Square has rolled out a new payment and wallet package called Square Bitcoin, aimed at letting small shops accept and manage bitcoin inside the same system they already use for sales and money management.
Reports have disclosed that Bitcoin Payments will let sellers take bitcoin at the point of sale with zero processing fees for the first year.
This figure gives a concrete sense of how the tool has been used so far, though it does not speak to the distribution of that bitcoin across businesses or how many shops hold versus convert.
Accepting bitcoin could mean lower visible costs for some sellers. Reports have disclosed that Square is pitching near-instant settlement and reduced fee exposure as reasons merchants might prefer bitcoin payments over other methods.
Sellers keep the option to receive sales in US dollars. The point is choice: shops can accept new forms of payment while keeping familiar money controls in place.
Block, Square’s parent company, has been building other bitcoin products for years. Based on reports, those pieces include Cash App’s bitcoin features, Bitkey for self-custody, Proto mining gear, and Spiral, which funds open-source bitcoin projects.
The new Square Bitcoin offering is presented as another link in that chain, letting businesses interact with bitcoin at the checkout and on the books.
Featured image from Pixabay, chart from TradingView
