FYI here is what i came up with (again, comments welcome)
Accepting Bitcoin Payments
A brief memo outlining the benefits of accepting Bitcoin payments at a local business
What are Bitcoins?Bitcoins are, in the words of the Bitcoin Project, open-source, peer-to-peer digital currency. For those accustomed to dollars and cents, almost none of that makes any sense at all. Bitcoins are a digital currency that are kept in a “digital wallet” on your PC or mobile phone. Payments are sent from one wallet to another (similar to PayPal) and an in-depth cryptographic system verifies that transactions (such as purchases) are legitimate. Bitcoins have been gaining popularity and have been featured in several financial media outlets recently (see “Bitcoin in the Media” at the bottom of this memo).
How would Accepting Bitcoins Benefit my Business?Bitcoin can be attractive to business owners mainly because there are zero bank or credit card transaction fees to accept it, which can lead to higher profit margins, more competitive pricing and the ability to operate globally at lower cost. For the service provided by Coinbase.com Bitcoin payments can be instantly converted to USD and withdrawn to you business checking account for a 1% fee, however Coinbase is running a promotion right now where this fee is waived on your first $1,000,000.00 USD in merchant processing (limited time offer). In general processing fees are small to nothing, a contrast to the fees a business must pay when processing a credit card or even accepting a PayPal payment.
Another benefit is that chargebacks don't exist because, by design, they can't. Once a Bitcoin has been handed over, it's permanent. And while sales involving Bitcoins are as taxable as those made using any other currency, in practical terms there is no paper trail for these sales, which some see as advantageous.
Business that accept Bitcoin get attention from the extremely loyal Bitcoin community as well as in local media outlets (see the links for “News for Other Local Businesses Accepting Bitcoin” at the bottom of this memo).
How do I accept Bitcoin Payments?Accepting Bitcoins is actually a relatively easy process and there are numerous websites that explain how to accept Bitcoin payments at your local business. Websites such as Coinbase.com or Bitpay.com provide merchant tools which make it easy for your business or website to accept Bitcoin payments. Here is one example site that explains the process:
https://en.bitcoin.it/wiki/How_to_accept_Bitcoin,_for_small_businessesReference Links and Information
Bitcoin Information:http://bitcoin.org/en/Bitcoin in the Media:http://www.cnbc.com/id/43823614http://www.cnbc.com/id/100971898http://video.foxbusiness.com/v/2600858717001/government-looking-to-regulate-bitcoins/http://www.washingtonpost.com/blogs/the-switch/wp/2013/08/27/inside-the-bitcoin-advocates-closed-door-meeting-with-federal-regulators/News for Other Local Businesses Accepting Bitcoin:http://www.bostonglobe.com/business/2013/04/29/bitcoin-believers-hoping-their-faith-will-pay-off/JtIsyoUprWKAOymhYmqihM/story.htmlhttp://www.nbcbayarea.com/news/tech/Cafe-in-Palo-Alto-Now-Accepting-Bitcoinhttp://www.cnbc.com/id/43823614http://www.chicagobusiness.com/where-you-can-shop-with-bitcoin-in-chicagoWebsites Dedicated to Listing Bitcoin Accepting Businesses:http://bitcoin.travel/