Square Extends Square Cash Service to SMEs

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.”

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