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Square adds more tools for small businesses, in banking push

The company says its new tools let payments, banking and cash flow "work as one."

piggy bank and cash with calculator
Sarah Tew/CNET

Digital payments company Square is now offering checking and savings accounts for small-business customers. On Tuesday, the company unveiled Square Banking, a set of tools for collecting payments, managing banking and viewing cash flow all at once.

"When you take payments and bank through Square, everything is connected. Watch your sales flow directly into Square banking, so accessing and moving your money is fast, easy -- and can even be automated," Square said in a press release.

Square Banking is the latest expansion by the payments company run by Jack Dorsey, who's also CEO of Twitter. Last week, Dorsey said Square will create a new business focused on the Bitcoin cryptocurrency, to help developers design decentralized financial products.

The new checking and savings accounts join the company's lending option, now called Square Loans, as well as the Square debit card, which the company launched in 2019 for business customers. 

The new accounts will let businesses access money they bring in through Square payments, without first having to transfer it to a separate bank account. Square said the new banking accounts don't have a minimum balance and that there aren't monthly account fees. 

Square's checking accounts will be provided by Sutton Bank, which also issues the Square debit card. Square said funds are FDIC-insured.