Square to Start Accepting Bitcoins
Published on: 31st Mar 2014
Square the USA based smartphone credit card processor has announced that it will start accepting the cryptocurrency Bitcoin.
The company said that for sellers, the experience won't feel any different. Whether selling services or goods, sellers don't have to change a thing.
When a buyer opts to "Pay with Bitcoin" they first generate a new Bitcoin address and attach it to the order. They will 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, Square detects that its receiving address was successfully funded and automatically advance the buyer to the order confirmation page.
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 the fluctuations in Bitcoin values.