Square Expands Banking Services to Give Sellers Better Control of Their Cash Flow
Square's latest checking and savings account tools empower busy sellers to access their funds instantly, budget smarter, and secure loans faster – all in one place
Sellers spent $3.6 billion via debit cards connected to Square Checking in 2024, a 29 percent increase from 2023
Square announced new Square Banking tools that give sellers instant access to their cash flow and free, easier ways to manage their earnings. Today, business owners can conveniently sign up for a Square payments account and a free Square Checking¹ account in just minutes through one streamlined application—right on Square's website and point of sale app. In addition, Square Savings accounts now feature new personalized savings recommendations, informed by cash flow data and industry insights, to make it easy for sellers to organize their funds into folders for key expenses like taxes and supplies.
"I use Square for banking, and it has really revolutionized my business organization," said Emily Yates, founder and owner of Flower Friends SF. "I'm able to see everything including my transactions and how much I'm spending per project. Before Square I was not doing that, and it was really challenging."
Cash flow management is the lifeblood of a small business – it can mean the difference between success and failure. However traditional banking services, designed to serve larger, more established businesses, introduce high levels of cost, risk, and complexity for the most cash flow-dependent businesses. Their processing delays, transaction fees, disconnected systems, and lack of simple management tools make it difficult for small businesses to maintain healthy cash flow, access capital when they need it, or make informed financial decisions in real-time.
In 2021, Square launched Square Banking, a suite of financial products purpose-built to help small business owners easily manage their cash flow and get more from their primary banking services. Today, Square Checking and Square Savings accounts are now used by hundreds of thousands of sellers monthly. And the company is adding new features to give these sellers the hassle-free finance experience they need to put their hard earned money to work for them to fuel growth.
Business Owners Can Now Open a Square Checking Account When They Sign Up For Square Payments to Get Instant, 24/7 Access to Sales Revenue
With Square, business owners can now set up payments and banking in minutes through a single application to get better control of their cash flow. Square Checking's seamless integration with payment processing eliminates the typical waiting period associated with bank transfers. There are also no monthly fees, service or maintenance fees, or minimum balance requirements to worry about. Whether it's managing late-night inventory expenses or early morning payroll, sellers can have peace of mind knowing their cash flow is always at their fingertips. For new businesses, this kind of real-time access to funds can make all the difference—especially in the early years, when cash flow issues are the leading cause of failure. In addition, sellers can:
- Easily deposit cash at more than 70,000+ retail locations such as Kroger, Walgreens, Dollar General, and more;
- Accept invoice payments and route cash via ACH transfers using their account and routing numbers without processing fees;
- Print or email checks to pay vendors, employees, or bills; or deposit checks from their phone using the Square Point of Sale app anywhere, anytime without processing fees;
- Use debit cards for purchases and ATM withdrawals anywhere that accepts Mastercard debit cards; and
- Get instant payouts from select third-party partner apps, with no fees whatsoever.
"The all-in-one Square ecosystem absolutely provides peace of mind around finances," said Fumio Tashiro, owner of Mirror Tea and Sake House. "Not only do I have access to funds instantly for free, but I went from spending five to ten hours a week on manual bookkeeping to just minutes a day in the Square Dashboard. The time savings allow me to focus on the business instead of spreadsheets."
Square Savings Now Automatically Recommends What to Save For and How to Set it Aside
Sellers looking beyond their daily operations and planning for sustained growth rely on Square Savings to automatically budget, save, and organize their money from sales – with a competitive APY. And now, sellers using Square's free business savings account will also get personalized savings recommendations to help them easily allocate funds into folders dedicated to their top expenses and investment goals. This new feature uses a seller's own cash flow data and industry-specific insights derived from the savings patterns of similar sellers within Square's ecosystem to make these recommendations. For example, based on a retailer or restaurant's gross payment volume and trends across similar sellers in the industry, the new tool will suggest a specific percentage of a retailer's sales automatically be stored in savings folders for a recurring operating expense such as rent, payroll, and taxes. These recommendations eliminate budgeting guesswork, so sellers can save for the future with confidence, spend more time on growing their business, and remove one more layer of complexity from their operations. And with Square Savings, there are no monthly fees, service or transfer fees, or minimum balance requirements to worry about. In, addition, sellers enjoy:
- Competitive 1.00% APY to maximize their money, earning more than 2x the national average on funds set aside;
- Round-the-clock access to their account, with free instant transfers to the Square Checking for immediate use; and
- FDIC insurance up to $2.5M.
