Square Launches a Debit Card for SMEs

FACTS

  • 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.

CHALLENGES

  • 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.

MARKET PERSPECTIVE

  • 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.

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