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Square Market now accepts Bitcoins
Square Market's one of the latest e-retailers to realize that Bitcoins might not be too cryptic to be used as a legit payment option, after all. The e-commerce website now accepts payments made using the cryptocurrency, as Square Market Lead Ajit Varma announced in a blog post where he also explained the technical details behind the process. He said buyers will be given a QR code and the info they need to buy anything from massages to biking gear with their virtual wallets. Square, in partnership with Bitcoin processor Coinbase, will then forward the payment to merchants in US dollars -- minus the website's standard processing fee, that is. A spokesperson told Recode that Square Market will take a 2.75 percent cut from each sale, even though Bitcoin processors typically charge 1 percent per transaction. Still, that's not such a bad deal for sellers who get charged the same percentage for credit card payments anyway. And that's certainly great news for folks with Bitcoins to spare... so long as they're cool with recording every purchase for the ever watchful IRS.
Square Market launches, provides easy online storefronts for small businesses
We've come to know Square for its efforts in making it easier for small -- and not so small -- businesses to get paid in real life with card readers, iPad registers and apps, but its latest project is trying to help them sell online as well. Square Market has just opened up, and features storefronts from a number of retailers selling good and services online. Of course, in 2013 launching a website isn't that difficult and others like Etsy and eBay have been in this segment for a long time, so what does Square have to offer? According to the company, anyone can open up a store for free complete with photos and a business profile. There's no charge for item listings either, however a 2.75 percent fee is collected on each sale. It's too early to tell if the simple approach will cut into its competitor's market share, but for merchants already using its physical products (or thinking about it) it may provide an easy portal to customers worldwide as well as local.
