Industry SectorsFinancial ServicesSquare Extends Square Cash Service to SMEs

Square Extends Square Cash Service to SMEs

Square is expanding its services for small and medium-sized enterprises, with a card processing service that makes it easier for them to give up using cheques in favour of cards.

The San Francisco-based financial services, merchant services aggregator and mobile payments company was formed in 2009 and has since launched several software and hardware products and services, including Square Register and Square Order.

The company said that it is now expanding its consumer service Square Cash, previously available as a free peer-to-peer (P2P) funds transfer only to individuals, to include businesses. Square Cash for businesses will enable fast payments directly into a company’s bank account for a 1.5% transaction fee.

Businesses will now be able to create a Square Cash username (or $cashtag). The name must lead off with a dollar sign, and with it, a person or business can automatically set up a simple payment page. Once visitors hit their page, they are given a convenient area to enter card information. First-time users can also enter personal data such as their name, address and phone number.

“Individuals aren’t the only ones who don’t like cheques,” Square commented in a blog post. “They’re inconvenient for businesses too, whether you’re a landlord, a lawyer, a dog-walker, or an interior decorator. We think everyone should have access to a fast, affordable way to get paid, without the inconvenience or lack of security of cash and paper cheques.”

Related Articles

The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

5m BELLIN
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

5m Alex Kwiatkowski
2017's most read: Correspondent banking: still in rude health?

Bank Relationships 2017's most read: Correspondent banking: still in rude health?

6m Henry Balani
2017's most read: The future of cash management: the single multi-currency virtual account

Accounts Payable 2017's most read: The future of cash management: the single multi-currency virtual account

6m Matthew Fuellhart
2017's most read: Open API: unlocking innovative new services in banking

Automation 2017's most read: Open API: unlocking innovative new services in banking

6m Lu Zurawski
Many bank roles to be automated but 98% positive about robotics at work

Automation Many bank roles to be automated but 98% positive about robotics at work

10m Victoria Beckett
The future of banking: it’s all about sharing

Automation The future of banking: it’s all about sharing

10m Edward Berks
Falcon Private Bank expands virtual currency services

Financial Services Falcon Private Bank expands virtual currency services

10m GTNews