Square Payroll Brings Faster, More Flexible Money Movement With Launch of On-Demand Pay and Instant Payments
15 Settembre 2020 - 5:00PM
Business Wire
New features further integrate Seller and Cash
App ecosystems to offer financial services, simplify payroll
Today, Square announced the launch of two new features that
enable Square Payroll customers and their employees to more easily
and effectively manage their cash flow: On-Demand Pay for
employees, and Instant Payments for employers. The new offerings,
which leverage Square’s Seller and Cash App ecosystems, represent a
major milestone in providing employees and employers more
flexibility and control over their money.
“The traditional payroll process is slow and rigid, creating
cash flow constraints for employees and businesses alike. This is
even more pronounced now given the current economic conditions,”
said Caroline Hollis, GM of Square Payroll. "Because businesses
still run payroll on a fixed schedule, employees are paid days or
weeks after they’ve worked. We created On-Demand Pay for employees
so they can access their earnings when they need them, as soon as
their shift has ended. For employers, it can take up to four days
for payroll funds to move from their bank account to their team.
With Instant Payments, employers can now fund their payroll
instantly, getting money to their team faster."
On-Demand Pay
There are more than 80 million hourly workers across the
country, many of whom regularly face cash flow constraints that are
exacerbated by traditional biweekly and monthly pay schedules. Now
more than ever, it is critical that employees have access to safe
and simple financial solutions that help them better manage their
money.
Now, each pay period, eligible employees using On-Demand Pay can
transfer up to $200 of their earned wages whenever they need them,
for free to Cash App, Square’s mobile payment service that allows
individuals to spend, send, store, and invest money. Some employees
will also have the option to transfer their on-demand pay to a
linked debit card for a 1% fee per transfer, not to exceed $2.
There is no change to how or when the employer processes payroll
when employees use this feature; instead, Square Payroll
automatically adjusts the employee’s earnings when the employer
runs their next regularly scheduled payroll. Eligible employees can
access On-Demand Pay directly within the Square Team App after
clocking out, or through their shift summary email.
Angelica Barragan, who owns Angelica B Beauty salon in San
Diego, said, "Everyone is going through a difficult time right now,
so it's amazing to find a tool that helps my team react to the
current situation and get money a little quicker when it's
needed."
Instant Payments
Like hourly employees, small business owners consistently
experience cash flow issues. As one of small business owners’
largest expenses, the cost of payroll often heightens these
concerns. Traditionally, it takes up to four business days for
payroll funds to move between an employer and their employees. This
means business owners have to plan carefully in advance and forgo
multiple days of valuable cash flow to run payroll on time.
Instant Payments allows Square Payroll customers to fund their
payroll using the money in their Square Balance, where sales they
process via Square are stored. By expanding the functionality of an
employer’s Square Balance and enabling Sellers to select it as a
payment source, Square receives confirmation of payroll funds
instantly and can initiate payouts to employees immediately. Team
members and contractors who have elected to be paid via Cash App
receive their pay within minutes, while those paid via direct
deposit get their pay as soon as the next business day.
“As a small business owner, I am constantly looking for products
and partnerships that ease some of my burden while still providing
excellent results,” said Teresa Blevins, owner of Lil’ Bit of
Heaven Cupcakes in West Virginia. “Having to run payroll on a
Monday to get my team paid by Friday can be a struggle, especially
given our business is closed on Sundays and Mondays. Instant
Payments allows us to get some sales under our belt at the start of
the week and lets me hold onto my money for a few days longer while
still ensuring my staff get paid when they expect it, which is
super important in today’s economy.”
On-Demand Pay is available in 48 states and employers can offer
the feature to their employees at no additional cost. Instant
Payments is available to all Square Payroll customers that have a
Square Balance at no additional cost.
For more information on these solutions, please visit
www.squareup.com/us/en/payroll.
About Square, Inc.
Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with
Square Reader, making it possible for anyone to accept card
payments using a smartphone or tablet. Today, we build tools to
empower businesses and individuals to participate in the economy.
Sellers use Square to reach buyers online and in-person, manage
their business, and access financing. And individuals use Cash App
to spend, send, store, and invest money. Square has offices in the
United States, Canada, Japan, Australia, Ireland, Spain, and the
UK.
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Media Contact: press@squareup.com
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