31 Mar 2014 / Next Web – Square today announced it has added support for paying with Bitcoin. As a result, buyers can now use the digital currency to purchase goods and services on Square Market, which allows sellers to create an online storefront with online payment processing.
The mobile payment company promises the experience won’t feel any different for sellers and they “don’t have to change a thing, except potentially expecting new trailblazing customers and more sales.” In other words, Square wants them to be able to offer Bitcoin as a payment option without any headaches.
While Square says it “focused on making the experience smooth and simple,” here’s how the process works step-by-step:
- When a buyer opts to “Pay with Bitcoin,” Square generates a new Bitcoin address and attaches it to the order. It then continually monitors this address throughout the checkout process to verify the payment has been received.
- After the buyer submits their payment, he or she can open their mobile wallet and scan the QR code to load the transaction details. If the buyer has a hosted Bitcoin wallet, he or she will receive instructions for manually entering the required information….. Read more
