Square Card Launches in Canada to Address Small Businesses’ Major Pain Point: Cash Flow
September 28 2021 - 7:03AM
Business Wire
Today, Square announced the launch of Square Card in Canada to
address one of the biggest challenges small businesses face:
managing their cash flow. The announcement marks a milestone in
Square’s goal of expanding financial access in Canada — its second
largest international market — and better positions the company to
serve the needs of business owners across the country.
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Square Card (Photo: Business Wire)
“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, 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.”
Square Card is a business expense card that gives owners instant
access to the money they have processed through Square at no extra
charge. Sellers can sign up for this optional, add-on service in
just two minutes through the Square App or web Dashboard. As soon
as a business makes a sale, the funds are immediately available
within their Square Balance, and can be spent instantly with their
Square Card.
For sellers who prefer to use an external bank account, Square
now offers them the option to make real-time transfers of their
funds with Instant transfers by clicking a button in the Square App
or from their 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 (which is faster than
the industry average), 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 include: peace of mind,
convenience, and the ability to quickly access money to fund their
day-to-day operations.
“I love my Square Card because I treat it like my business
account. I buy my supplies with that card so I know exactly what is
coming in and what’s going out,” said Nerma Tahirovic, the owner of
Yassmeen’s Shop in Windsor, ON, a jewelry business selling bespoke
handcrafted pieces made from vegan and cruelty-free materials. “It
saves me the trouble of going to the bank, opening up a business
account and paying CAD$25 per month, or whatever their fees are.
Square Card doesn’t have monthly or any other recurring fees, I
love it.”
By offering financial tools like Square Card that work
seamlessly with Square’s ecosystem of software and solutions,
sellers have a unified view of their account balances and
expenditures, helping them remain competitive and succeed on their
own terms. Learn more about how Square Card can help Canadians run
their businesses here.
About Square
Square, Inc. (NYSE: SQ) builds tools to empower businesses and
individuals to participate in the economy. Sellers use Square to
reach buyers online and in person, and to manage their business.
Square has offices in the United States, Canada, Japan, Australia,
Ireland, Spain and the UK. More information about Square is
available at square.ca.
About the Survey
Square polled 1,816 sellers from across Canada between March 22,
2021 and April 5, 2021. Participants were part of a group of early
adopters of Instant transfers in Canada.
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Square, Inc. press@squareup.com
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