Square launches debit card service for businesses

US payments firm Square is making further inroads into the banking market with the launch of a debit card service for small businesses.

Launching the Square Card in the US yesterday, the firm - which until now has been known for its mobile point of sale (MPoS) devices - said the Mastercard service would help businesses manage their cash flow by eliminating the time between making a sale and having the funds available to spend.

Square Card also encourages commerce among the small business community by offering sellers a 2.75 per cent instant discount on purchases made at other Square sellers.

Square was founded by Twitter founder Jack Dorsey and Jim McKelvey in 2009 and launched its first app in 2010.

The product release is the latest stage in the California-based company’s efforts to branch out from its contactless MPoS device which connects to smartphones with a growing range of financial services and software marketed at small business customers.

Alyssa Henry, seller lead at Square, said: “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 help with overall cash flow management.”

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