Convert sales into bitcoin
About converting sales into Bitcoin
When processing payments with Square, you can convert up to 10% of your daily sales across all active Square account locations into bitcoin with Cash App.
Bitcoin is a secure digital currency that is changing the way the world sends, spends, and saves money. Bitcoin makes it possible to send payments to anyone without the need for a third party like a bank, all you need is an internet connection.
Due to its decentralization and accessibility through platforms like Cash App, bitcoin has a chance at becoming the first open and global monetary system, changing the way people around the world do business with each other.
Before you begin
You must be 18 years or older to use this feature.
This bitcoin feature requires a Cash App account and relies on Cash App’s wallet to receive bitcoin deposits from your Square payments. Learn about Getting started with Cash App.
Converting your sales into bitcoin incurs a 1% fee of the amount transferred to the linked Cash App account, and eligibility restrictions may apply.
All of your sales that are converted into bitcoin also appear in your Square sales reporting.
Square sales from specific locations can’t be excluded from bitcoin conversions if this feature is enabled on your account. Daily sales are pooled and converted into bitcoin across all locations on your account.
This feature won’t directly create a tax liability because there are no taxable events associated with buying bitcoin. However, selling bitcoin in Cash App will trigger a taxable event and you’ll receive a 1099-B Form to file with your annual taxes.
All payment processing proceeds are counted as business revenue and should be reported as usual, regardless of your choice to allocate proceeds to bitcoin.
Enable bitcoin conversions
Sign in to Square Dashboard and go to Balance.
From the Bitcoin section, select Let’s go > Get started.
Complete the two-step verification process by providing your phone number and selecting Send code. Enter the verification code sent to your mobile phone and select Verify.
Select your business type from the menu.
Connect your Square and Cash App accounts by scanning the QR code. Finish the connection by confirming additional details about your Cash App account and your business. If you don’t have an account, you can create one by scanning the QR code.
Choose what percentage of your daily sales you’d like to convert to bitcoin and select Next.
Review your bitcoin purchase settings and select Confirm to complete setup.
Adjust your bitcoin contributions
You can change your bitcoin contribution amount from Square Dashboard.
Sign in to Square Dashboard and go to Balance > Bitcoin.
Click on your current percentage configuration amount.
Increase or decrease your configuration percentage > Next.
Confirm the correct percentage for your bitcoin configuration amount > Confirm.
Pause your bitcoin contributions
You can pause or unpause your bitcoin contributions at any time.
Sign in to Square Dashboard and go to Balance > Bitcoin.
Toggle off Converting sales to bitcoin.
Manage your bitcoin in Cash App
Sign in to Square Dashboard and go to Balance > Bitcoin.
Select Manage in Cash App.
Scan the QR code on your screen with your mobile phone to download Cash App.
Send, sell, and manage your bitcoin directly from the linked Cash App account.
You can contact Cash App support through the app if you have questions or need assistance.