Square, the payment services arm of Block (XYZ), has launched a new set of tools aimed at making bitcoin easier to use for small businesses, allowing sellers to accept crypto payments and manage their digital assets alongside traditional finances, the company announced Wednesday.
The offering, called Square Bitcoin, includes three main features: Bitcoin payments, automatic Bitcoin conversions from card sales, and a native Bitcoin wallet integrated into Square’s seller platform. Sellers will be able to accept Bitcoin without processing fees for the first year and choose to automatically convert up to 50% of their daily sales to Bitcoin. The tools are available to eligible US businesses, with Bitcoin payments rolling out on November 10.
This announcement reflects a broader trend. Crypto payments in the United States are expected to increase by 82% between 2024 and 2026, according to data cited in the release. But until now, access to Bitcoin has primarily focused on tech-savvy investors or individuals. Square’s move aims to bring that access to Main Street.
In practice, the tools could allow a local coffee shop to accept a bitcoin payment from a customer using a phone wallet, automatically convert half of its daily sales to bitcoin, and view all of its finances in the same dashboard it uses to manage inventory and payroll. According to Square, 142 bitcoins have already been accumulated through early use of the conversion feature, first tested in 2024.
By integrating bitcoin into its existing payments and banking ecosystem, Square – a subsidiary of Block (SQ) – is attempting to lower the barriers to entry for small businesses wanting to participate in the crypto economy. It’s also a continuation of Block’s long-standing focus on Bitcoin, spanning retail tools like Cash App and hardware initiatives like its Bitkey wallet and Proto mining products.
Miles Suter, head of Bitcoin product at Block, said the tools are designed to help sellers “never miss a sale” while giving them access to financial tools that were typically out of reach.
“We are making bitcoin payments as transparent as card payments,” he said in a statement.
