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06/01/2021

Convenience Store Retailer to Start Accepting Crypto Currencies

Sheetz, a convenience store chain based in Pennsylvania, will soon accept bitcoin as payment.
Sheetz lot

Sheetz, a convenience store chain based in Pennsylvania, will soon accept bitcoin as payment.

Bitcoin, a decentralized digital currency, is currently only accepted by a handful of major retailers. Customers can pay for items inside Sheetz convenience stores or at the gas pump using Flexa, a pure-digital payments system. Sheetz is actually allowing customers to use several different crypto currencies, such as bitcoin, ether, litecoin and dogecoin, beginning later in summer 2021.

The announcement makes Sheetz the first convenience store retailer to accept crypto currencies as payment.

Executive Summary

The move to Bitcoin by Sheetz is a huge boon to crypto currency. Few retailers in any industry accept crypto currencies, and some businesses may see the connection to Bitcoin as more marketing than a viable payment method. Crypto currencies like Bitcoin are known for their price volatility, which is heightened by announcements like Tesla’s recent decision to stop accepting bitcoin as a payment method.

 

The Flexa payment system works by converting crypto currencies to their real-time dollar value as payment to retailers. A few other retailers have piloted Flexa, including Barnes & Noble, Bed Bath & Beyond, Crate & Barrel, GameStop, Lowe’s, Nordstrom, Office Depot/OfficeMax, Petco, and Whole Foods Market. 

Exec summary

“Above all else, our mission at Sheetz is to continue providing our customers with the ultimate one-stop-shop where they can refuel their car and refresh their body,” Linda Smith, payments manager for Sheetz, said in a statement. “As a result, we are constantly innovating and exploring new offerings to truly give our customers what they want, when they want it, 24/7/365 — that includes accepting many forms of payment. We're very excited to be working with Flexa to roll out support for cryptocurrencies and other types of digital assets at our stores."

Sheetz will leverage its existing NCR POS solution and payment gateway to accept Flexa payments, Chain Store Age reported. Plus, customers can connect their My Sheetz Rewardz loyalty account to Flexa payments. The Flexa rollout will begin this summer, with crypto payments being accepted in stores first, followed by at the gas pump later.

See the full story at Chain Store Age.