Square Checking has already clocked $1 billion in debit card spend through the first five months of 2023.

Square has introduced new financial products and services to support businesses in managing their cash flow. As the adoption of banking services grows, Square has unveiled its Square Credit Card and various cash flow management tools in beta. These offerings aim to simplify finances for U.S. sellers by providing credit options and features that consolidate their finances.

The Square Credit Card, powered by the American Express network, offers sellers a familiar tool with increased spending flexibility and a rewards program for reinvesting in their business. With no late or annual fees, the credit limit is based on a seller’s Square sales and grows alongside their business. (Square)

Additionally, Square is enhancing its Square Loans product to cater to larger sellers. These loans can now be repaid on a fixed monthly schedule, providing a more predictable repayment plan. Upmarket sellers have already shown strong interest in these beta products, with a significant portion of usage coming from this segment.

Square is also introducing new features for Square Checking sellers, including early deposit access, allowing quicker access to ACH deposits and consolidation of revenue.

Furthermore, sellers will soon have the option to connect up to four additional Debit Cards to their Checking account, enabling co-owners and partners to have more spending flexibility and facilitating easier delegation of purchasing responsibilities within larger businesses.

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