US-based payments company Square has launched a free Mastercard-powered business debit card called Square Card with an objective to give sellers real-time access to funds.
Square claims that the new business debit card will help businesses in managing their cash flow by removing the time between making a sale and having the funds ready to spend on another purpose.
It also said that Square Card encourages commerce in the small business community by providing sellers a 2.75% instant discount on purchases made at other sellers with a Square amount.
Square seller lead Alyssa Henry said: “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.
“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.”
According to Square, its newly launched business debit card can be used, wherever Mastercard debit cards are accepted, to make purchases for their business with funds that are available as and when they have made a sale.
The payments company said that the Square Dashboard and Square Point Of Sale enable the user to view purchase activity made with the business debit card and also a comprehensive record of sales.
Further, a Square Card user gets access to reporting features that separate business and personal expenses, thereby making it easier to evaluate a business’s financial health and also for monitoring business expenses for taxes.
