Square's New Business Strategy: Lend Money To Small Businesses

Square is doubling down on small business

The San Francisco-based mobile payments company — which relies primarily on small business clients for its own revenue — announced Square Capital on Wednesday, a new cash-advance program for funneling money into small businesses in need of a loan

Square won't require small businesses to actually apply for a cash advance. Instead, it will approach companies that use its Square technology to process payments with cash advance offers. Each offer will be unique, says Square's Product Engineering Lead Gokul Rajaram, and Square will base the proposed capital amount and expected return on each company's sales data that Square has access to Read more...