Square (SQ) Introduces Free Debit Card for Businesses

January 17, 2019 12:01 PM

Square, Inc. (NYSE: SQ) today 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% instant discount on purchases made at other Square sellers.

“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,” said Alyssa Henry, Seller Lead at Square. “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:

“With Square Card, the money I make from a photo session is at my fingertips so I can purchase the supplies I need to run my business -- whether that’s coffee at a client meeting, props, or a last-minute replacement lens,” said C.C. Nedrow, owner of Payton’s Photography in Montgomery, Illinois. “Tools available to sole proprietors like myself don’t always offer a simple way to separate business and personal expenses, so being able to do this all in one place with Square is amazing.”

With 2.75% instant discount on purchases at other Square sellers, business owners such as De Colores Cookies y Más are able to do something they already value while also getting a discount. “It’s a great feeling to support other small businesses since we’re all in this together. The fact that you’re also getting a reward is an added bonus,” says Ely Rooney, owner of De Colores Cookies y Más in Binghamton, New York.

Existing and new Square sellers will have access to Square Card beginning January 17, 2019. To learn more, sellers can visit http://squareup.com/business-debit-card.

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