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Cash flow is a major pain point for Canadian small businesses, and the Square Card from Square aims to help. It’s a business expense card that provides owners with instant access to funds that they have processed through Square, at no additional charge.
“We’ve heard, time and time again, that cash flow is a major pain point for Canadian businesses,” says Christina Riechers, Head of Product, Business Banking at Square. “Often, it’s the reason they continue accepting cash, despite it being time-consuming and costly to manage. Businesses should be able to access their money as soon as they make a sale, and we’re proud to bring that experience to sellers across Canada.”
Sellers can sign up for Square Card as an optional, add-on service in two minutes through the Square App or web Dashboard. As soon as a business makes a sale, the funds are immediately available within the Square Balance and can be spent instantly with the Square Card.
For sellers that prefer to use an external bank account, Square now offers the option to make real-time transfers of funds with Instant transfers by clicking a button in the Square App or from the online Square Dashboard. All they need to do is link their supported debit card to their Square account. Instant transfers cost a 1.5% fee per transfer.
While all businesses currently using Square can access their money the next business day at no extra cost, a poll conducted earlier this year with Canadian business owners using Square found there is great demand for more immediate options. The poll identified the top benefits to receiving their funds in real-time as being peace of mind, convenience, and the ability to quickly access money to fund their day-to-day operations.