Payment process platform Square announced on Thursday the launch of its new debit cards for businesses. Square reported that the Square Card is a free business debit card designed to help business owners more effectively manage cash flow by providing immediate access to their balance, which is funded by sales processed through Square.
“By eliminating the time between making a sale and having funds available, you can quickly put your money to work. And as your business grows, this kind of speed is essential, as you often need to put money to use right away. With Square Card, you can do it free.”
Square Card can serve as a single card for your business expenses, allowing users to:
- Use Square Card anywhere Mastercard is accepted to make crucial purchases for business, with funds available after the business made a sale
- See a complete snapshot of Square balance spending and activity in the Square Dashboard and Square Point of Sale
- Access reporting features that separate business and personal expenses to improve cash flow management
- Export Square Card activity from Square Dashboard in easily downloadable formats to incorporate activity into accounting software and track business expenses
- Withdraw funds for cash purchases or expenses using Square Card at ATMs
- Receive a 2.75% instant discount for all purchases made at fellow Square sellers
Square added that all existing and new Square sellers will have access to Square Card starting today. In addition to Square Card, sellers will continue to have the option to transfer funds into a linked bank account at any time.