Square Introduces Debit Card
Square is expanding its product ecosystem with the launch of a free debit Mastercard for its merchant sellers.
According to Square, the debit card will give small businesses immediate access to funds from the payments they accept. The debit card is also meant to help merchants with money management, preventing the commingling of personal and business funds.
The debit card is not affiliated with a bank account and draws from the merchant's Square balance. The Square debit card is also not ensured by the FDIC, as it's not a standard financial account.
Square says that the new debit card offers merchants an easy way to access to cash. Merchants can also view Square Card activity alongside a record of sales in Square Dashboard and Square Point Of Sale, as well as access reporting features that separate business and personal expenses. Merchants can also withdraw funds from the Square Card via ATMs.
There's also a branding component to the Square Card, as sellers can personalize the card with their business name and logo and the signature of the cardholder.