Square Card Launches in Canada to Address Small Businesses’ Major Pain Point: Cash Flow

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.

“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.