AG真人官方

Square Launches Data Driven Cash Advances In The UK

Square Cash Advances are merchant cash advances that provide an advance upfront in exchange for a percentage of future card sales

LONDON--(BUSINESS WIRE)-- Square, the global technology company, has announced the launch of Square Cash Advance in the UK, meaning businesses can access simple funding to grow their business and keep operations running smoothly. Whether a restaurant owner, retail merchant or beauty salon, fast and easy access to funds helps sellers manage daily expenses without delay and with no interest 鈥� just a simple, upfront funding cost.

Square Cash Advances are merchant cash advances that provide an advance upfront in exchange for a percentage of future card sales (Photo: Square)

"Square Cash Advance has transformed the way our business operates," said Michael Sayward, Founder of 鈥� one of the first businesses in the UK to trial the new product. "I am usually very risk averse and I like to know where I am. I was raised by a traditional Yorkshire grandmother who taught me to do everything within my means 鈥� but with easy access to funding with Square Cash Advance, I鈥檓 able to make improvements and grow my business without risk, since repayments come from my card sales."

Eligible Square businesses in the UK can apply for Cash Advances in just a few clicks, without any long forms to fill out, providing fast and easy access to funds. If approved, they will receive money in days rather than weeks that are typical with traditional lenders. A percentage of every card sale is automatically deducted until Square receives the total balance in full, making repayments straightforward for businesses and saving them much-needed time.

Square Cash Advance can be used to purchase inventory, upgrade equipment, invest in marketing or anything else a business owner would need to keep running and growing. Funding is only for business use and can鈥檛 be used for any personal, household or family reasons.

Square conducted research with sellers and across markets to ensure Square Cash Advance is designed specifically to solve problems for business owners. Some of the key findings show that small and micro businesses are consistently looking for better cash flow and funding solutions. The majority of small businesses surveyed agreed that a cash advance would significantly help them with growing their business and running their operations. These insights demonstrate the need for products like Square Cash Advance to help businesses stay competitive and grow quickly.

鈥淲e know that the number one reason small businesses fail in the UK is due to issues with cashflow,鈥� said Samina Hussain-Letch, Executive Director of Square UK. 鈥淭his product takes that pressure away by providing our sellers with access to the funds they can use to run and unlock future growth in their business and be much better set up for success. We鈥檙e super excited to be introducing it to the UK to join our ecosystem of products and services.鈥�

Square Cash Advance isn鈥檛 a credit product and won鈥檛 affect a business鈥檚 credit score, nor is a personal guarantee required. A fixed percentage of a business鈥檚 daily card sales will start being withheld two days after the funding date and Square withholds a fixed percentage rate of future card sales until the balance is met.

Cash advances don鈥檛 have a fixed term length, minimum payments or a specified term length. The actual repayment time will depend on a business鈥檚 card processing with Square, meaning sellers pay back less when sales are slower and more when they鈥檙e strong. The percentage rate will be applied to the gross card sales, including tips and VAT paid by customers. This is also applied in addition to Square鈥檚 processing fees for transactions.

Business owners best understand their business and growth plans and are therefore empowered to choose the cash advance amount right for them, up to their max offer, with the upfront funding cost clearly broken down on the dashboard under the terms of the offer.

Existing and new Square sellers in the UK will now have access to Square Cash Advances. To learn more, .

Notes to Editor:

For press information and materials please email [email protected]

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 Clearpay, staff management and much more 鈥� 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 .

View source version on businesswire.com:

[email protected]

Source: Block, Inc.