Square now lets millions of U.S. businesses accept Bitcoin payments with no fees until 2027.
- Merchants can accept low-fee Bitcoin payments using the Lightning Network.
- Funds settle instantly, and businesses can choose to hold or convert Bitcoin.
- No transaction fees will apply until at least 2027, driving interest.
Bitcoin Payments Now Available for Businesses
Block, led by Jack Dorsey, has added Bitcoin payments to Square. This lets about 4 million U.S. businesses take Bitcoin at checkout. Companies can receive payments through the Lightning Network, which is fast and low-cost. A QR code is scanned, and the payment is confirmed in seconds.
Until 2027, there will be no processing fees for these payments. Sellers can choose to keep the Bitcoin or automatically switch it to dollars. They can also turn part of their daily card sales into Bitcoin for savings.
Why Use Bitcoin for Online Sales?
Adding Bitcoin gives more choices to customers. It may attract users who already pay with crypto. For businesses, using the Lightning Network means payments settle fast. This helps them get money immediately, unlike cards that can take days.
Smaller fees and faster access to funds can help lower costs. Sellers doing business around the world may benefit most, as crypto payments bypass currency exchange fees. With Square’s system, operations and records for both Bitcoin and dollars stay in one place, which improves tracking.
Challenges to Keep in Mind
Bitcoin’s price can change quickly. If a business decides to hold crypto, it could lose value in a short time. For safety, many will transfer it back to dollars right away. Still, there’s risk from price swings.
There are also rules on reporting and taxes. Sellers must stay updated on crypto regulations. Since Bitcoin payments are final and can’t be reversed, merchants will need clear refund policies. Ensuring customer trust and technical support is also very important.
Could This Change Online Payments?
Square’s move could lead more merchants to test crypto payments. It’s especially useful for small businesses that want fast and cheaper alternatives to credit cards. As customers get more comfortable, Bitcoin could become a common option at online stores.
Businesses adopting early may gain an edge. The system works all the time—even on weekends—making it helpful for global sales. With more tools and features possibly coming, Bitcoin payments could become a key part of how people shop online.
Source: cointelegraph.com
