As more small businesses feel the pressure to adopt emerging technologies, Square is expanding its offerings with bitcoin payment capabilities and enhanced artificial intelligence tools for merchants.
Square Bitcoin enables merchants to accept bitcoin payments with zero processing fees and also allows them to convert card sales into bitcoin. The service includes a built-in wallet, giving business owners the ability to manage their crypto holdings alongside their other financial activities—all within the same dashboard.
Additionally, Square is upgrading its AI assistant to deliver more targeted insights—such as data on weather, news, and customer reviews. For example, the AI assistant could suggest inventory adjustments for a clothing store based on upcoming weather trends.
Leveraging the Tech
The continued integration of AI into organizations has become a priority for many leaders looking to harness the technology’s potential. Yet even as small businesses increasingly adopted AI, many are still uncertain about how to use it to its fullest advantage.
While business insights and fraud protection are common applications, , one of the most impactful ways merchants can leverage AI is by integrating it into their customer service operations. To that end, Square’s AI solution is built to answer all incoming calls—even during peak hours—streamlining the ordering process and enhancing the customer experience.
The Best of Both Worlds
While Square’s AI platform is designed to deliver efficiency gains, its bitcoin platform is focused on improving the customer experience through greater payment flexibility.
According to Square, the number of U.S. shoppers using cryptocurrency payments is expected to grow by 82% over the next two years. This comes after a banner year for digital assets, during which bitcoin soared to new heights and blockchain technologies became increasingly entrenched in mainstream finance.
While stablecoins have captured much of the limelight in recent months—thanks to high-profile launches and the recent passage of stablecoin-specific legislation in the U.S.—bitcoin continues to hold strong. The flagship cryptocurrency has gained momentum following its inclusion in multiple bitcoin exchange-traded funds (ETFs) in the U.S. and similar investment vehicles abroad.
Despite its success, one of the main criticisms of using bitcoin in retail payments remains its volatility. However, with solutions such as Square’s, business owners can choose to either hold or convert their bitcoin directly within the platform. This flexibility gives merchants the best of both worlds—allowing them to use crypto both as a store of value and as a payment mechanism.
