Square launches debit card for small business merchants

The Square Card is a typical Mastercard Debit card, which can be used to withdraw cash from ATMs and make payments in-store. Payments made at other sellers using Square’s platform get a 2.75% discount, and all transactions appear in the Square Dashboard, allowing users to track expenses and separate personal transactions from business purchases.

As soon as a vendor receives funds, for example, from a customer buying something at a Square POS, it’s automatically available to spend on their Square Card. This could potentially ease cash-flow worries among Square’s users, as they don’t have to wait for funds to clear and appear in their bank accounts. This is a process that ordinarily takes several days to complete.

Square also services consumers through its peer-to-peer payment app called Cash which is connected to a debit card.