Bitcoin has taken a step closer to becoming everyday currency.
Block, the payments company that owns Square and Cash App, has introduced bitcoin payment capability for 4 million merchants through its Square Bitcoin feature. It allows merchants worldwide to accept bitcoin at checkout with instant settlement. Sellers will pay no transaction fees until 2027.
A BiTBO report on Monday (Nov. 10) said the new platform was first showcased publicly at Compass Coffee in Washington, D.C., in October and quoted Block Head of Bitcoin Product Miles Suter as saying, “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.”
With Square Bitcoin, merchants have the option to automatically convert a portion of their daily card sales into bitcoin, giving businesses increased flexibility and exposure to cryptocurrency.
In addition, sellers can now accept payments in multiple configurations such as bitcoin to bitcoin, bitcoin to fiat currency, fiat to bitcoin, or fiat to fiat.
Square Bitcoin uses the Bitcoin Lightning Network to provide rapid transaction settlement with low fees. This enables merchants to reduce typical credit card processing costs, while also benefiting from fast cash flow management.
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Block founder Jack Dorsey, a longtime bitcoin advocate, has also pushed for a small transaction tax exemption to promote everyday bitcoin use, aiming to make the cryptocurrency more practical for Americans.
Considering the mixed performance results in Block’s Q3 earnings report, with revenue and earnings per share missing analyst expectations, could this innovation provide a shot in the arm?
PYMNTS reported that the Square brand is undergoing upmarket expansion: “This pivot signals a move away from Square’s original DNA as a small merchant enabler, toward a sturdier identity as a business operating platform that intersects commerce, customer relationships and financial services. The company continues to add functionality, both productively and through AI-driven automation, to make seller operations increasingly turnkey.”
Block’s recent innovations also include bitcoin mining hardware and software and a function within Cash App that enables users to locate global merchants that accept bitcoin, including those using Square Bitcoin.
