Square Card Debuts in Canada, Aims to Bolster Cash Flow

In an effort to broaden financial access in Canada, the global software, payments and hardware platform Square on Tuesday (Sept. 28) announced the debut of Square Card in Canada.

Square Card is a business expense card that allows instant access to funds as sales transactions are made, according to the Square website. Users can apply for the card via the Square app or website. The no-cost card does not charge any fees and can be added to Apple Pay or Google Pay.

The goal in launching Square Card is to free up cash for business owners more easily, according to the announcement. The card provides business owners with immediate access to funds processed through Square.

While all businesses using Square can access their funds the following business day, a Square-commissioned survey of 1,816 Canadian business owners determined that there is a need for quicker options. “We’ve heard, time and time again, that cash flow is a major pain point for Canadian businesses,” said Christina Riechers, Square’s head of product, business banking. “Often, it’s the reason they continue accepting cash, despite it being time-consuming and costly to manage.”

Tuesday’s announcement comes on the heels of Square’s launch of its Square Register in Canada earlier this month, as PYMNTS reported. Square Register gives businesses an omnichannel commerce option via a point-of-sale (POS) device and provides sellers with the tools needed to run and grow their businesses, with the ability to manage everything from one source.

Related news: Square Rolls out Square Register POS Solution for Canada 

While Square strives to help businesses grow, with the planned $29 billion acquisition of Afterpay, Square itself is poised to do just that. PYMNTS’ Karen Webster writes that the deal will propel Square and Afterpay to scale a multichannel payments, commerce and financial services ecosystem.

See also: What the Square Afterpay Deal Means for BNPL, FinTech, BigTech and Banks