With the advent of Square, a revolutionary service that allows users to accept credit card payments with their phones, a pro-cryptocurrency trend is developing with small business owners. According to a recently conducted survey, “SQ Survey: Merchants Say YES! To Bitcoin.”, 60% of merchants are willing to take in Bitcoins as a mode of payment.
The survey was conducted and released by the firm Instinet. The report forms the opinion that Square is similar to Amazon in many aspects: “like Amazon in its early days, we believe that little of Square’s future revenue streams are currently visible.”
Dan Dolev, the author of the report, points out an important aspect regarding the current inconsistent nature of Bitcoins and how it doesn’t seem to affect the enthusiasm shared by US merchants, who are willing to accept Bitcoins over cash. The crypto-market has mostly been seeing a bearish fall as bitcoin prices are not able to climb past the $11,700 threshold.
So why are the small business owners interested in the volatile digital currency? The report points out the reason to be an attempt to avoid credit card fees. The report sights a businessman who receives 85% of all payments come from credit cards and has to pay fees amounting to a total of $3,000. The business owner was quoted as saying, “It definitely helps because if someone pays in Bitcoin, I don’t have to pay anyone anything for that Bitcoin. It goes directly to my business.”
Besides, the positive attitude towards the Bitcoin, US merchants have also expressed their satisfaction with Square’s services. Around 38% of all merchants rated Square to be excellent, and around 58% rated their service as good. Furthermore, with their Cash App, Square users were also allowed to buy and sell Bitcoins from their phones. Dolve estimates Square’s user base to encompass around seven million individuals.