This fast food chain is quite popular in the U.S., right?
Based on my research, there are 436 locations in the U.S. and 21 internationally, totaling 457 locations.
This likely indicates a higher number of Bitcoin users, especially since Donald Trump supports cryptocurrency, including Bitcoin.

So, that's great news and should positively great impact on the market.

Is there any update on whether this will be on-chain or if they will be using the Bitcoin network directly?

Bitcoin Can Now Pay for Your Next Burger at Steak ‘n Shake
American fast food chain Steak n' Shake to accept Bitcoin payments starting May 16, bolstering the crypto's utility and market value.
https://coingape.com/bitcoin-can-now-pay-for-your-next-burger-at-steak-n-shake/

American fast food chain Steak n' Shake will accept Bitcoin payments shortly ahead.
The decision underscores BTC's rising popularity as a value-worthy traditional asset.
BTC price recently topped $102K, showcasing strong potential.
This is a welcome address for American into Bitcoin, patronizing stake 'n' share, making purchasing more easier for them, gradually Bitcoin will soon gain its ground officially by adopting it in America, it's a gradual process.

This might be a big help for them.

When I searched about how big the company is, I found something different.
I didn’t expect that they also went through tough times and had to close many of their stores.

Evolving Steak ‘n Shake Has Closed 200 Locations Since 2018

Well, this isn’t something new...
I believe a lot of restaurants already accept Bitcoin. But it’s still good news, because every step like this helps push the mass adoption we’re all aiming for.

It was possible to immediately add a picture to a tweet (for the lazy, follow the links).

Steaktoshi - and their marketing department knows how to attract bitcoiners.

Well, bitcoiners, have you waited for the opportunity to buy a cup of coffee burger for BTC?

To me, this looks like a good advertising move by the fast food chain. It is unknown how long their initiative will last. It is curious whether they will continue to accept bitcoin as payment during the bearish trend, which is inevitable. Also, this tweet doesn't say whether they will accept btc directly or if btc will be converted into dollars by a third party when paying (which is most likely what will happen). In general, we need to wait until the 16th and find out from the 1st persons who have tried it. Has anyone from the forum planned a visit to this snack bar joint next weekend to test the possibility of buying a burger for bitcoin? We are waiting for a report.

Always good to see big companies start to adopt Bitcoin as payment for good & services. As a European I am unfamiliar with this company but if you say it’s good I’m in. Presumably it’ll be via LN as we all know the problems for companies using on chain for goods being traded, confirmations just take too long. Any way, every company that gets orange pilled increases adoption so let’s be happy with this one.

So what’s the process here? How can someone successfully pay with Bitcoin?

Does it follow the usual rule that there should be at least one confirmation before the transaction is considered successful?
Or are they using a third-party service for faster transactions?

Because if it still needs a confirmation, maybe only a few people would use it.
I actually see this as good news, but I don’t think it’s impactful enough for people to prefer Bitcoin over cash or bank cards.

You know what I just saw today that some huge restaurant chain just started accepting bitcoin and crypto today and I can only see this type of thing happening more and more frequently moving forward

Definitely a good move, they got good marketing exposure as well from this alone.

I think right now is the best time to adopt bitcoin ever, large company should also follow this path, come on amazon and others. Can't wait for the day when I can pay amazon with bitcoin and not using credit card .

They could literally just use existing gateway like the one provided by coinbase and binance and be done with it. Even better if they accept it directly.

It's a tiny company so they can implement things like this more easily.
Lets face it there are 6 or 7 states that have more McDonalds then Steak N Shake has total restaurants worldwide.
And as @Russlenat pointed out they have closed about 1/4 of their locations in the last 7 years.

I wish them well, and this is marginally good news for BTC. But between this, and their 'tallow fries' and everything else it really looks more to be a lets throw everything at the wall and see what sticks in order to save a dying restaurant chain. Then really being pro BTC

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Opinion and nothing more. I have eaten at SnS a couple of times and was not impressed. Not bad, but not great. They are lower cost then other similar chains but once again IMO it shows in their burgers & fries. Would rather pay more and get from Smashburger or go to a place like Chilis and get a 3 for me. https://www.chilis.com/menu#3-for-me

Like the saying goes out of good and fast and cheap you can only get 2 of the 3.
They try to do all 3 and only get 1 (cheap)

But, some people do love them. However, with the number of locations shrinking I think more people agree with me.

-Dave