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>>Square is launching a system that allows US businesses to accept Bitcoin payments, with the option to store those funds in integrated wallets free of charge until 2026.

Square is launching a system that allows US businesses to accept Bitcoin payments, with the option to store those funds in integrated wallets free of charge until 2026.

crypthub

2 days ago

Square’s Bitcoin Service Launch

Square has introduced a new service allowing US merchants (excluding those in New York) to accept Bitcoin (BTC) directly at checkout. Merchants can utilize a built-in wallet to store BTC and manage balances through the Square dashboard. This new functionality is designed to lower barriers to entry for accepting cryptocurrency payments.

Fees and Transaction Management

Through 2026, Square will waive processing fees for Bitcoin transactions. Starting January 1, 2027, a 1% processing fee will be implemented. Merchants retain the flexibility to convert a portion or entirety of sales proceeds into fiat currency via the Square dashboard.

Broader Crypto Strategy and Adoption

This service aligns with Block Inc.’s ongoing integration of Bitcoin across its products, including Cash App, and reinforces a broader strategy for mainstream adoption. Square’s vast merchant network, combined with the fee incentives, has the potential to substantially increase cryptocurrency payment usage.

Service Details and Availability

Eligible US merchants can activate Bitcoin payments within their Square dashboard and configure settings for BTC conversions. This service provides integrated wallet management features, including the ability to buy, sell, and withdraw BTC. The current rollout focuses on merchants within Square’s established point-of-sale ecosystem.