Square made its debut in banking tools designed to help sellers get instant access to their funds.
The expansion of the banking service of the platform allows business owners to register for a square payment account and a free square check account via an application from the square website and the point of sale application, according to a Wednesday, April 30) press release.
In addition, Square has updated its savings account to include new personalized savings recommendations, using data on cash flows and industry information, to facilitate that merchants organize their funds in files for significant expenses such as taxes and supplies.
“The management of cash flows is the vital element of a small business – this can make the difference between success and failure,” the company said in the press release.
“However, traditional banking services, designed to serve larger and more established companies, introduce high levels of costs, risks and complexity for companies most dependent on cash flows. Their processing delays, transaction costs, disconnected systems and the lack of simple management tools make it difficult for small businesses to maintain healthy cash flows, access to capital when they need them, or make informed financial decisions. ”
According to the press release, Square now allows business owners to establish payments and banks in a few minutes thanks to a single application to take more control over their cash flow And eliminate the normal waiting period associated with banking transfers.
The launch comes like small businesses Faced with the increase in pressureAs the Pymnts wrote this week earlier this week in a report on the way small and medium -sized enterprises (SMEs) deal with prices.
Almost 20% of SMEs are pessimistic about their chances of surviving the next five years, according to the Pymnts Intelligence report “Brewing Storm: why 1 in 5 small business without funding fears not to survive the prices. “”
“We need strong growth companies to survive and prosper (In this uncertain economy), ”told Pymnts Lucy Demery, principal vice-president and responsible for Visa Commercial Solutions.
Despite these efforts, not all SMBs cannot adapt. Many are completely moving away from the international supply, which rather go with national suppliers – even at a higher cost.
“But this reshoration tactic is not always achievable,” wrote Pymnt. “Many SMEs – in particular those dealing with goods or specialized components – simply have no domestic alternatives. For others, the change of suppliers means long disturbances, expensive audits of conformity and the risk of losing product certifications. ”
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