Accept Bitcoin Payments: New Merchant Solution
- Block's Square platform is set to introduce native bitcoin payments, allowing merchants to accept the cryptocurrency directly through their Square Point of Sale app and hardware.
- The integration aims to streamline transactions and provide economic empowerment.
- The system leverages the Lightning Network for near-instant settlements.
Merchants are getting a boost! Square is rolling out native bitcoin payments, transforming how businesses accept currency. This means faster payouts and more revenue retained for businesses. The platform, integrated through Block, is set to launch in the second half of the year, with a broader release in 2026. The system uses the Lightning Network, enabling customers to pay using a QR code.This update builds on Square’s Bitcoin Conversions, allowing automatic conversion for some sellers. With bitcoin integration, businesses can tap into a global monetary system. News Directory 3 is excited about the possibilities this opens up. Discover what’s next for the future of financial transactions!
Square to Enable Bitcoin Payments for Merchants via Block Integration
Block’s Square platform is set to introduce native bitcoin payments, allowing merchants to accept the cryptocurrency directly through their Square Point of Sale app and hardware. The rollout of this Bitcoin For Businesses offering is planned for the second half of the year, with a broader expansion to all Square sellers in 2026, pending regulatory approval.
The integration aims to streamline transactions and provide economic empowerment. By accepting bitcoin payments, small businesses can possibly receive payments faster and keep a larger portion of their earnings.
The system leverages the Lightning Network for near-instant settlements. Customers will be able to make bitcoin payments by simply scanning a QR code at checkout.
“When a coffee shop or retail store can accept bitcoin through Square, small businesses get paid faster, and get to keep more of their revenue,” said Miles Suter, Block Bitcoin Product Lead. “This is about economic empowerment for merchants who like to have options when it comes to accepting payments.”
this new feature builds upon Square’s existing Bitcoin Conversions, launched in 2024, which allows eligible merchants to automatically convert a percentage of their sales into bitcoin. The initial rollout of Bitcoin Conversions with Square and Cash App in April 2024 enabled sellers to allocate 1% to 10% of daily sales to be converted into bitcoin via their Cash App accounts.
Jack Dorsey, Block head, chairman and co-founder, emphasized the company’s focus on making bitcoin more accessible and secure during a November earnings call. He stated the goal is to make bitcoin usable every day through an open protocol for internet payments.
What’s next
The expansion of Bitcoin For Businesses aims to further integrate cryptocurrency into everyday commerce, providing both merchants and consumers with more flexible payment options and access to a digital global monetary system.