Square Launches Square Credit Card, New Cash Flow Tools Square Launches Square Credit Card, New Cash Flow Tools
Square Credit Cards

Square Launches Square Credit Card, New Cash Flow Tools

The popular small buisness point-of-sale system Square has announced several new tools, features, and updates that are meant to better help sellers manage their cash flow.

About the announcements:

This week, Square announced that it was launching new cash flow management products in beta. Perhaps most notably, this includes the Square Credit Card, which will operate on the American Express network (although it will be issued by Celtic Bank).

According to Square, the new card will give sellers greater spending flexibility as well as earn rewards. Specifically, the company notes that the card will earn sellers free card processing as they spend. The offering will also have no late fees or annual fees. In terms of credit limit, that will be determined based on the sales that sellers process using Square and can adjust as their business grows.

Plans to launch a credit card in partnership with American Express were first announced late last year. The news also followed a streak of partnerships Amex had made, including deals with Cardless, WebBank, and Cross River Bank to have cards issued that operation on their payment network.

Currently, the Square Credit Card will be offered on an invite-only basis to eligible sellers. Additionally, in their FAQ section, Square notes that cardholders will be ineligible for a Square Loan and vice versa.

Speaking of Square Loans, the company has also unveiled plans to expand its program. Now, Square will offer some sellers the option to have loans that are repaid on a fixed monthly schedule rather than daily payments.

Rounding out Square’s updates, there are also some adjustments to Square Checking. Effective now, accountholders will enjoy quicker access to ACH deposits. This will allow them to receive funds from other channels such as e-commerce platforms or delivery apps up to two days sooner. Meanwhile, it was also announced that users will soon be able to connect up to four additional Debit Cards to their Square Checking account. This feature is set to launch later this year.

What they’re saying:

In a press release, Square Banking GM Christina Riechers said, “Square Banking’s integrated suite of software and financial services was designed to help small businesses gain efficiency and peace of mind when it comes to managing their finances. But businesses of all sizes face challenges managing cash flow, and those struggles can become more complex as a business grows, their revenues diversify, and their expenses multiply.” Riechers continued. “We’re expanding what Square Banking can provide to sellers, regardless of their size, to ensure they have the tools needed to grow their businesses, smooth out cash flow, and reduce the complexity of managing their inflows and outflows.”

My thoughts:

While Square was once known simply as a company that allowed small business owners to turn their smart phones into POS terminals, the FinTech has expanded greatly since then. Today, there’s an entire ecosystem that businesses can tap into. On that note, those who enjoy using the Square ecosystem may take an interest in the Square Credit Card — especially considering the potential rewards. At the same time, without the details, it’s hard to know whether sellers might be better served using a different business rewards credit card that offers cashback instead of free processing. With this feature and others still in beta, though, hopefully more will be learned about the Square Credit Card in the coming months as selected business owners put it to the test.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2023 Small Business Credit Card Satisfaction Tops 2019 Highs

The latest small business credit card study from J.D. Power shows satisfaction continuing to rise. About the study and results: This week, J.D Power released its 2023 U.S. Small Business Credit Card Satisfaction Study, which includes responses from more than 3,400 small business credit card customers. In this case, the study looked at businesses with annual revenues between $10,000 and $10 million. First, it was discovered that overall satisfaction among...

Discover Announces 5% Bonus Categories for First Quarter of 2024

With 2024 sneaking up on us, Discover has announced its rotating 5% bonus categories for the first quarter of next year. About the Q1 2024 bonus categories: From January through March 2024, Discover It customers will be able to earn up to 5% back in two categories: restaurants and drugstores. According to the company, the Restaurants category includes full-service establishments, cafes, cafeterias, fast-food locations, and dining delivery services. For the...

Public App Adds Corporate and Treasury Bonds Feature

The FinTech trading app Public has announced new investment options for its members. About the features: Public is now rolling out the ability for customers to invest fractionally in corporate and Treasury bonds. This capability will be introduced on both the mobile and desktop interfaces for the service. According to Public, the addition comes as demand for fixed-income products increases. In addition to these bond types, the app will also...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....