Banking expansion comes as Square Checking sees
$1 billion in debit card spend through the first five months of
2023
Square today announced the beta launch of new banking and spend
management solutions for its U.S. sellers, including new credit
tools and features that help businesses simplify their cash flow
management and consolidate their finances.
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the full release here:
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The Square Credit Card (Graphic: Business
Wire)
Meeting the financing and cash flow needs of more
sellers
The Square Credit Card¹, running on the American Express
network, gives sellers a new, yet familiar tool that provides them
with more spending flexibility when they need it and a rewards
program that helps them reinvest back in their business. With no
late fees or annual fees, the Square Credit Card features a credit
limit determined by the sales a seller processes through Square,
growing as their business grows, and rewards them with free card
processing every time they spend.
Square is also broadening the functionality of its popular
Square Loans product. To better serve large sellers, Square is
providing these businesses with loans that can be repaid on a
fixed monthly schedule, rather than through daily repayments –
offering a more predictable repayment schedule – as well as the
optional ability to use external data to improve loan offer
size.
“Our business has been expanding rapidly over the past couple of
years, and keeping pace requires additional spending and
investment,” said Magen Bynum, owner of Mississippi-based Magnolia
Soap and Bath Company, a multi-location retailer specializing in
plant-based soap and beauty products. “The Square Credit Card gives
us the spending flexibility we need to continue investing in our
growth, and being able to manage it right from Square makes staying
on top of our finances that much simpler.”
Both Square Credit Card and the new loan options are currently
in beta but have seen strong usage already, including among
upmarket sellers. Since these products entered beta, 25% of Credit
Card spend and 30% of originations from loans with fixed monthly
payments have come from upmarket sellers².
In addition to new credit tools, Square is also introducing more
ways for Square Checking sellers to simplify their cash flow and
spend management:
- Available today to Square Checking sellers, early deposit
access further empowers businesses to simplify their finances
by enabling quicker access to ACH deposits. In addition to
receiving funds from sales made through off-platform channels like
delivery apps and ecommerce marketplaces up to two days quicker,
early deposit access helps sellers consolidate their revenue in a
single place so they can easily access their money when they need
it.
- Coming later this year, sellers will be able to have up to
four additional Debit Cards connected to their Checking
account, giving co-owners and business partners more flexibility
over the way they spend and allowing larger sellers to more easily
deputize team members to purchase items like ingredients and
inventory for the business.
Empowering sellers to more efficiently manage business
finances
For nearly a decade, Square has worked to expand access to
capital through Square Loans, facilitating more than $14 billion in
small business loans to more than half a million sellers.
Similarly, since launching business checking and savings accounts,
Square Banking has made it easier for sellers to stay on top of
their finances by integrating directly with their flow of payments.
Square Checking, which gives sellers instant access to their sales,
is now used by hundreds of thousands of sellers monthly. Through
the first five months of 2023, sellers using Square Checking spent
more than $1 billion using their Debit Cards, a 20% increase when
compared to the same period last year³. Additionally, Square
Savings continues to help more sellers prepare themselves for
future priorities like their expansion plans or quarterly taxes: at
the end of May, sellers had more than $150 million set aside in
their Square Savings accounts⁴.
“Square Banking’s integrated suite of software and financial
services was designed to help small businesses gain efficiency and
peace of mind when it comes to managing their finances,” said
Christina Riechers, General Manager of Square Banking. “But
businesses of all sizes face challenges managing cash flow, and
those struggles can become more complex as a business grows, their
revenues diversify, and their expenses multiply. We’re expanding
what Square Banking can provide to sellers, regardless of their
size, to ensure they have the tools needed to grow their
businesses, smooth out cash flow, and reduce the complexity of
managing their inflows and outflows.”
For more information about Square Banking, visit
squareup.com/banking.
About Square
Square makes commerce and financial services easy and accessible
with its integrated ecosystem of commerce solutions. Square offers
purpose-built software to run complex restaurant, retail, and
professional services operations, versatile e-commerce tools,
embedded financial services and banking products, buy now, pay
later functionality through Afterpay, staff management and payroll
capabilities, and much more – all of which work together to save
sellers time and effort. Millions of sellers across the globe trust
Square to power their business and help them thrive in the economy.
For more information, visit www.squareup.com.
(1) Square Capital, LLC is a wholly owned subsidiary of Block,
Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and
NY. Block, Inc. and Square Capital, LLC are not banks. Square
Credit Cards are issued by Celtic Bank, Member FDIC, pursuant to a
license from American Express, and may be used wherever American
Express is accepted. If approved, APR may vary based on
creditworthiness and other factors. Subject to credit approval.
(2) We determine seller size based on annualized GPV from the
last 91 days. An upmarket seller generates more than $500,000 in
annualized GPV.
(3) All Square Loan, Square Checking, and Square Savings numbers
reflect metrics through May 31, 2023. Square Loan numbers exclude
PPP figures.
(4) Square Financial Services, Inc. is a wholly owned subsidiary
of Block, Inc., All loans and savings accounts are issued by Square
Financial Services, Inc., a Utah-Chartered Industrial Bank. Member
FDIC. All loans are subject to credit approval. Square Checking is
provided by Sutton Bank, member FDIC. Square Debit Card is issued
by Sutton Bank, Member FDIC, pursuant to a license from Mastercard
International Incorporated, and may be used wherever Mastercard is
accepted. Funds generated through Square’s payment processing
services are generally available in the Square checking account
balance immediately after a payment is processed. Fund availability
times may vary due to technical issues. Checking and Savings
accounts are FDIC-insured up to $250,000.
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