- 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.