An NY City preschool decided to offer parents the option to make tuition payments with bitcoin and ethereum. In addition, the school stopped to accepting credit cards.
Low transaction fees seem to be the reason for this innovative idea
The co-founder and chairman of The Montessori Schools in Flatiron and Soho, Marco Ciocca, explained to Business Insider what lead them to make such a decision: “I’d been following the space for a few years and noticed that a lot of forward-thinking businesses were starting to accept it. There’s about one percent transaction fee, which is less compared to three or four percent sometimes with credit cards”.
As a result, the low fees and quick transactions seem to be the main reason the schools start to accepting the cryptocurrencies. Also, many parents who work in the sector wanted to be able to pay the tuition fees using Bitcoin.
The parents can pay the tuition costs via a third party system, which is wired to the school’s wallet. The system instantly converts the coins to fiat in US dollars and transfers them to the establishment’s bank account.
Except for bitcoin and ethereum, the school also accepts wire payments, cash, and cheque.
It’s not only the schools that included digital currencies in their options. In September, two business icons launched a £250 million bitcoin property venture in Dubai. For the first time in the industry, it’s possible for property to be purchased directly from a developer with bitcoin.
While the value of the crypto market is raising, the possibility of using the currency for daily payments is increasing.