Square, the merchant payments platform under Block, has unveiled a suite of innovative features aimed at enhancing the operational capabilities of businesses, particularly in the restaurant sector. These advancements include AI-driven voice ordering systems, enhancements to AI assistants with localized insights, and a comprehensive Bitcoin integration for accepting and managing cryptocurrency transactions.
AI-Powered Voice Ordering for Restaurants
Recognizing the evolving needs of modern eateries, Square has introduced an AI-powered voice ordering system tailored for restaurants and cafes. This technology is especially beneficial for cloud kitchens—establishments that operate exclusively through delivery services—and other delivery-centric businesses. By leveraging this AI solution, restaurants can delegate tasks such as taking orders, customizing dishes, and addressing menu-related inquiries to an intelligent system. For instance, the AI can adeptly handle customer requests like, “What are today’s specials?” or “I’d like my meal spicy, but without any dairy.”
While companies like Yelp and Kea have been developing voice AI solutions for the restaurant industry, Square’s offering distinguishes itself through seamless integration with its existing payment and kiosk systems. This cohesive ecosystem simplifies order management for restaurants, ensuring a streamlined operational flow.
Additional Enhancements for Restaurant Operations
Beyond voice ordering, Square is rolling out several features to further support restaurant operations:
– Grubhub Integration: To facilitate third-party delivery orders, Square now offers integration with Grubhub, allowing restaurants to manage these orders more efficiently within a unified system.
– Redesigned Kiosk Interface: The updated kiosk interface provides quicker access to frequently used menus, enhancing the customer ordering experience and operational efficiency.
– AI-Powered Inventory Management: An advanced inventory management tool powered by AI assists restaurants in monitoring and optimizing their supplies, reducing waste and ensuring timely restocking.
Advancements in Square AI Assistant
Building upon the foundation laid earlier this year with the open beta launch of the Square AI assistant, the company has introduced new features to enhance its utility:
– Local Insights: The AI assistant can now provide merchants with localized information, including weather updates, nearby events, and industry trends, enabling businesses to make informed decisions based on their specific context.
– Dashboard Widgets: Merchants can create and save auto-updating widgets on their dashboards, offering real-time visualizations of business data and insights.
– Conversation History Access: The AI assistant now includes access to past interactions, allowing merchants to review and analyze previous conversations for better customer engagement.
– Mobile App Dashboard: A new dashboard feature within the mobile app provides merchants with a comprehensive overview of their business operations on the go.
Integrated Bitcoin Solution for Merchants
In line with Block co-founder Jack Dorsey’s well-documented support for Bitcoin, Square has expanded its cryptocurrency offerings. Previously, the company allowed merchants to convert a portion of their daily earnings into Bitcoin. Now, Square introduces a fully integrated Bitcoin solution, encompassing a dedicated wallet for sellers.
To encourage Bitcoin adoption among businesses, Square is offering the ability to accept Bitcoin payments directly through their point-of-sale systems without any processing fees for the first year. Starting in 2027, a 1% processing fee will be applied to these transactions.
The integrated Square Bitcoin wallet enables merchants to buy, sell, hold, and withdraw Bitcoin directly from their dashboard. This feature builds upon the program initiated last year, which allowed retailers to convert 1% to 10% of their daily earnings into Bitcoin. With the new Square Bitcoin solution, merchants can now opt to convert up to 50% of their daily revenue into the cryptocurrency. Since the inception of this program, users have accumulated 142 Bitcoins, equating to over $17 million at the current valuation.
Miles Suter, head of Bitcoin Product at Block, emphasized the significance of these tools: “The Bitcoin tools we’re building at Square deliver on two critical needs: ensuring sellers never miss a sale, and giving them access to powerful financial tools that help them more easily manage and grow their finances.”
He further elaborated, “We’re making Bitcoin payments as seamless as card payments while giving small businesses access to financial management tools that, until now, have been exclusive to the largest corporations. Through Square and Cash App, we serve both sides of the counter, meaning Square is uniquely positioned to make Bitcoin everyday money, not just a store of value—while also helping sellers future-proof their operations.”
Contextualizing the Bitcoin Integration
While numerous online merchants have begun accepting Bitcoin as a payment method, a significant portion of Bitcoin transactions still revolve around speculative trading. A survey from eMarketer suggests that the number of U.S. users who utilize cryptocurrency for payments is projected to reach 7.1 million by 2026. Block, with its proactive stance on Bitcoin, aims to capitalize on this anticipated increase in cryptocurrency adoption through its new merchant offerings.
Conclusion
Square’s latest initiatives reflect a strategic commitment to integrating cutting-edge technologies into the merchant experience. By introducing AI-driven voice ordering systems, enhancing AI assistant capabilities with localized insights, and providing a comprehensive Bitcoin solution, Square empowers businesses to streamline operations, engage customers more effectively, and embrace the evolving landscape of digital payments.
