According to the Mid Breaker, Block, the payments company that owns Square and Cash App is enabling bitcoin payments for 4 million merchants with its Square Bitcoin feature. It helps merchants everywhere to accept bitcoin and process orders online with instant settlement. There will be no transaction fees for sellers through 2027.
The BiTBO report on Monday (Nov. 10) said the platform had been unveiled publicly at Compass Coffee in Washington, D.C., last month and also quoted Block Head of Bitcoin Product Miles Suter saying, “We’re making bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that to date have only been available to the largest corporations.”
With Square Bitcoin, merchants can choose to automatically convert a percentage of their daily card sales into bitcoin adding versatility and exposure to the cryptocurrency for businesses.
Sellers can also accept Bitcoin Payments in numerous ways such as bitcoin-to-bitcoin, bitcoin-to-fiat currency, fiat to bitcoin or even fiat-to-fiat.
Square Bitcoin issues Bitcoin on the Lightning Network specifically for access to rapid transaction settlement and low fees. This feature lets merchants lower credit card processing costs, reduce float, and maximizes cash flow management.
Block’s founder, Jack Dorsey, a longtime bitcoin proponent, had also advocated for a small transaction tax exception as a way to encourage the sort of everyday use that would make it more practical for Americans.
Given Block’s mixed performance results this week in its Q3 earnings report, with revenue and earnings-per-share numbers falling under what analysts had expected, might this be seen as a dose of good news for the arm?
As PYMNTS reported, the Square brand is moving upmarket: “That pivot suggests a company discarding its old DNA as a small merchant enabler and settling on something more robust in the form of a business operating system that intersects commerce, customer relationships and financial services. And the company keeps adding features — both in a product draftmanshit and via AI-driven automation — to make seller operations more turnkey.”
Block’s recent developments extend to bitcoin mining hardware and software, as well as a feature in Cash App that allow users to find merchants around the world who accept bitcoin including those powered by Square Bitcoin.
