Los Angeles, Jan. 03, 2018 (GLOBE NEWSWIRE) --
Giggles N’ Hugs, Inc. (OTCQB: GIGL), owner and operator of family-friendly restaurants that bring together high-end, organic food with active, cutting-edge play and entertainment for children, today announced that it now accepts Bitcoin as a payment option for customers.
Through BitPay, the world leader in Bitcoin payment processing, Giggles N’ Hugs customers can use their phones or email to complete payments, while the Company is protected from exchange rate volatility.
“We’ve had a number of customers ask to pay using Bitcoin for a variety of reasons,” stated Joey Parsi, Founder and CEO of Giggle N’ Hugs. “Our average guests check is about $30, however, for our higher-end VIP parties that we have done for some of the biggest celebrities, entertainment executives and other higher end customers, the cost can run up to tens of thousands of dollars or more.”
By accepting Bitcoin through Bitpay, Giggles N Hugs will achieve several key benefits, including lower transaction costs as compared to credit cards, which can take up to 3% in processing fees on every transaction. Through BitPay, Giggles N Hugs receives direct bank deposits for a simple, flat 1% settlement charge.
Bitpay enables the company to connect to the world’s first borderless payment network, receiving payments in any amount, from anywhere in the world, from any computer or mobile device.
Lastly, we believe the most significant benefit will be the end of chargeback fraud and identity theft. Other payment methods force customers and businesses to shoulder the risks and costs of payment fraud. By accepting Bitcoin and the underlying blockchain technology, customers can pay without handing over sensitive personal information, and refunds are made through the merchant which means no chargebacks when using Bitpay.
The Bitpay app is available for download on all major mobile and desktop platforms including Apple IOS, and Google Play. “By leveraging the infrastructure and principles of Bitcoin and other cryptocurrencies which we believe will become commonplace in the near future, will enable Giggles N Hugs to stay ahead of the curve and utilize technology to better meet the demands of our customers as we launch our new products and services. "We are excited to provide additional payment options to our customers while lowering our transaction costs in a safe and secure way, Parsi stated.”
About Giggles N’ Hugs
Giggles N' Hugs is the first and only restaurant that brings together high-end, organic food with active, cutting-edge play and entertainment for children. Every Giggles N' Hugs location offers an upscale, family-friendly atmosphere with a dedicated play area that children 10 and younger absolutely love. We feature high-quality menus made from fresh and local foods, nightly entertainment such as magic shows, concerts, puppet shows and face painting, and hugely popular party packages for families that want to do something special.
Forward Looking Statements:
Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's filings with the Securities and Exchange Commission (the "SEC"). Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.