How Square is assisting businesses in finding new sources of funding
Square is a financial services, merchant services aggregator, and mobile payment company based in San Francisco, California. The company was founded in 2009 by Jack Dorsey and Jim McKelvey and has since become a major player in the world of mobile payments and financial services.
One way in which Square is assisting businesses in finding new sources of funding is through its Square Capital program. Square Capital is a lending program that is designed to provide businesses with access to fast and flexible financing. The program offers a range of loan options, including term loans, lines of credit, and merchant cash advances.
One of the key benefits of Square Capital is the speed at which businesses can access funding. The application process is quick and easy, with most businesses receiving a decision within a few hours of applying. This is particularly useful for businesses that need to secure funding quickly in order to take advantage of a new opportunity or meet a pressing need.
Another benefit of Square Capital is its flexibility. The program offers a range of loan options, allowing businesses to choose the financing solution that best meets their needs.
For example, term loans are ideal for businesses that need a larger amount of funding for a specific purpose, such as purchasing inventory or equipment. Lines of credit, on the other hand, are more flexible and allow businesses to access funds as needed, up to a certain limit. Merchant cash advances, meanwhile, are a type of financing that allows businesses to sell a portion of their future credit card sales in exchange for an upfront payment.
In addition to Square Capital, the company also offers a range of other financial services that can help businesses find new sources of funding. For example, Square has a partnership with Fundbox, a company that provides businesses with access to short-term lines of credit. The partnership allows Square merchants to easily apply for a Fundbox line of credit through the Square dashboard, providing them with an additional source of funding when they need it.
Square is also helping businesses find new sources of funding through its partnership with the National Association of the Self-Employed (NASE). The NASE is a non-profit organization that provides support and resources to small businesses and the self-employed. Through its partnership with Square, the NASE offers its members access to a range of financial services, including loans, lines of credit, and merchant cash advances.
Finally, Square is assisting businesses in finding new sources of funding through its Square Installments program. Square Installments is a financing solution that allows businesses to offer their customers the option to pay for purchases in installments, rather than all at once. This can be a helpful tool for businesses that sell high-priced items, as it allows them to offer customers a more affordable payment plan. By offering this option, businesses can potentially increase their sales and access new sources of funding through the installment payments they receive from customers.
In conclusion, Square is assisting businesses in finding new sources of funding through its Square Capital program, partnerships with Fundbox and the NASE, and its Square Installments program. These services provide businesses with access to fast and flexible financing options, allowing them to secure the funding they need to grow and succeed.
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