“Square Inc. , whose technology has already upended the way small businesses take card payments, is quietly preparing to offer checking and savings accounts to those customers, taking direct aim at behemoths such as JPMorgan Chase & Co. Square’s shares jumped on the news. Evidence of the still-unannounced plan appeared in hidden code in a recent update to Square’s app for Apple Inc.’s iPhone and iPad. The code references both types of accounts and indicates that the checking version will integrate with Square’s existing debit card for businesses. It also suggests that Square will differentiate itself by eschewing monthly service charges and fees tied to minimum balances and overdrafts.”

“The coronavirus pandemic had a divergent effect on Square’s two main business lines. Inflows into Cash App swelled over the past year as many users deposited their stimulus checks into their digital wallets. They then used the proceeds to send money to friends and family instantly over Cash App, purchase things online with their Cash App debit cards and buy bitcoin and stocks through Cash App Investing. Square books a small fee on each of those transactions. The company counted more than 10 million monthly active users of its Cash Card during the quarter. About seven million customers used their Cash Cards every week in March, on average.”

“First-quarter revenue rose to $5.06 billion, up 266% year over year, largely thanks to gains in bitcoin revenue. Net income for the quarter was $39 million. Gross profit grew 79% year over year to $964 million in the quarter that ended Mar. 31, according to a statement. Cash App gross profit came in at $495 million, up 171% year over year. In March, Square’s peer-to-peer competitor to Venmo began offering customers the ability to instantly send bitcoin for free.”

“Today Square announced the ability for sellers to offer alcohol delivery through Square Online’s on-demand delivery feature. Now, restaurants, bars, breweries, bottle shops, convenience stores, or any seller using Square Online can offer their customers the option to purchase alcohol from their website and have the order fulfilled through a delivery partner. For many restaurant and retail sellers, this offering can provide a lucrative, nearly passive, new revenue stream without the costly overhead associated with building out a delivery fleet or hiring and training additional staff…When an order is placed on a Square Online ordering page, a courier from Square’s delivery partner DoorDash is dispatched to the business location, picks up the order, delivers it to the buyer, and ensures age verification.”

“Square announced the availability of new inventory management features for Square for Retail sellers, to help automate and improve one of the most challenging, but critical, processes businesses of all sizes face. New features like Easy Item Create, Quick Inventory Counting, and Smart-Stock Alerts provide sellers greater control over their inventory management, and improve efficiency with better ways to create, count, and reorder inventory.”

“Square has announced it will be rolling out Square Loans in Australia, a program that helps small businesses grow by giving them quick and simple access to funds. Australia will be the first global market, outside of the US, where the payments company will launch its lending product…By using historical transaction data, Square Loans has a straightforward application process, where no paperwork is needed, and sellers get their money as soon as the next business day. Businesses will have one clear upfront loan fee which will automatically be paid back as a set percentage of daily card sales on Square — so they pay more back when sales are strong and less if things slow down. Unlike the structure of traditional loans, the cost to the seller never changes, regardless of how long it takes them to repay Square.”

“Resilience has been the backbone of the Canadian food and beverage industry in recent months, as it adapts to COVID-19 restrictions. Now, restaurants across Canada can leverage the power of even more Square tools to their advantage and ever-changing needs. Launching in Canada, Square for Restaurants is an all-in-one specialized point of sale that brings the speed and ease of use that Square is best known for to all types of restaurants, breweries, cafés and bars.”

“Square, Inc. announced its industrial bank, Square Financial Services, has begun operations after completing the charter approval process with the Federal Deposit Insurance Corporation (FDIC) and the Utah Department of Financial Institutions. Square Financial Services is an independently governed subsidiary of Square, Inc. Headquartered in Salt Lake City, Utah, its primary purpose will be to offer business loan and deposit products, beginning with underwriting and originating business loans for Square Capital’s existing lending product. Moving forward, Square Financial Services will be the primary provider of financing for Square sellers across the U.S.”

“Today, Square has launched its latest hardware offering, Square Register , a fully integrated countertop point-of-sale (POS) solution, designed to give UK businesses with complex needs the versatility they need to manage sophisticated operations. Right now, it’s not business as usual for many, and this new device is designed for businesses looking for a versatile countertop POS solution that can be adapted to suit changing needs. Square Register brings together modern hardware, embedded POS software which includes delivery & online order management, and Square’s secure payment technology.”

“Today, Square launched Shift Scheduling, a new first-party scheduling feature that works seamlessly with Square’s Team Management and Payroll offerings to create a robust, consolidated labor management solution for employers. Now, business owners have an all-in-one solution for scheduling, managing, and paying their staff with Square.”

“In June , Square announced on-demand delivery , allowing Square Online sellers to dispatch couriers through third party partners for orders placed directly on their website. Now, through a new partnership with DoorDash Drive sellers can tap into DoorDash’s nationwide network of Dashers as a new fulfillment option.”

“Square, Inc. (NYSE: SQ) announced today that it intends to invest $100 million in support of minority and underserved communities, driven by the company’s purpose of economic empowerment and its ongoing commitment to racial equity. The investment constitutes three percent of Square’s cash and marketable securities as of the end of the second quarter of 2020. Square commits to financial support for these causes in the future.”

“Today, Square announced the launch of two new features that enable Square Payroll customers and their employees to more easily and effectively manage their cash flow: On-Demand Pay for employees, and Instant Payments for employers. The new offerings, which leverage Square’s Seller and Cash App ecosystems, represent a major milestone in providing employees and employers more flexibility and control over their money.”

“Today, Square, Inc. (SQ) released a new report that highlights how the onset of COVID-19 has affected global commerce and payments behavior. This is the third installment of Square’s Making Change series, which examines whether or not we’re headed towards a cashless society. In February 2020, just 5.4% of Square sellers across the US were cashless*. By April 2020, amidst the height of shelter-in-place mandates, that number jumped up to 23.2%. By August 2020, as the world slowly began to reopen, the number of Square sellers with a cashless business model was showing signs of stabilizing at 13.4%. That said, there has still been a remarkable increase in cashless adoption rates compared to pre-pandemic.”

“Its peer-to-peer Cash App, a competitor to PayPal’s Venmo, helped drive Square’s performance in the second quarter. Gross profit for the app rose 167% year-over-year to $281 million. Stored funds, or the amount of money customers keep on the app, jumped 86% from the prior quarter. The app had 30 million users as of June, up from 26 million at the end of last year, according to the company.”

“Thousands of small enterprises that use Square to process their credit card transactions — including plumbers, legal consultants and construction firms — have complained that the company recently began holding back 20 to 30 percent of the money they collected from customers. The withholdings came with little warning, they said, and Square asserted the right to hang on to the money for the next four months.”