Square Launches a Debit Card for SMEs

The mobile payment specialist Square expands their range of products through the addition of Square Card: a free Mastercard debit card for SMEs.

Goals: Help businesses cut cash management costs via eliminating delays between sales and the disbursement of funds.
By way of an incentive, Square features an instant 2.75% discount on purchases made at Square merchants.
Square Card allows its holder to:
- Pay for goods and services from Mastercard-affiliated merchants and businesses and have the payment transferred instantly
- Track all purchases and manage transaction history in full via Square Dashboard and Square Point of Sale.
- Access reporting features and set business expenses aside from personal expenses; assess your business’s financial health and monitor all expenses.
- Export Square Card transactional data from Square Dashboard and rely on easily to download formats for accounting purposes.
- Make ATM cash withdrawals for later payments in cash.

Attract businesses. The American FinTech claims that 40% of their Beta testers opted for Square Card as their main business card. Square helps them improve cash flow management processes and bets on instant services.
Boost their services. Square already has a range of financial services for small businesses, including credit offers and financial management software. This business card further diversifies their offer.
High ambitions. Square also announced they intended to file for a new banking licence to add even more financial services.

In October 2018, this American payment specialist launched Square Installments, and just a few days after, they rolled out Square Payroll (software for managing payrolls).
With Square Card, they take yet one more step towards achieving their goal: build an actual bank for SMEs and their customers.
Square isn’t, however, the only American payment specialist trying to attract SMEs. Some months ago, Stripe introduced a set of APIs enabling businesses to issue credit or debit cards.

Category : Alertes quotidiennes