I was talking to one of our locals that has one of the terminals and he was telling me that they only allow you to keep up to 10% of the daily sales in Bitcoin.
Discussion
Not sure I’m following what your friend is saying.
So 90% of the sale goes to square?
Or can only accept 10% of daily sales in bitcoin? How would they know ahead of time the total sales on any day?
Unless his terminal hasn't received an update to the news this week, he said the option on the terminal allows him to direct up to 10% of his total daily sales to get converted into Bitcoin. That portion then get sent to his CashApp account and they take 1% for that service.
This was as of Thursday night at our Meetup when we were discussing it.
Just found what he was describing on their website:
https://squareup.com/help/us/en/article/7935-purchase-bitcoin-with-square
Then you are stuck not being able to send that Bitcoin to cold storage given the low restrictions
Jack had said merchants can choose what % they keep in BTC, and if there is a limit I think it was closer to 50%
Either way a win for buyers