Square today announced the beta launch of new banking and spend management solutions for its U.S. sellers, including a new credit card and new loan options. The new products are designed to help sellers simplify their cash flow management and consolidate their finances.
The Square Credit Card is a Mastercard that offers sellers flexible spending and rewards. The card has no annual or late fees, and the credit limit is determined by the sales a seller processes through Square. Sellers who use the card earn free card processing every time they spend.
Square is also expanding the functionality of its popular Square Loans product. The company is now offering loans that can be repaid on a fixed monthly schedule, rather than through daily repayments. This option provides sellers with a more predictable repayment schedule.
In addition to the new credit card and loan options, Square is also introducing new features for Square Checking sellers. These features include early deposit access, which allows sellers to receive funds from sales made through off-platform channels up to two days quicker, and the ability to have up to four additional Debit Cards connected to their Checking account.
The new banking and spend management solutions from Square are designed to help sellers of all sizes manage their finances more efficiently. The company believes that these products will help sellers grow their businesses and thrive in the economy.
Key takeaways from the press release:
- Square is launching a new credit card and new loan options for U.S. sellers.
- The new products are designed to help sellers simplify their cash flow management and consolidate their finances.
- Square is also introducing new features for Square Checking sellers, including early deposit access and the ability to have up to four additional Debit Cards connected to their account.
- The company believes that these products will help sellers of all sizes manage their finances more efficiently and grow their businesses.
