Bitcoin payments are coming to stores: integrated wallet and zero fees for merchants using Square Bitcoin.
On October 8, Block, the company led by Jack Dorsey, announced the launch of Square Bitcoin – a new solution that allows merchants to accept bitcoin payments through the Square POS system.
Merchants using the Square Bitcoin network can convert their sales revenue into BTC and access an integrated wallet. Starting November 10, businesses will be able to accept bitcoin payments directly and convert up to 50% of their daily revenue into BTC.
To encourage adoption, the company will allow businesses to accept BTC directly from their POS terminals with no transaction fees for one year. In 2027, Square will begin charging a 1% processing fee.
Miles Suter, Bitcoin Product Lead at Block, said:
“We’re making bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, were only available to the largest corporations.”
The initiative, called “Simplifying Bitcoin for Main Street,” aims to prepare merchants for the growing use of the asset as an everyday means of payment.
The integrated Bitcoin wallet within the Square system will allow merchants to buy, sell, withdraw, and manage their funds independently.
