🏦 New: Square Banking

[isabelle]

Sell, save, spend and borrow—as fast as you need to. 

We’re thrilled to announce the launch of Square Banking, your new suite of banking services built specifically for small businesses. With Square Banking, your payments, business banking accounts, and cash flow are all synced together seamlessly—making accessing and managing your money faster, easier, and even automated. 

Square Banking is breaking from the long-standing and often unfair conventions in the financial industry, including getting rid of outdated fees and long applications to better serve small businesses. 

• $0 opening deposit
• $0 minimum balance  
• $0 monthly account fees  
• $0 overdraft fees 
• 0 credit checks

Learn more about Square Banking at squareup.com/banking.

Square, Inc. is not a bank. Banking services are provided by Square Financial Services, Inc. or Sutton Bank; Members FDIC.

What Square Banking services are available? 

Square Banking includes the following banking products:

• Square Checking 
• Square Debit Card 
• Square Savings 
• Square Loans 

More about Square Checking: 

• Square Checking is a free business checking account that is integrated with Square payments, providing instant access to Square sales for free - no more waiting on bank transfers. 
• No recurring fees
• No minimum balance requirements 
• No complex applications or credit checks required - it takes 2 minutes to sign up
• Pay bills with account & routing numbers
• FDIC insured balances up to $250,000

More about Square Savings:

• Earn a high yield 7x the national average with 0.5% APY* (annual percentage yield), guaranteed through 12/31/2021
• No monthly fees, no minimums, and no hidden fees
• FDIC insurance up to $250k
• Automatically save with every sale
• Create folders to organize your money for any goals you have in mind 
• Transfer from your Square Checking account and/ or link external accounts
• Sign up online in minutes from your existing Square account
• Manage everything for your business through your Dashboard or Point of Sale
• Please note, Square Savings is only available to Sole Proprietorships at this time.

More about Square Loans:

• Become eligible for a loan between $300 - $250K automatically by processing payments on Square. 
• Automatically pay off loans with a percentage of Square sales.
• Get your funds as quickly as the next business day.
• No ongoing interest—just one flat fee.

Loans are subject to eligibility and approval. 

Have any questions about Square Banking? Feel free to ask in the comments section or check out our FAQs!

Legal Disclosure:

* Savings accounts are provided by Square Financial Services, Inc. Member FDIC. Annual percentage yield (APY) of 0.5% will apply until 12/31/2021, after which the APY in-effect at that time will apply and may change. No minimum deposit is required to open an account, and no minimum balance is required to obtain any advertised APY. We will not charge monthly fees. Certain fees may apply for optional, premium features that may reduce account earnings. Savings accounts will be FDIC-insured up to $250,000.

Square, Inc. is a financial services company, not a bank. All loans and savings accounts are issued by Square’s banking affiliate, Square Financial Services, Inc., a Utah-chartered Industrial Bank, Member FDIC, located in Salt Lake City, Utah. 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. Actual fee depends upon payment card-processing history, loan amount and other eligibility factors. Loan eligibility is not guaranteed. All loans are subject to credit approval.  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. 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. Accounts are FDIC-insured up to $250,000.

[tonawandaliquor]

Loos good. not sure what we need to do with the cash we get from customers. since there is no branch to depsit them

[PerroneTech]

This would be a pivotal feature to add @isabelle . The ability to deposit checks from customers, and money orders if we wanted to add cash to our accounts. Perhaps a photo deposit feature? Is Square Checking getting it's own standalone app?

[PrintingMatter]

correct, what we do with cash and checks, how do we deposit checks we get and how we pay vendors with checks?

[PrintingMatter]

sounds interesting bu what we do with cash and checks we receive from our customers?

and how do we pay vendors with checks?

Does square banking has option like all other banks like:

- App to deposit check?

- print checks?

- places to deposit cash?

- automatic bill payments?

Thank you.

[RevocupSouth]

as often as your POS goes down, I would never look to this as an option.

[PerroneTech]

I have never had my Point of Sale go down. On my tablet, it often disconnects and goes into offline mode, I just close it and reopen. It only does this if I leave it idle too long.

[RevocupSouth]

then you didn't use it today, and rarely use it, or just signed up.  this system has been down many times, and I have used it for over 5 years.  Just a couple of days ago, the offline mode wouldn't work.

[MvilleSoapworks]

I've been using it on a daily basis for over 10 years now, in multiple locations, and I can count on one hand the number of times Square itself has gone down. Have I had connectivity issues with the devices I've used? Yes, especially in one location that is near the US/Canada border, when my device can't decide where to hook up to the internet. But that's not an issue with Square itself. When you're having an issue, do you check issquareup.com?

[BlackAngelDsgns]

I'm trying to sign up for the checking, but I keep getting a "We're sorry, something went wrong" message when I submit my address.

[isabelle]

Hey @BlackAngelDsgns ! Is this still occurring?

[BlackAngelDsgns]

Yes, it is. I've double and triple checked the way the address is entered so not sure what it can be.

[isabelle]

I had our Engineers take a look - it should be resolved now. Can you try again @BlackAngelDsgns ?

[BlackAngelDsgns]

All set now, thank you!

[rjonin]

The same thing kept happening to me.  I had success when signing up from my computer instead of a mobile device. 

Hope that helps.

[FarmerBob]

I had a similar problem when trying to sign up through my laptop.

Each attempt resulted in failure and the system stated that it was unable to verify my personal information. When I know for a fact my name, address, and date of birth was correct.

Any ideas on what the issue might be?

[Minion]

I'm sure many member will benefit from this, and with a few additions over time it has potential to be great.

Along with the other questions/suggestions from members, how would opening/maintaining a square checking change the algorithm of a Square Loan (capital) offer if it all? 

[isabelle]

Hey @Minion !

I heard back from one of our Product Leads from Square Loans on your question/comment:

The model for Square Loans Eligibility continues to change as we learn more about the health of your business, through sales, and other data. Today, there is no explicit impact for holding money in your checking account on your loan eligibility, but that could change anytime. 

Hope that helps! ✨

[Minion]

Oh sweet, thanks for looking into that.  I'm no in any personal need of capital loan but it's always nice to see offers , and be on a more consistent basis with them.  

Thanks again

Cheers

[cmeshine]

Are there other Square Sellers that have a Square Checking account and have qualified for a new Square Loan offer?

What impacts can having a Square Checking have on the eligibility of Square Loans?

Especially for those that would like to transfer most of their deposits into their local banks checking account?

[ConsignConnect]

Sounds awesome BUT we can't give up cash transactions. It's half our business.