The card will be the first Square credit card offered to its small business owners’ community in the US and it will integrate directly with the company’s extensive ecosystem of solutions, enabling sellers to organise their finances and manage their cash flow from the same platform they use for running their business.
The Square Credit Card will be available to US-based Square eligible sellers and will enhance Square’s suite of banking solutions. The card will be powered by i2c and will be issued by Celtic Bank; additional details about the card and its benefits are set to be announced by Square in 2023.
Square Banking officials have stated in their press release that small businesses can face struggles when trying to find fair and simple solutions directed towards their credit needs. This is something that the company has been trying to address by building a lending programme to help eliminate this barrier for sellers, continuing to say that the company’s position will enable them to continue innovating in this space and expand access to new types of credit products. The announcement on the partnership follows the company’s wish in creating a product on a payment network with a strong track record of supporting small merchants; as such they believed that within their existing relationship with American Express, creating a card was a natural progression.
American Express representatives have advised that the partnership will enable an offering of credit card products designed specifically for Square sellers, backed by the security and trust associated with the Amex network. As of now, millions of small merchants use American Express Cards through Square, and following this announcement their relationship is set to expand to support the Square seller community.
American Express is a globally integrated payments company looking to provide customers with access to products, insights, and experiences aimed at helping businesses build their success.
Square’s company mission is that of enabling sellers to run and grow their businesses through means of its integrated ecosystem of commerce solutions. As part of its offering, Square provides a purpose-built software for running complex restaurant, retail, and professional services operations, versatile ecommerce tools, embedded financial services and banking products, Buy Now, Pay Later (BNPL) functionality though Afterpay, and staff managements and payroll capabilities amongst others, all of which work together to enable sellers to save time and effort.
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