Square to Accept Payments Using Bitcoin

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Square to Accept Payments Using BitcoinMobile payments processor Square has integrated bitcoin as a mode of payment for shoppers to buy goods and services on Square Market.

In an announcement posted on its website, the company said that it is currently developing tools to allow sellers to be paid using any method of payments that buyers want to use.

“Sellers should never miss a sale. We’re building tools so sellers can accept any form of payment their customers want to use. Making commerce easy means creating easy ways to exchange value for everything from a massage to a DODO case for your IPad,” said the company in the statement. “In that spirit, starting today, buyers can purchase goods and services on Square Market with Bitcoin.”

When the shoppers decide to “Pay with Bitcoin”, the system will generate a new Bitcoin address and link it to the customer’s order. The address will then be monitored through the whole purchasing process so that the company will confirm the said address had been paid.

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Next, the shopper pays; with buyers who have mobile Bitcoin wallet simply scanning the QR code to load the details of the transaction. Shoppers who have a hosted Bitcoin wallet will receive guidelines on how to input the required details.

After the details of the payment are loaded into the buyer’s wallet, the buyer will now proceed to make the payment. Once the system confirms that the buyer’s address has been funded, the buyer will be automatically brought to the order confirmation page.

The system ensures that the seller receives the payment in U.S. dollars which is equal to the advertised price of the goods or services sold. This protects the seller from fluctuations in the value of the Bitcoin.

To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com