Block Inc. (NYSE:SQ) CEO Jack Dorsey said Thursday that the company has high expectations for the upcoming launch of Bitcoin (CRYPTO: BTC) payments on its Square point-of-sale system.
Dorsey Says Company ‘Excited’ About The Prospect
During Block’s third-quarter earnings call, Dorsey said the firm is “really excited” about the rollout next week.
“It's going to be available to everyone, and they just have to make a simple switch in their settings, and they'll be able to start accepting Bitcoin,” he added. “We have a lot of hope for this.”
Dorsey also revealed that beta merchants have been trialing the feature and found it “really easy” to use.
The challenge, according to him, is to get people “comfortable with paying with Bitcoin.”
“We're going to look for every opportunity to both educate all of our sellers on why accepting Bitcoin is the best option and why buyers would want to use it as well,” he emphasized.
See Also: Bitcoin Whales Continue To Sell—Here’s What It Means For The Bull Market
A Gamechanger?
The feature, announced last month, would let merchants accept BTC payments with no processing fees until 2027. Additionally, a “Conversion” feature will enable them to convert a portion of card sales into Bitcoin. The feature is set to be enabled from Monday.
The company also teased a native wallet that will allow sellers to manage their BTC holdings, including buy, sell, hold, and withdrawal options.
Block Misses Earnings, Revenue Expectations
Meanwhile, Block’s third-quarter earnings fell short of analyst estimates. The company reported earnings of 54 cents per share, missing the consensus estimate of 67 cents.
Similarly, quarterly revenue came in at $6.11 billion, which missed the Street estimate of $6.312 billion.
In the third quarter, the gross payment volume from its Square PoS business grew 12% year over year.
Price Action: At the time of writing, BTC was exchanging hands at $101,975.67, down 1.65% in the last 24 hours, according to data from Benzinga Pro.
Block shares plunged 11.53% in pre-market trading after closing 3.69% lower at $70.93 during Wednesday's regular trading session. The stock closed at a nearly 8-month high.
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