Over four million Square merchants can now accept bitcoin payments at the point-of-sale, representing a significant advancement in the mainstream use of cryptocurrency.
First previewed in May, the rollout to all Square hardware devices will commence on November 11. Merchants can activate this feature in their Square Dashboard after completing a brief verification process.
The rollout utilizes the Bitcoin Lightning Network, designed to expedite transactions and minimize costs. Customers can make payments by scanning a QR code at checkout, with the Lightning Network ensuring near-instant settlement. Square’s integration manages real-time exchange rate calculations and confirmation notifications, allowing for immediate payment processing at lower fees compared to traditional methods.
Square sellers will have the option to either retain the bitcoin or convert it automatically to US dollars. Additionally, Square is waiving fees on all bitcoin transactions until the end of 2026. After that, a 1% fee will apply, which remains lower than typical credit card fees ranging from 2.5% to 3.5%.