Square adds bitcoin acceptance to online marketplace

April 1, 2014

Square recently announced that merchants selling goods and services on its online marketplace, Square Market, can now accept bitcoin for payment, the mobile provider said via its engineering blog.

"For sellers, the experience won't feel any different. Whether selling services or goods, sellers don't have to change a thing, except potentially expecting new trailblazing customers and more sales," Square wrote on the blog. "Whether the buyer is new to paying with bitcoin or not, it should feel like a VIP experience. We focused on making the experience smooth and simple."

Square laid out specifics in the blog post about how it will monitor the transaction to ensure it is a legitimate transaction.

"When a buyer opts to 'Pay with Bitcoin,' we first generate a new bitcoin address and attach it to the order," Square wrote in the blog post. "We will continually monitor this address throughout the checkout process so we know when it has received payment."

Square said sellers will receive "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 bitcoin value fluctuations."

Topics: Bitcoin , Online Retailing , Payments

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