Square, a global technology and FinTech company known for its innovative business solutions, has announced the UK launch of Square Card, a business spending card aimed at streamlining cash flow management for small businesses.
The move stems from research showing that business owners frequently face delays accessing their sales funds, according to FF News.
By offering instant access to earnings, Square aims to help businesses reduce the cash flow gap, enabling them to cover daily expenses immediately.
Headquartered in the United States, the firm provides a range of solutions for small and medium businesses (SMBs), including payment processing, point-of-sale systems, and financial tools to support growth. With a commitment to empowering businesses, Square’s ecosystem simplifies financial and operational challenges for a broad spectrum of industries.
The Square Card is designed to give businesses real-time access to sales funds without the need to wait until the next business day.
It enables businesses such as restaurants, retail stores, and beauty salons can use the proceeds from sales as soon as they are made, allowing owners to cover daily expenses with greater flexibility.
This quick access to capital is crucial for many businesses, particularly those needing immediate funds for supplies, staffing, and other operational costs.
Square Card also aims to offer business owners a streamlined experience, eliminating monthly fees, hidden charges, or maintenance costs.
Businesses can sign up online in minutes and start using a digital card immediately. Other features include a personalised physical card, 3D Secure online payment protection, and the ability to monitor transactions and balances in real time via the Square app or online dashboard.
It also offers 0% foreign transaction fees and no ATM fees, giving users a cost-effective solution for managing finances.
Square’s research across its seller network indicated a strong demand for immediate access to sales proceeds. Insights from this research revealed that small and micro businesses prefer to keep their funds consolidated in a single platform and often seek more effective cash flow tools.
According to the survey, most small business owners agreed that instant access to funds would significantly aid their operations, underscoring the need for products like Square Card.
Square has emphasised that the introduction of Square Card marks an expansion of its suite of services designed specifically for small businesses. By further enhancing its offerings, Square aims to empower small and micro-businesses to thrive, even in competitive markets.
“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 really help with overall cash flow management,” said Samina Hussain-Letch, Executive Director of Square UK. “Our research demonstrates that small businesses often do not have the same access to financial tools and support as larger businesses, meaning they have to be nimble. SMB’s typically don’t have the time or resources to wait for funds to clear a bank account, Square Card addresses these pain points, and further extends Square’s ecosystem of products and services for small businesses.”
“Square Card has been really helpful when it comes to operating the business”, added Alex Liggett, Founder of The Vinyl Guys – a Square Card user. “Having instant access to our funds has made cash flow easy to manage and means we can easily stay on top of our spending. It’s also been quick and straightforward to get set up on Square Card and to start using it!”
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