Payments company Square launches debit card for small businesses [Reuters]
Block, Inc. Class A, (SQ)
Last block, inc. class a, earnings: 2/26 04:05 pm
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Source: Reuters
Payments company Square launches debit card for small businesses | Reuters 2 Min Read NEW YORK, Jan 17 (Reuters) - Payments company Square Inc is launching a free debit card for small businesses aimed at helping them better manage their cash flows, the company said on Thursday. The MasterCard debit card will allow companies to spend funds from sales they have processed via Square’s payments systems as soon as they have made the sale, the company said. This gives business owners quicker access to the proceeds of sales rather than having to wait for the funds to be transferred and reach their bank account, Square said. “Sellers can get stuck in a cash flow crunch,” Alyssa Henry, seller lead at Square, said on a call with journalists. “Square card is geared towards helping solve that pain point.” The card will also offer a 2.75 percent discount on purchases made at other Square sellers, the company said. Square, led by Twitter Inc CEO Jack Dorsey, is best known for its small credit card
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