Twitter’s Dorsey’s Square takes Bitcoins
Square Market Accepts Bitcoin
Sellers should never miss a sale. We’re building tools so sellers can accept any form of payment their customers want to use. Making commerce easy means creating easy ways to exchange value for everything from a massage to a DODOcase for your iPad.
In that spirit, starting today, buyers can purchase goods and services on Square Market with Bitcoin.
We’re keeping it simple
For sellers, the experience won’t feel any different. Whether selling services or goods, sellers don’t have to change a thing, except potentially expecting new trailblazing customers and more sales.
Whether the buyer is new to paying with Bitcoin or not, it should feel like a VIP experience. We focused on making the experience smooth and simple.
Here’s how it works
Let’s dive into the technical details of checking out. When a buyer opts to “Pay with Bitcoin” we first generate a new Bitcoin address and attach it to the order. We will continually monitor this address throughout the checkout process so we know when it has received payment.
Next, the buyer submits their payment. Buyers with a mobile Bitcoin wallet, simply open their wallet and scan the QR code to load the transaction details. Those with a hosted Bitcoin wallet receive instructions for entering the required information.
Once the payment details are loaded into the buyer’s wallet, they submit their payment to the network. Next, we detect that our receiving address was successfully funded and automatically advance the buyer to the order confirmation page. It’s pretty magical to witness first-hand!
Keeping it simple for the seller, the seller receives the amount of the purchased goods or services in USD and in the amount of USD advertised to the sellers’ customer at the time of transaction, so the seller takes no risk on Bitcoin value fluctuations. The seller then fulfills their customer’s order. Seamless!
It’s exciting to take another step towards helping sellers reach more customers and making commerce easy for everyone.
Cryptocoin news argues for its significance!
Whole Foods, Starbucks, and Others Use Square
While some bitcoiners will be disappointed by the fact that brick and mortor retailers who use Square still cannot integrate with Bitcoin, this is definitely still a move in the right direction. At the end of the day, huge merchants, such as Whole Foods and Starbucks, are already integrated with Square, so they’ll instantly have access to Bitcoin payments once Square decides to build this out on a larger scale. It makes sense for Square to start with online merchants before they bring Bitcoin into the real world. Once their new system has been thoroughly tested online, they will eventually be able to give real world merchants the option to accept Bitcoin payments. Jack Dorsey has stated his intention to allow merchants to accept every form of payment known to man, so it would make sense for him to eventually bring Bitcoin to the masses through Square Register.
Why Square Could Be Bitcoin’s Little Helper
The real problem when it comes to Bitcoin adoption at physical stores and restaurants right now is that merchants don’t want to have to add a completely new POS system to their business. With something like Square Register, Bitcoin could be placed right next to Visa and Mastercard as a payment option for customers. While this may be pie in the sky thinking right now, it wouldn’t be too crazy for Square to allow merchants to offer discounts to customers who wish to pay with Bitcoin. Square already offers a unique, low-priced 2.75% fee to each transaction, and integration with Bitcoin would allow them to lower that rate even more for their merchants. As competition between Square, Stripe, PayPal, Google, and others continues to heat up at physical stores, we could see those low fees offered by Bitcoin come into play.