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Automatically Convert a Percentage of Square Sales into Bitcoin with Cash App

When processing payments with Square, you have the option to automatically convert a percentage of sales into bitcoin with Cash App. You must be 18 years or older to use this feature.

You can enable this feature directly from your online Square Dashboard and manage bitcoin within Cash App. All of your sales that are converted into bitcoin via Cash App will also appear in your Square sales reporting. 

Converting your sales into bitcoin will incur a 1% fee of the amount transferred to the linked Cash App account. 

Enable Bitcoin Conversions

To automatically convert a portion of Square sales into bitcoin with Cash App, you’ll choose a percentage of your sales within your Square Dashboard. Your selected percentage of sales (minus the 1% fee) automatically converted to bitcoin and deposited into the linked Cash App account at the end of each day.

To get started:

  1. Log in to your online Square Dashboard and select Balance.

  2.  Within the Bitcoin section, click Let’s go

  3.  Click “Get started” and complete the two-step verification process by providing your phone number, then click Send code. Enter the verification code sent to your mobile phone and click Verify

  4. Select your business type from the dropdown menu.

  5. 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. Learn more about how you can get started with Cash App

  6. Choose what percentage of your daily sales you’d like to convert to bitcoin and click Next. Keep in mind that you can only convert up to 10% of your daily sales across all active locations into bitcoin. 

  7. Review and confirm your bitcoin purchase settings and click Confirm to complete setup.

Note: The ability to configure bitcoin conversion rates across individual locations is not available at this time. In order to set up recurring bitcoin transfers with Cash App, you’ll need to have two-step verification enabled on your Square account for additional account security. Eligibility restrictions may apply.

Adjust or Disable Bitcoin Conversions

To edit the bitcoin contribution percentage from your Square sales:

  1. Log in to your online Square Dashboard and select Balance > Bitcoin.

  2. To adjust your configuration amount, click on your current percentage configuration amount. 

  3. Increase or decrease your configuration percentage and select Next. Note: You can convert up to 10% of your daily sales into bitcoin. 

  4. Confirm the correct percentage for your bitcoin configuration amount and click Confirm. Bitcoin purchases will be viewable within the Activity tab of the linked Cash App account.

To pause your bitcoin purchasing configuration from your Square sales:

  1. Log in to your online Square Dashboard and select Balance > Bitcoin.

  2. Toggle off Converting sales to bitcoin.

Once this option is disabled, none of your daily sales will be converted into bitcoin. Any existing bitcoin you had converted prior will remain in the linked Cash App account and can be held, sent, or sold through Cash App.

Manage Bitcoin in Cash App

You can send, sell, and manage your bitcoin purchases directly from the linked Cash App account. If you don’t have an account, learn more about how you can get started with Cash App.

To manage your bitcoin earnings from Cash App:

  1. Log in to your online Square Dashboard and select Balance > Bitcoin.

  2. Select Manage in Cash App.

  3. Scan the QR code on your screen with your mobile phone to download Cash App.

Read more about how to manage bitcoin with Cash App. You can also contact Cash App support through the app if you have additional questions or need assistance.

Bitcoin FAQ

What is bitcoin?

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.

What can I do with bitcoin?

The bitcoin you convert can be managed however preferred.

The Cash App account owner can simply hold on to your bitcoin and it may appreciate in value. You can also send it to different wallets or other contacts in Cash App, spend it at a vendor that accepts bitcoin as a form of payment, or run your bitcoin node for added privacy and decentralization.

Read more about how to manage bitcoin with Cash App.

What is Cash App?

Cash App is a way to send, save, and invest money. Cash App is a related company to Square (both are owned by Block Inc.), and this bitcoin feature relies on Cash App’s wallet to receive bitcoin deposits from your Square payments.

Learn more about all you can do with Cash App.

Can I exclude tips and taxes from bitcoin conversions?

No, not directly at this time. But there is a workaround you can use to exclude tips or taxes:

  1. Apply for and get accepted to a free Square Savings account.
  2. Create folders for tips and taxes.
  3. Choose your contribution rates, using ballpark numbers for tips and taxes.

This way, funds equivalent to your tips and taxes can automatically be set aside before converting any Square sales into bitcoin.

Learn more about getting started with Square Savings in our Support Center.

Can Square sales from specific locations be excluded from bitcoin purchase transfers?

Not at this time. Daily sales will be pooled and converted into bitcoin across all locations on your Square account.

Do bitcoin purchases create a tax liability?

This feature will not directly create a tax liability because there are no taxable events associated with buying bitcoin. However, keep in mind that selling bitcoin in Cash App will trigger a taxable event and you’ll receive a 1099-B Form to file with your annual taxes.

Keep in mind that setting up the bitcoin purchasing feature occurs through your online Square Dashboard, but selling and managing bitcoin occurs in Cash App.

Note: All payment processing proceeds are counted as business revenue and should be reported as usual, regardless of your choice to allocate proceeds to bitcoin.