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Square Credit Card Levels Up: Rewards Built for Small Businesses and a New Way to Pay Vendors

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  • Square announced an expanded Credit Card program & new Bill Pay capability allowing sellers to fund vendor payments via the card regardless of vendor acceptance.
  • The refreshed American Express-based Square Credit Card offers unlimited 3% cash back on Bill Pay transactions & 1.5% on all other purchases.
  • Rewards are redeemable as cash deposits into Square Savings, statement credits, or free processing fees.
  • The card features a dynamic credit line, no personal guarantee, no annual fees, no late fees, & no foreign transaction fees.
  • Bill Pay functionality has expanded from Square Checking sellers to all sellers as a comprehensive accounts payable solution.
  • Sellers can now pay diverse vendors including rent, insurance, & marketing expenses via ACH or check even if the vendor does not accept cards.
  • Square routes Bill Pay transactions to match vendor preferences while ensuring the 3% cash back covers any associated fees.
  • Additional Bill Pay improvements include faster OCR bill capture, simplified vendor setup, & new dashboard access points.
  • External bank account funding for Bill Pay is scheduled to be added soon.
  • Square Credit Card usage has doubled since eligibility expanded at the end of last year.
  • Earlier this year, Square expanded Square Loans eligibility & partnered with Homegrown to offer up to $1 million in expansion capital for multi-location sellers.
  • Square Credit Cards are issued by Celtic Bank on the American Express network & require credit approval.
  • Square Savings accounts are provided by Square Financial Services, Inc. with an APY of 1.00% rising to 3.50% for balances of $10,000 or more.