Square is expanding its services for small and medium-sized enterprises, with a card processing service that makes it easier for them to give up using cheques in favour of cards.
The San Francisco-based financial services, merchant services aggregator and mobile payments company was formed in 2009 and has since launched several software and hardware products and services, including Square Register and Square Order.
The company said that it is now expanding its consumer service Square Cash, previously available as a free peer-to-peer (P2P) funds transfer only to individuals, to include businesses. Square Cash for businesses will enable fast payments directly into a company’s bank account for a 1.5% transaction fee.
Businesses will now be able to create a Square Cash username (or $cashtag). The name must lead off with a dollar sign, and with it, a person or business can automatically set up a simple payment page. Once visitors hit their page, they are given a convenient area to enter card information. First-time users can also enter personal data such as their name, address and phone number.
“Individuals aren’t the only ones who don’t like cheques,” Square commented in a blog post. “They’re inconvenient for businesses too, whether you’re a landlord, a lawyer, a dog-walker, or an interior decorator. We think everyone should have access to a fast, affordable way to get paid, without the inconvenience or lack of security of cash and paper cheques.”
On day one of SIBOS, panellists unanimously agreed that doing nothing to modernise payments was no longer safe bet for transaction banking.
On day one of Sibos 2017, Stefan Dab, The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.