Product News

Square Introduces Square Card giving UK Businesses Instant Access To Funds

Oct 31, 2024

Square Card Allows Sellers to Take Control of Cash Flow By Accessing Money The Minute They Make A Sale

London: Square, the global technology company, has today announced the launch of Square Card in the UK, a business spending card that helps businesses manage their cash flow by eliminating the time between making a sale and having the funds available to spend. Businesses in the UK no longer need to wait until the next business day to get paid, they have real-time access to their money with Square Card. Whether a restaurant owner, retail merchant or beauty salon, faster access to funds helps sellers manage daily expenses without delay.

“Square Card has been really helpful when it comes to operating the business”, said Alex Liggett, Founder of The Vinyl Guys - one of the first businesses to try out Square Card in the UK. “Having instant access to our funds has made cash flow easy to manage and means we can easily stay on top of our spending. It’s also been quick and straightforward to get set up on Square Card and to start using it!”

Square conducted research across its seller portfolio to ensure Square Card is designed specifically to solve problems for business owners. Some of the key findings show that small and micro businesses prefer their funds to be consolidated in one place, are consistently looking for better cash flow solutions and the majority of small businesses surveyed agreed that real-time access to funds would significantly help them with managing and running their operations. These insights demonstrate the need for products like Square Card to help businesses stay competitive and grow quickly.

“As sellers make crucial spending decisions, we know that fast access to funds - and the ability to put proceeds from sales to use immediately - can really help with overall cash flow management,” said Samina Hussain-Letch, Executive Director of Square UK. “Our research demonstrates that small businesses often do not have the same access to financial tools and support as larger businesses, meaning they have to be nimble. SMB’s typically don’t have the time or resources to wait for funds to clear a bank account, Square Card addresses these pain points, and further extends Square’s ecosystem of products and services for small businesses.”

Square Card offers new flexibility to underserved small businesses when it comes to accessing and managing funds. The product is free for sellers to sign up and start using, allowing sellers instant access to their money from sales, with zero monthly fees or hidden costs. Sellers can also skip the paperwork and sign up online in just minutes, immediately accessing their digital card to start spending straight away. Additionally, Square Card allows small businesses to stay on top of their finances and see sales coming in, as well as money going out - all in one place.

Other key product information for Square Card includes:

  • Personalised card with signature and business name.
  • Quick and easy sign up.
  • Ready to use right away in your digital wallet.
  • £0 monthly fees or maintenance fees.
  • £0 minimum balance requirement.
  • Online payments protected by 3D Secure.
  • Sensitive card information protected by an extra layer of secure customer authentication.
  • Easily manage your card within the Square app or online dashboard.
  • 0% foreign transaction fees.
  • £0 ATM fees charged by Square.

Existing and new Square sellers will have access to Square Card from 30th October. To learn more, please visit: https://squareup.com/gb/en/payments/square-card.

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