Square has launched a debit card for businesses, they previously launched a consumer debit card and then recently added a rewards program. The business debit card will not have a rewards program as such, but if the card is used at a merchant using Squares payment solution there will be an instant 2.75% discount. I can see this card being extremely useful for small businesses owners if supplies or other merchants they do a large volume of business with use Square for payments.
An instant discount of 2.75% is bigger than any other credit card offers as a rewards program. There are two obvious downsides:
- This is a debit card so you can’t float the money during the normal credit card grace period
- Most merchants don’t use Square, so you won’t receive any discount
I can still see this being situationally very useful to some businesses, much like the personal card can be useful for some consumers. It’s good to see payment companies trying different things like this.
