Square Launches Expense Card To Address Canadian SMBs’ Cash Flow Problems
Managing cash flow is today one of the biggest challenges small businesses in the Canadian market face and that is a problem Square is seeking to address with its new business expense card offering.
The card product gives business owners instant access to the money they have processed through Square at no extra charge. For sellers who prefer to use an external bank account, Square is offering real-time access to funds at a 1.5 percent fee per transfer.
Square already enables all businesses to access their money the next business day at no extra cost.
“We’ve heard, time and time again, that cash flow is a major pain point for Canadian businesses. Often, it’s the reason they continue accepting cash, despite it being time-consuming and costly to manage,” said Christina Riechers, head of product for business banking at Square.
“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.”
According to a Square survey, businesses value real-time access to funds because it gives them peace of mind and added convenience.
The launch of the new card offering marks Square’s continued efforts to expand financial access in Canada, its second-largest international market and it better positions the company to serve the financial needs of business owners.
Canadian business owners can opt-in for the expense card through their Square app or web dashboard.
Originally published at https://retailbum.com on September 28, 2021.
