Square unveils new debit card for small-business customers

Square Inc. on Thursday announced a new debit card for small-business owners, a move that enables the fintech company to further participate in the economics of payment transactions.With the Square Card, which is free to obtain and use, business owners will be able to spend their Square SQ, +4.46%  balances immediately in stores and online. Previously, those who used Square for payment processing had to wait several days for their funds to transfer to their banks accounts, or else they could pay a small fee for instant access to their money.Square earns transaction fees at the time sellers make their purchases with the card. Alyssa Henry, Square’s seller lead, said on a media call earlier this week that she expects the card to prove helpful with cash-flow management, “a big pain point for sellers.” The company gave the example of a man who manages a roofing-supply business and is able to immediately buy supplies for a project as soon as he’s received payment from the customer.