Square continues to round out its banking product suite, adding a credit card and cash flow management tools for its US sellers.
Currently in beta and running on the American Express network, the Square Credit Card has no late or annual fees and has a credit limit determined by the sales a seller processes through Square.
The firm is also offering large sellers the option to repay Square loans on a fixed monthly schedule, rather than through daily repayments.
In addition, the Block unit is introducing early deposit access, meaning sellers can receive funds from sales made through off-platform channels like delivery apps and ecommerce marketplaces up to two days quicker.
Later this year, sellers will also be able to have up to four additional debit cards connected to their checking account.
Christina Riechers, GM, Square Banking, says: “We’re expanding what Square Banking can provide to sellers, regardless of their size, to ensure they have the tools needed to grow their businesses, smooth out cash flow, and reduce the complexity of managing their inflows and outflows.”