The Square Credit Card, which runs on American Express, enables sellers to spend money flexibly and includes a rewards programme that helps them reinvest in their business. Its Square Checking service gives sellers early deposit access.
In addition, Square’s market offering includes new credit tools and features that help businesses simplify their cash flow management and consolidate their finances.
Go deeper with GlobalData
One option allows businesses to loan money that can be repaid on a fixed monthly schedule rather than through daily repayments. This will offer businesses a more predictable repayment schedule.
“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 retailer specialising 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”, Bynum added.
Square: Company profile
The new products come after one year ago, in April 2022, Square expanded its small business services to Canada, launching Square Loans. Square Loans uses transaction data to provide offers tailored to eligible customers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn November 2021, the company acquired Afterpay for $29bn, a buy-now-pay-later services provider.
Christina Riechers, general manager of Square Banking, commented: “Square Banking’s integrated suite of software and financial services was designed to help small businesses gain efficiency and peace of mind when managing their finances.
“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.”
