Menu
Online mall Square Market latest to accept bitcoin

Online mall Square Market latest to accept bitcoin

Sellers will still be credited with U.S. dollars to reduce exposure

Next time you want to buy a bamboo iPhone case or a vintage Superman comic at online mall Square Market, you can pay with bitcoin.

Mobile point-of-sale player Square is accepting the digital currency for retailers hawking goods on Square Market, which was launched last June as a potential rival to Amazon.com, eBay and Etsy.

"For sellers, the experience won't feel any different," Square Market lead Ajit Varma wrote in a blog post.

"Whether selling services or goods, sellers don't have to change a thing, except potentially expecting new trailblazing customers and more sales."

When shoppers choose to buy things with bitcoin, a new Bitcoin address is generated and attached to the order. Buyers can use either mobile or hosted Bitcoin wallets.

Sellers, however, don't have to worry about receiving payment in bitcoin since they will be credited with the U.S. dollars quoted in the sale, and not with the cryptocurrency.

That way, sellers won't be exposed to risk from the volatility in the price of bitcoin, which recently dropped below US$500 amid speculation that China may prohibit banks working with Bitcoin exchanges.

Square is known for its magnetic-stripe reader that lets sellers take credit-card payments by smartphone, but has branched out to cover other payment areas. Last fall it launched Square Cash, which lets users send money via email. A recently added feature helps users collect payments from debtors.

Square is the latest e-commerce company to show interest in Bitcoin. Last week, San Francisco-based mobile payments startup Stripe announced it is experimenting with Bitcoin support, adding the digital currency as a payment option for online backup services firm Tarsnap.

The move followed major online discount retailer Overstock.com's decision to accept Bitcoin in early January.

Overstock, which had revenues of $1.3 billion in 2013, said on March 4 that it was surprised to have already topped $1 million in Bitcoin sales. It logged more than 4,300 Bitcoin customers and said it believes nearly 60 percent were new to Overstock.

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags Internet-based applications and servicesinternetSquare

Featured

Slideshows

Educating from the epicentre - Why distributors are the pulse checkers of the channel

Educating from the epicentre - Why distributors are the pulse checkers of the channel

​As the channel changes and industry voices deepen, the need for clarity and insight heightens. Market misconceptions talk of an “under pressure” distribution space, with competitors in that fateful “race for relevance” across New Zealand. Amidst the cliched assumptions however, distribution is once again showing its strength, as a force to be listened to, rather than questioned. Traditionally, the role was born out of a need for vendors and resellers to find one another, acting as a bridge between the testing lab and the marketplace. Yet despite new technologies and business approaches shaking the channel to its very core, distributors remain tied to the epicentre - providing the voice of reason amidst a seismic industry shift. In looking across both sides of the vendor and partner fences, the middle concept of the three-tier chain remains centrally placed to understand the metrics of two differing worlds, as the continual pulse checkers of the local channel. This exclusive Reseller News Roundtable, in association with Dicker Data and rhipe, examined the pivotal role of distribution in understanding the health of the channel, educating from the epicentre as the market transforms at a rapid rate.

Educating from the epicentre - Why distributors are the pulse checkers of the channel
Kiwi channel reunites as After Hours kicks off 2017

Kiwi channel reunites as After Hours kicks off 2017

After Hours made a welcome return to the channel social calendar last night, with a bumper crowd of distributors, vendors and resellers descending on The Jefferson in Auckland to kickstart 2017. Photos by Maria Stefina.

Kiwi channel reunites as After Hours kicks off 2017
Arrow exclusively introduces Tenable Network Security to A/NZ channel

Arrow exclusively introduces Tenable Network Security to A/NZ channel

Arrow Electronics introduced Tenable Network Security to local resellers in Sydney last week, officially launching the distributor's latest security partnership across Australia and New Zealand. Representing the first direct distribution agreement locally for Tenable specifically, the deal sees Arrow deliver security solutions directly to mid-market and enterprise channel partners on both sides of the Tasman.

Arrow exclusively introduces Tenable Network Security to A/NZ channel
Show Comments