"Sellers need simple banking solutions designed for what matters most to their business – instant access to their sales, simple yet smart ways to save, and a partner that is committed to empowering their growth," said Adam Turnbull, Head of Banking at Square. "Square Banking is embedded at the source of small businesses' cash flow, with solutions that are directly connected to payments, making it easier, faster, and automated for a seller to manage their business finances."
More Sellers Are Controlling Their Cash Flow and Banking Where They Do Business with Square
Square continues to expand and simplify access to financial tools for small businesses. With solutions for banking, payroll, invoicing, and inventory management all working seamlessly together within the Square ecosystem and integrated directly into the flow of payments, sellers can stay on top of their finances and get a clear, real-time view of their business activity through a unified dashboard.
In 2024, sellers using Square Checking spent more than $3.6 billion using their debit cards, a 29 percent increase when compared to the same period last year. Additionally, Square Savings continues to help more sellers prepare themselves for future priorities like their expansion plans or quarterly taxes. At the end of 2024, sellers had more than $300 million set aside in their Square Savings accounts.
With Square Banking, sellers save an average of 44 hours a month by not waiting for traditional bank transfers to settle. And the average customer satisfaction (CSAT) score for Square Banking is 86 percent, more than 20 percent higher than the average CSAT scores of the most popular primary banking institutions in the U.S.
In addition, Square Loans continues to give sellers increased access to credit with proactive loan offers that are uniquely tailored to their business needs and can be automatically repaid through a percentage of their daily Square sales. With no hidden fees or long forms to fill out, sellers can get loan funds deposited instantly into their Square Checking account, or get money as soon as the next business day to keep things moving.
For more information about Square Banking, visit: https://squareup.com/us/en/banking.
About Square
Square makes commerce and financial services easy and accessible with its integrated ecosystem of commerce solutions. Square offers purpose-built software to run complex restaurant, retail, and professional services operations, versatile e-commerce tools, embedded financial services and banking products, buy now, pay later functionality through Afterpay, staff management and payroll capabilities, and much more – all of which work together to save sellers time and effort. Millions of sellers across the globe trust Square to power their business and help them thrive in the economy. For more information, visit www.squareup.com.
Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Block, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc.
All loans and Savings accounts are issued by Square Financial Services, Inc., a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
Savings accounts are provided by Square Financial Services, Inc. Member FDIC. Accrue annual percentage yield (APY) of 1.00% per folder on folder balances over $10. APY subject to change, current as of 2/18/2025. No minimum deposit is required to open an account. Accounts will not be charged monthly fees. Accounts are FDIC-insured up to $2,500,000. Pending balances are not subject to FDIC insurance.
Square Checking is provided by Sutton Bank, Member FDIC. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard International Incorporated, and may be used wherever Mastercard is accepted. Accounts are FDIC-insured up to $250,000. Funds generated through Square's payment processing services are generally available in the Square checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues.
Block, Inc. is a financial services platform and not an FDIC-insured bank. FDIC deposit insurance coverage only protects against the failure of an FDIC-insured deposit institution. If you have a Square Checking account, up to $250,000 of your balance may be covered by FDIC insurance on a pass-through basis through Sutton Bank, Member FDIC, subject to aggregation of the account holder's funds held at Sutton Bank and if certain conditions have been met. Square Debit Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Mastercard. See Terms and Conditions.
Instant availability of Square payments. Funds generated through Square's payment processing services are generally available in the Square Checking account balance immediately after a payment is processed. Fund availability times may vary due to technical issues.
ACH transfer fund availability: Instant availability does not apply to funds added to the Square Checking account via ACH transfer. ACH credit transfers to your account may take 1–2 business days.
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