Original source: https://my.squareup.com/help/us/en/article/8554-accept-bitcoin-payments-with-square-alpha
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Who is this article for?
Only account owners can configure bitcoin payments.
About bitcoin payments #
When your customers want to pay for goods and services, you can accept bitcoin as a payment method. These payment amounts will be based on the USD value of your goods and services. You can choose to settle in bitcoin using the conversion market price at the time of each transaction or settle in dollars.
You can enable this feature and can view any bitcoin you receive from these payments from the Bitcoin section under the Banking tab in Square Dashboard. All of your bitcoin sales will appear in your Square sales reporting and marked as bitcoin transactions.
Before you begin #
You must be 18 years or older to use this feature.
Bitcoin payments aren't available to businesses or business locations located in New York. If your primary business location isn’t in New York, only specific locations located outside of New York can accept bitcoin payments.
Ensure you're using the most up to date version of the Square app. Bitcoin payments are only available in standard and restaurant mode at this time.
If you enable bitcoin payments, all eligible business locations will have bitcoin payments enabled.
For inventory items, sales taxes are appropriately calculated based on the account’s tax setup. For keypad-based transactions, taxes will need to be manually enabled on each individual line item.
The maximum individual transaction amount is the current bitcoin market equivalent of $600, and a $20,000 total daily limit.
Square doesn’t support dispute handling or chargebacks for bitcoin payments. Any transaction issues must be resolved between the seller and the customer directly.
Square doesn’t withhold capital gains or losses for bitcoin payments at the time of a transaction. Sellers are responsible for paying capital gains taxes based on any increase in the bitcoin value between the time of bitcoin asset receipt and future bitcoin asset sale. Information around capital gains and losses will be provided as part of a 1099-DA issuance.
Enable or disable bitcoin payments#
To enable bitcoin payments you first need to complete the setup of your bitcoin wallet from the Banking > Bitcoin tab of Square Dashboard. When setting up bitcoin payments, you'll be automatically enrolled for Square e-gift cards to issue bitcoin refunds. You can also choose to convert a percentage of your sales into bitcoin. you can choose to convert a percentage of your sales into bitcoin. Learn how to convert sales into bitcoin.
Enable bitcoin payments #
When setting up bitcoin payments, you can decide if you want to receive your payments in bitcoin or in dollars.
Disable bitcoin payments #
Bitcoin payments are specific to your device’s mode settings. Learn how to create and assign modes.
Accept bitcoin payments#
Once you’ve enabled bitcoin payments you can accept bitcoin for a transaction. To do so:
From the Checkout flow or the Menu flow on your Square POS device, enter the amount of the transaction in dollars or select a product from your catalog or menu.
Select Pay and choose Bitcoin as the method of payment.
Have the customer scan the QR code with their bitcoin lightning-enabled wallet from their mobile device.
If the transaction is confirmed on the customer’s wallet but is taking too long to confirm on your point of sale, click the three dots in the upper right corner and select Complete payment to manually confirm the transaction and issue a receipt. Clicking this button is up to the discretion of the seller and relies on ensuring that the bitcoin payment has successfully been sent from the payor. Square is not responsible for reimbursement for any transactions confirmed this way but not received by the seller.
If the transaction takes more than five minutes to complete, the payment will be declined and you need to create a new cart to accept the bitcoin payment with the new exchange rate.
You can send the receipt to the customer via email or text message. Customers also receive loyalty points for their bitcoin payment if you have a Square Loyalty program. Learn how to create a loyalty program.
Refund a bitcoin payment #
Refunds for bitcoin transactions can only be completed from the Square POS app on a mobile device or tablet, and refunds are issued via a gift card for the equivalent amount of bitcoin in dollars. To issue a refund:
Open the app and tap Transactions.
Select the transaction in question and tap Issue refund.
Choose to refund items or an amount to refund > Next.
Select the dollar amount to refund and provide a reason for the refund > Next. The refund amount will be sent back to the customer in the same amount of bitcoin as the initial payment amount in the form of a gift card that can be used in your store.
Review the refund details and select Confirm > Done.
View bitcoin payments and reports#
You can view your bitcoin payments and reports from Square Dashboard.
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