Over four million Square merchants can now accept bitcoin payments at the point of sale, representing a significant advancement in the mainstream adoption of cryptocurrency.
First unveiled in May, the rollout to all Square hardware devices starts on November 11. Merchants can activate this feature through their Square Dashboard after completing a brief verification process.
This initiative leverages the Bitcoin Lightning Network, which is designed to expedite transactions and lower costs. Customers can make payments by scanning a QR code at checkout, with the Lightning Network ensuring near-instant settlements. Square’s integration also manages real-time exchange rate calculations and confirmation notifications. Payments are processed immediately, with fees considerably lower than those associated with traditional methods.
Square sellers have the option to retain the bitcoin or automatically convert it to US dollars. Additionally, Square is providing zero fees on all bitcoin transactions until the end of 2026. Following that, a 1% fee will be implemented, which remains lower than the typical credit card fees that range from 2.5% to 3.5%.