The tool, called Bitcoin Conversions, will set eligible Square users up with a dedicated Cash App account programmed to receive 1% to 10% of their store’s revenues, which will then be converted on their behalf into bitcoin, which can then be held, sold or transferred

Jack Dorsey’s fintech company Block, formerly known as Square, is linking together two of its biggest platforms, merchant services system Square and P2P payments app Cash App, to give retail stores the ability to automatically convert a part of their daily sales into bitcoin, as per an announcement on Wednesday.

The tool, called Bitcoin Conversions, will set eligible Square users up with a dedicated Cash App account programmed to receive 1% to 10% of their store’s revenues, which will then be converted on their behalf into bitcoin, which can then be held, sold or transferred “as they see fit.” The service will be limited to sole proprietors or single member LLCs until a full rollout to Square customers in the coming months.

Block reportedly carried out market research by surveying Square sellers and found that there is demand for a product like Bitcoin Conversions. Many merchants “are interested in bitcoin and believe it presents a wide range of use cases, such as long term savings and diversifying their businesses’ holdings,” according to the firm’s press release.

Many sellers have told us they want an easy way to access bitcoin and diversify their holdings, so we tapped into Block’s ecosystem to deliver a solution for them. Bitcoin Conversions automates the process for sellers while still giving them flexibility and control over how they manage their bitcoin, Bitcoin Product Lead at Cash App Michael Rihani told CoinDesk.

It also presents a potentially attractive financial service for Block, depending on how many merchants sign up and how much capital is converted per day. At launch, the new service will charge a flat 1% conversion fee – lower than the 2.25% fee Cash App charges for most retail purchases of bitcoin – but still an extra 1% Block can earn on top of current processing fees.