Fintech company Square is helping small businesses manage their cash flow
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As many consumers and companies swiftly move into remote financial transactions, the Fintech company Square continues to push to the forefront of the financial tech space.
The San Francisco based financial services and mobile payments company which launched its industrial bank in March has announced a new product called Square Banking that combines a checking account, savings accounts, debit cards and loans.
As described in the statement, the newly introduced suite of financial products are set to help small business owners easily manage their cash flow and get more out of their hard-earned money.
“Small businesses are the heartbeat of our communities and our economy. From our earliest days, Square has focused on building easy-to-use tools and services to empower entrepreneurs to succeed on their own terms,” said Christina Riechers, Square Banking’s Head of Product.”
“Historically, small businesses have had to contend with numerous hurdles while trying to access vital financial services that are often readily available to larger companies. With Square Banking, we’ve reimagined the financial system for small business owners with their cash flow needs at the center.”
“We’re introducing fair, accessible financial services that connect directly with our sellers’ payments, helping them unlock instant access to their sales, automate their savings, and receive personalized financing offerings.”
Square Banking consists of three core products designed to help small business owners confidently manage cash flow stress. Two new deposit accounts, Square Savings and Square Checking.
While the Square Savings is set to remove the friction from setting aside funds, enabling sellers to effortlessly save a percentage of every Square sale they make, the Square Checking allows sellers to immediately spend their funds with their Square Debit Card, send and receive money.