Hassan Maishera
TL;DR
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Square has launched new tools that allow small businesses to accept bitcoin payments with no processing fees for the first year.
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Businesses can also automatically convert a portion of their daily card sales into Bitcoin and manage it within Square’s platform.
Square Launches Bitcoin Payment Tools
Square, the payment services arm of Block (XYZ), announced on Wednesday that it has launched a new set of tools that would enable small businesses to accept Bitcoin payments.
In its press release, Square stated that the tools would make Bitcoin easier to use for small businesses, allowing sellers to accept crypto payments and manage their digital assets alongside traditional finances
The new offering, called Square Bitcoin, comes with three major features: itcoin payments, automatic bitcoin conversions from card sales, and a native bitcoin wallet built into Square’s seller platform.
The team explained that;
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Bitcoin Payments allows sellers to seamlessly accept bitcoin directly from their point-of-sale with no processing fees for the first year, giving shoppers more ways to pay and helping sellers keep more of their hard-earned money.
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Bitcoin Conversions enables sellers to automatically convert a percentage of their daily card sales into Bitcoin, helping them diversify their long-term savings from the same platform they already use to manage their business finances.
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Bitcoin Wallet, built natively into Square, lets sellers manage their bitcoin alongside the rest of their finances, with buy, sell, hold, and withdrawal functionality integrated directly into their Dashboard.
Sellers can accept BTC payments with no processing fees for the first year and choose to convert up to 50% of their daily sales into BTC automatically. Square added that the tools are currently available to eligible U.S. businesses, with Bitcoin payments coming to them by November 10th.
Square revealed that 142 BTC have already been accumulated via early use of the conversion feature. By adding BTC into its existing payments and banking ecosystem, Square intends to lower the barrier to entry for small businesses to participate in the cryptocurrency space.
While commenting on this launch, Miles Suter, Head of Bitcoin Product at Block, stated that,
“The bitcoin tools we’re building at Square deliver on two critical needs: ensuring sellers never miss a sale, and giving them access to powerful financial tools that help them more easily manage and grow their finances.”
Suter added that the company is making bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, have been exclusive to the largest corporations.
“Through Square and Cash App, we serve both sides of the counter, meaning Square is uniquely positioned to make bitcoin everyday money, not just a store of value – while also helping sellers future-proof their operations,” Suter concluded.
