Square Market, known for allowing local businesses to sell goods online, has begun accepting bitcoin payments. Neighborhood businesses signed up through its marketplace will now be able to deal in digital currency.
Square’s post reads:
“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.”
Based out of San Francisco, the company says that they have looked to change the bitcoin payment experience to make things “smooth and simple.”
The process works when a customer chooses to buy off of Square Market in bitcoin. Afterwards, Square will comprise a bitcoin address and attach it with the order. This makes for an easy experience that entails no extra effort on the part of buyers or sellers.
Buyers address’ are constantly monitored. Once the funds are sent, the payment is detected and buyers then see a confirmation screen.
Sellers get paid in US dollars after the bitcoin value is exchanged. Due to bitcoin’s current state of volatility, users get paid in dollars. The final step to complete the transaction will be to just sit back and wait for your package to arrive. Not all sales on the site are physical items, so the process is the same for services.
Staying Ahead of the Curve
It’s no surprise that more online places are taking a liking to bitcoin. Overstock became the biggest online retailer to date to accept bitcoins, and has seen a massive increase in sales and in customers. Bitcoin sales have unexpectedly been popular with the retail giant, as the company has earned over $1 million in bitcoin sales since accepting the digital currency back in January 2014.
Since then, TigerDirect and many other smaller online retailers followed Overstock’s trendsetting move into the digital currency realm.
Square Market is looking to take advantage of Overstock’s bitcoin momentum. Just three months after Overstock started taking in bitcoin, Square is ready to attract a new customer base. This seems to be only the beginning in retailers switching gears and taking a liking to bitcoin.
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