American Express and Square announced on Nov. 16 a plan to launch a new credit card explicitly built for Square sellers on the American Express network.
Luke Voiles, General Manager of Square Banking, said SMBs have struggled with credit needs, and Square wants to make it easier.
“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. We’re uniquely positioned to innovate further in this space to expand access to new credit products,” Voiles said.
“We wanted to create a product on a payment network with a strong track record of supporting small merchants, making this card a natural progression of our existing relationship with American Express.”
Square for SMBs
The firm said in a release it would be the first card Square offers to its community for small businesses in the U.S. Square said it would integrate directly with its other solutions to encourage clients to organize their finances and cash flow under one platform.
William Stredwick, SVP and GM of Global Network Services North America at American Express said as champions of small businesses, American Express brands will offer a credit card product specifically designed for Square sellers, backed by the trust and security of the Amex network.
“Millions of small merchants already welcome American Express Cards through Square, and we look forward to expanding our relationship further to support the Square seller community with this innovative product.”
The card will be available to eligible Square sellers in the U.S., issued by Celtic Bank and powered by i2c Inc. Square said it would announce additional details about the card and benefits next year.
Enriching lives through cards
American Express said it is a globally integrated payments company that provides customers with access to products, insights, and experiences that enrich lives and build a business. In recent years, American Express moved beyond personal cards, business cards, or travel and gift cards to brands like Accertify, Kabage, and Resy.
Square said it helps sellers more efficiently run and grow their businesses. It offers purpose-built software to run restaurant, retail, and professional services operations alongside e-commerce tools, embedded financial services, and banking products. Through partner AfterPay, Square offers to buy now, pay later and saw a 61M transaction weekend over black Friday in the US.