Marqeta customer spotlight: Square

The Square debit card empowers small businesses

The Square Card is a debit card uniquely suited to the needs of growing businesses.

Co-founded in 2009 by Jack Dorsey, Square is a financial services and payments company on a mission to “empower and enrich people” by providing simple and easy-to-use tools. Originally focused on payment processing and hardware that enabled sellers to accept credit card payments using their mobile phones as the point of sale, Square has grown to provide myriad financial services for small business owners.

Square quickly became the standard toolkit for small business owners looking to do everything from accepting payments to running payroll, invoicing, and tracking revenue and expenses. Though its core offering centers around card acceptance and processing for business owners, small businesses love Square’s simplicity, ease of use, and ability to manage multiple key aspects of their business operations. The Square team is always mindful that while cash is the lifeblood of small businesses, almost half of small business owners report worrying about their cash flow.

Enter Square Card.

In 2018, Square partnered with Marqeta to introduce Square Card, a business debit card for small business owners. When a seller on the Square platform processes payments, that income lands in their business balance through their Square account. Prior to the introduction of Square Card, sellers either had to wait days for funds to reach an external bank account, which delayed access to their earnings, or pay a fee for instant deposits. Square Card enables business owners to access those funds immediately and without additional fees, so business owners and sole proprietors can reinvest their revenue by purchasing what they need to keep their businesses running. Having a dedicated business expense card such as Square Card makes it easy to separate business and personal expenses, simplifying bookkeeping. Square Card can also be personalized with the business’s name and owner’s signature, giving business owners another tool to reinforce their brands with a polished look without any monthly, sign-up, or annual fees.

Square chose to work with Marqeta to launch its Square Card offering due to Marqeta’s ability to bring a new card program to market quickly, its developer-friendly APIs, and its best-in-class 99.995% platform uptime. Additionally, Square had already seen success from Marqeta’s existing partnership with Cash App.

“Marqeta’s expertise in financial services and relationships across the payments ecosystem have enabled us to implement a highly successful card program,” said Christina Riechers, General Manager of Business Banking, Square. “Their integrations with the issuing banks and card networks have been instrumental in helping us establish our program, and Marqeta’s attention to fraud, risk, and compliance has matched our high standards as we scale. These capabilities have allowed us to accelerate our time to market and better serve the needs of Square sellers.”

Learn more about Square and Marqeta’s partnership, and what makes the Square Card program so successful. Read the full case study here.