Leveraging Technology
With more small businesses embracing new technologies, Square is enhancing its suite of services with Bitcoin payment capabilities and improved AI tools for merchants.
Square’s offering allows retailers to accept Bitcoin payments at no processing fees and facilitates converting card transactions into Bitcoin. The platform includes a built-in wallet for managing crypto assets alongside traditional financial activities through the same dashboard.
Furthermore, Square is refining its AI assistant to deliver more precise insights—such as weather updates, local news, and customer reviews. For instance, this AI could recommend inventory adjustments for clothing stores based on anticipated weather conditions.
The Synergy of AI and Bitcoin
Incorporating AI into business operations is increasingly seen as a priority by leaders aiming to unlock the technology’s potential. However, small businesses are often unsure about maximizing its benefits.
Key applications include business insights and fraud protection, but integrating AI into customer service can be particularly impactful. Square’s AI solution is designed to handle all incoming calls efficiently, enhancing order-taking processes and boosting the overall customer experience.
Innovation in Payment Solutions
The continuous integration of AI into organizational operations has become a priority for many small businesses. Despite this, they often struggle with how best to leverage AI fully.
One of the most effective ways is through improving customer service via AI. Square’s AI platform aims to streamline calls during peak times, thereby enhancing efficiency and customer satisfaction.
The adoption of Bitcoin payments among U.S. consumers is anticipated to rise by 82% over the next two years. This growth comes after a significant year for digital assets, with Bitcoin reaching new heights and blockchain technologies gaining traction in mainstream finance.
Although stablecoins are currently more prominent due to high-profile launches and legislative developments, Bitcoin remains resilient. Its inclusion in various Bitcoin ETFs both domestically and internationally has contributed to its sustained momentum.
The main criticism of using Bitcoin in retail transactions is its volatility. However, solutions like Square’s offer flexibility: businesses can either hold or convert their Bitcoin within the platform. This approach allows merchants to utilize crypto as both a store of value and a payment method, providing the best of both worlds.
