“Square, a US-based embedded financial services provider has brought a new banking solution to simplify cash flow management and consolidate finances of US sellers.”
Technology has empowered banking systems to the next level. Modern-day banks are more equipped to serve their consumers with products and services that would help them easily manage their finances.
Square, a US-based embedded financial services provider has brought a new banking solution to simplify cash flow management and consolidate finances of US sellers. It has unveiled the beta launch of new banking and spend management solutions that include new credit tools and features.
Christina Riechers, General Manager of Square Banking, said,“Square Banking’s integrated suite of software and financial services was designed to help small businesses gain efficiency and peace of mind when it comes to managing their finances. But businesses of all sizes face challenges managing cash flow, and those struggles can become more complex as a business grows, their revenues diversify, and their expenses multiply.”
How is Square Going to Help US Sellers?
The Square Credit Card, which operates on the American Express network, provides sellers with a new yet familiar tool that provides them with more spending flexibility as required and a rewards program that allows them to reinvest in their business. The Square Credit Card, which has no late or annual fees, has a credit limit based on the sales a seller processes through Square, which grows as their business expands, and rewards them with free card processing every time they spend.
Broadening of Square Loans- Its Most Popular Product
In addition, the company is expanding the features of its popular Square Loans product. To better serve large sellers, it is offering loans that can be repaid on a fixed monthly schedule instead of daily repayments, resulting in a more predictable repayment schedule, as well as the alternative to use external data to improve loan offer size.
Both the Square Credit Card and the new alternatives to loans are currently in beta but have already seen widespread adoption, including among high-end sellers. Since these products went into beta, upmarket sellers have accounted for 25% of credit card spending and 30% of loan originations with fixed monthly payments.