The MasterCard debit card will allow companies to spend funds from sales they have processed via Square’s payments systems as soon as they have made the sale.
“Sellers can get stuck in a cash flow crunch,” Alyssa Henry, seller lead at Square, said on a call with journalists. “Square card is geared toward helping solve that pain point.” The card will also offer a 2.75 percent discount on purchases made at other Square sellers, the company said. Square, led by Twitter Inc CEO Jack Dorsey, is best known for its small credit card reader that turns smartphones into payment terminals. It offers a suite of other financial services for small businesses including loans and business software.