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Square introduces Square Banking, a suite of financial products for small businesses

By Pavithra R

July 21, 2021

  • America
  • Square

Square introduces Square Banking, a suite of financial products for small businessesSquare, building simple tools to help people participate and thrive in the economy, has announced the launch of Square Banking, a suite of financial products purpose-built to help small business owners easily manage their cash flow and get more out of their hard-earned money.

The launch comes on the heels of the firms Square’s industrial bank, Square Financial Services, beginning operations in March. Square Banking represents a major milestone in the firm’s continued efforts to expand access to financial tools for underbanked populations and marks the beginnings of the company’s journey to provide more banking solutions to small businesses.

“Small businesses are the heartbeat of our communities and our economy. From our earliest days, Square has focused on building easy-to-use tools and services to empower entrepreneurs to succeed on their own terms. Historically, small businesses have had to contend with numerous hurdles while trying to access vital financial services that are often readily available to larger companies. With Square Banking, we’ve reimagined the financial system for small business owners with their cash flow needs at the center. We’re introducing fair, accessible financial services that connect directly with our sellers’ payments, helping them unlock instant access to their sales, automate their savings, and receive personalized financing offerings,” said Christina Riechers, Square Banking’s Head of Product.

Square Banking consists of 3 core products designed to help SMB owners confidently manage cash flow stress: 2 new deposit accounts, Square Savings and Square Checking, Square’s existing lending capability, now called Square Loans. By offering essential banking tools that work seamlessly with Square’s ecosystem of solutions like payments and Square Payroll, sellers now have a single home for their entire business, gaining a unified view of their account balances, expenditures, payments, and financing options.

Square Savings: Powered by Square Financial Services, it offers small business owners a simpler way to start or continue building up their cash reserves. With automated savings, it emoves the friction from setting aside funds, enabling sellers to effortlessly save a percentage of every Square sale they make.

Square Checking: Square Checking builds off the company’s existing business banking tools, and in collaboration with Sutton Bank, offers sellers an FDIC-insured business checking account that provides instant access to card sales they process via Square.

Square Loans: Since beginning operations, Square Capital now Square Loans has facilitated more than $9 bn in small business loans and Paycheck Protection Program (PPP) loans to more than 460,000 Square sellers, with an average loan size of $6,750. Square Loans continues to give sellers increased access to credit with proactive loan offers that are uniquely tailored to their business needs and can be automatically repaid through a percentage of their daily Square sales.

“Cash flow is always top of mind as a small business owner, but one of the big learnings from the last year and a half is how important it is to think about my finances in the longer term, whether that’s a few weeks from now or a few months. Square Savings is great because in the background, it’s helping me prepare for the future, while leaving me free to focus on the day-to-day needs of my business,” said Susan Kinser, owner of Troy, Ohio-based Wagmore Pet Salon.

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