Square Market Accepts Bitcoin

March 31, 2014

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 DODOcase for your iPad.

In that spirit, starting today, buyers can purchase goods and services on Square Market with Bitcoin.

We’re keeping it simple

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.

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.

Here’s how it works

Let’s dive into the technical details of checking out. When a buyer opts to “Pay with Bitcoin” we first generate a new Bitcoin address and attach it to the order. We will continually 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, we detect that our receiving address was successfully funded and automatically advance the buyer to the order confirmation page. It’s pretty magical to witness first-hand!

Keeping it simple for the seller, 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 Bitcoin value fluctuations. The seller then fulfills their customer's order. Seamless!

It’s exciting to take another step towards helping sellers reach more customers and making commerce easy for everyone.

Ajit Varma
Square Market Lead

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