Square and American Express have partnered up to bring sellers a new credit card for businesses. The Square credit card is aimed at small business owners in the U.S. and will directly integrate with Square’s broader ecosystem of solutions. Here’s what you need to know about the Square and Amex credit card announcement.
A Credit Card for Small Business Owners
Square provides solutions for small, medium, and large businesses when it comes to things like commerce, customers, and more. Known for its payment-accepting technology, Square makes it possible for companies and customers to experience a smooth checkout process, along with many other solutions for business owners.
Recently, Square has come together with American Express to announce a new credit card for sellers is in the works. According to Square, the company wanted to create a product on a payment network that strongly supports small merchants. Hence, the partnership with the American Express payment network.
The card will be Square’s first credit card product. It will be powered by i2c Inc. and issued by Celtic Bank. In conjunction with the new cards integrating power into Square solutions, it will also help provide a way for sellers to organize their finances and manage cash flow. However, this is all we know of the new partnership, as Square has plans to announce additional information about the card and its benefits sometime next year.
Supporting Small Merchants
“Small businesses can struggle to find fair and simple solutions for their credit needs. Square has spent years building a successful lending program to eliminate this barrier for sellers, and we’re uniquely positioned to innovate even further in this space to expand access to new types of credit products,” said Luke Voiles, General Manager of Square Banking. “We wanted to create a product on a payment network that has a strong track record of supporting small merchants, making this card a natural progression of our existing relationship with American Express.” Press Release
“As champions of small businesses, our brands will offer a credit card product specifically designed for Square sellers, backed by the trust and security of the Amex network,” said William Stredwick, Senior Vice President and General Manager of Global Network Services North America at American Express. “Millions of small merchants already welcome American Express Cards through Square, and we look forward to expanding our relationship to further support the Square seller community with this innovative product.”
Related Article: The Best Subprime Business Credit Cards
Featured image by Business Wire