News

Square introduces free debit card for businesses

January 24, 2019

Square Inc. has announced the launch of Square Card, a free business debit Mastercard that helps businesses manage their cash flow by eliminating the time between making a sale and having the funds available to spend. Square Card also encourages commerce among the small business community by offering sellers a 2.75 percent instant discount on purchases made at other Square sellers, according to a press release.

"As sellers make crucial spending decisions, we know that fast access to funds — and the ability to put proceeds from sales to use immediately — can help with overall cash flow management," Alyssa Henry, seller lead at Square, said in the press release. "Small businesses have to be nimble. They don't have the time to wait for funds to clear a bank account, or the resources to easily reconcile personal versus business expenses. Square Card addresses these pain points, and further extends Square's ecosystem of products and services for small businesses."

Square Card offers new flexibility to underserved small businesses when it comes to accessing and managing funds, allowing them to:

• Use the Square Card anyplace Mastercard debit cards are accepted to make purchases for their business with funds that are available as soon as they have made a sale.
• View Square Card purchase activity alongside a comprehensive record of sales in Square Dashboard and Square Point Of Sale.
• Access reporting features that separate business and personal expenses, making it easier to assess a business's financial health and track business expenses for taxes.
• Export Square Card transaction data from Square Dashboard in easily downloadable formats for accounting purposes.
• Withdraw funds at ATMs for cash purchases or expenses.