Jack Dorsey’s payments giant Square just unveiled a new platform designed to seamlessly integrate Bitcoin payments and wallet services for US retailers.
The platform is designed to process Bitcoin payments sales seamlessly from Square’s point-of-sale products.
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The Bitcoin wallet handles buying, selling, holding, and withdrawing all in one dashboard, and can automatically convert up to 50% of card sales into Bitcoin.
The rollout starts now, with conversions live for eligible sellers outside of New York.
Payments launch on November 10, with Square targeting small businesses to “make bitcoin everyday money.”
Head of Bitcoin Product Miles Suter says,
“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.
We’re 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”
Square says the new platform will feature zero processing fees for Bitcoin Payments through 2026, with a 1% fee starting January 1, 2027.
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