Key Takeaway: Accepting Bitcoin payments in retail is no longer a gimmick, it can cut fees, attract new customers, and future-proof retail payment strategy.

Why Steak ’n Shake’s Bitcoin Move Matters

Steak ’n Shake, one of America’s oldest burger chains (founded in 1934), became one of the first national restaurant chains to accept Bitcoin payments across multiple markets. On May 16, 2024, the company enabled Bitcoin at U.S. and European locations, putting bitcoin over Lightning  alongside cash and card payments.

For most retail executives, bitcoin payments in retail aren't relevant enough to be considered. Since Steak N Shake has integrated bitcoin payments, the demand for bitcoin payment solutions in retail is on the rise. CFOs, CMOs, CROs, CTOs and CEOs are starting to respect that this story could be more than a marketing play, it’s a case study in how Bitcoin payment acceptance improves margins, customer acquisition, and brand differentiation.

bitcoin in retail payments

1. Bitcoin Acceptance Cuts Retail Payment Processing Costs

Payment fees are one of the largest hidden costs in U.S. retail. In 2023, merchants paid $172 billion in card processing fees. At scale, these fees add up to lost profitability.

Steak ’n Shake reports saving around 50% on transaction fees when customers pay with Bitcoin versus traditional cards. In an industry where average profit margins are only 2–5%, this isn’t small savings, it’s a direct margin improvement that helps fund reinvestment in customer experience, technology, and food quality.

"Our experience so far with Bitcoin has been that it is faster than credit cards. And when customers choose to pay in Bitcoin instead of credit cards, we uh are saving about 50% in our processing fees." - Dan Edwards, Chief Operations Officer at Steak 'N Shake
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2. Faster Settlement, Zero Chargebacks

Another operational upside: Bitcoin transactions settle faster than credit cards. Importantly for CFOs and CTOs, Bitcoin eliminates chargebacks and fraud disputes—a persistent headache in high-volume retail. That means fewer operational costs tied to disputes, and more payment finality in the books.

3. Attracting New Customers & Boosting Foot Traffic

One of the most striking data points: on launch day, Steak ’n Shake represented 0.2% of all global Bitcoin transactions. That equated to one in every 500 Bitcoin transactions happening at the chain.

The rollout also drove a sustained increase in guest traffic, signaling that Bitcoin acceptance directly influences consumer behavior.

Considering that 94% of crypto buyers are Millennials and Gen Z (Pew Research, 2023), offering Bitcoin isn’t just a technical upgrade—it’s a customer acquisition strategy targeting younger, high-LTV demographics.

However, at the core of Steak 'n Shakes bitcoin payment success is the bitcoin community. Bitcoin experts like Luke Dashjr publicly stated he would visit more often. Journalist Natalie Brunell recorded a video about her experience.

Steak ‘n Shake thanks Bitcoiners as same-store sales rise 11% in Q2

In Q2 2025 Steak 'n Shake reported a 10.7% quarter-on-quarter same-store sales increase in, outpacing America’s top food chains.

4. Strengthening Brand Differentiation With Payment Innovation

By treating Bitcoin as an equal to cash and cards, Steak ’n Shake put digital currency on par with legacy payment rails. This reinforces the brand as future-forward in an industry where innovation has become a competitive advantage.

Bitcoin is more than just payments, it's a bold step towards a future of prosperity. Bitcoin's value proposition as "sound money" opposing fiat debasement is a strong statement to take responsibility. Customers are increasingly seeking for signal within the noisy world. And bitcoin payments in retail are exactly that.

5. Market Growth Confirms the Trend For Bitcoin Payments in Retail

The Bitcoin story isn’t isolated. Broader data supports why retailers should evaluate digital payment solutions now:

  • Global crypto payments volume surpassed $1.3 trillion in 2024 (Chainalysis + Coinbase)

  • 75% of U.S. retailers plan to accept crypto or stablecoin payments by 2026 (Deloitte)

  • Retail crypto transactions forecasted to reach $4.5 trillion annually by 2030 (Juniper Research)

These figures confirm customer demand is scaling rapidly, and enterprises that adopt early can capture outsized share of spending power.

Executive Takeaway for CFOs, CROs, CTOs, and CEOs

Steak ’n Shake’s example highlights how Bitcoin acceptance in retail delivers measurable enterprise value:

  • Lower processing fees → higher operating margins

  • Faster settlement + no chargebacks → operational efficiency

  • New customer acquisition → incremental sales growth

  • Innovation perception → stronger brand equity

For forward-looking executives, Bitcoin payments in retail are moving from optional to strategic necessity.

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