one of Eastern Michigan’s largest and oldest outdoor power equipment dealerships operating for over 73 years. The store has two locations that sell heavy duty lawn equipment and power sports gear from brands like Polaris, Honda, Can-Am, Cub Cadet, and Husqvarna. This week the business decided to accept bitcoin allowing any of their customers to purchase rideable lawnmowers, ATVs, snowmobiles, dirt bikes and more.
Bitcoin.com talked to Chris Ball, one of the owners of the Michigan state superstores to see why the business decided to start accepting bitcoin. Mr. Ball says that even though they are an old and well-established company the team has always had the corporate philosophy of “getting ourselves outside the ‘we have always done it this way’ box.”
“The quickly evolving world of cryptocurrencies and the media attention it has received is something that attracted our interest. Even before fully understanding it, we knew it was something we should work towards adopting immediately,” explains Mr. Ball.
Bitcoin: ‘Very Appealing from a Profitability Standpoint’
Mr. Ball tells us there are other reasons why the company decided to accept the digital currency.
“For instance, many of the larger ticket items Ball Equipment sells like the ATV’s, and Motorcycles, are typically very low margin products to retail to consumers,” the Ball Equipment executive details.
The transaction fees and potential fraud that exists with traditional payment methods when compared to the ease of secure low-cost payments on high-value transactions made bitcoin very appealing from a profitability standpoint.
“In addition, becoming an early adopter in our very ’old school’ industry gives us the potential to do business on a local and even national level that we would otherwise not have the opportunity. Considering we have found very few of our competitors anywhere accepting bitcoin currently, we do not see much if any downside other than accepting the risk of short term bitcoin value fluctuations.”
A New Customer Base, and Being Prepared for the Future
As of today, Mr. Ball says customers can stop in one of the Ball Equipment showrooms or visit the website, browse the selection of vehicles and products, and then fill out a request quote form to let the company know you are interested in a purchase with bitcoin as a payment method.
“A member of our sales team will follow up to provide a quote and once a final decision is made an invoice will be provided with a QR code from our wallet to send coins for payment,” Mr. Ball explains.
As Bitcoin.com explained last week, as the digital currency continues to see more popularity the trend also follows with people purchasing luxury goods, real estate, and high ticket items. Merchants like Ball Equipment are starting to see the value in opening up sales to a new customer base, a currency that appeals to profitability and allowing their business model to stay on course with the future of payments.
Do you think merchant acceptance is growing as bitcoin becomes more valuable? Let us know your thoughts in the comments below.