Square Launches Bitcoin Payment Tools for Small Businesses
Square, part of Block (XYZ), has introduced new tools to simplify the use of bitcoin for small businesses. This includes:
- Bitcoin payments
- Automatic bitcoin conversions from card sales
- A native bitcoin wallet within Square’s seller platform
Sellers can accept bitcoin without processing fees for the first year and convert up to 50% of daily sales into bitcoin automatically. These tools are available to eligible U.S. businesses, with bitcoin payments starting on November 10.
The initiative aligns with a trend where crypto payments in the U.S. are projected to grow by 82% from 2024 to 2026. Traditionally, access to bitcoin has been limited to investors or tech-savvy users, but Square aims to extend this to mainstream businesses.
An example application is a local coffee shop accepting bitcoin, converting half of its daily sales into bitcoin, and managing all finances through a single dashboard. Since piloting in 2024, 142 bitcoins have been converted using these features.
This development is part of Block's broader strategy to integrate bitcoin into its ecosystem, continuing its focus evident in retail tools like Cash App and other hardware projects. According to Miles Suter, head of bitcoin product at Block, the goal is to make bitcoin payments as seamless as traditional card payments, thus widening access to financial tools for sellers.