American Express and Square Partner to Create First Credit Card for Square Sellers

Rhea-AI Summary

American Express (NYSE: AXP) and Square are expanding their partnership with the launch of a new credit card tailored for Square sellers, enhancing support for small businesses. The card will operate on the American Express network and integrate seamlessly with Square’s ecosystem, allowing small business owners to manage finances more effectively. This initiative aims to provide fair credit solutions, addressing challenges faced by sellers in accessing credit. Additional details regarding the card will be announced in the upcoming year.

Positive

• Launch of a new credit card specifically for Square sellers, enhancing support for small businesses.
• Integration with Square's ecosystem allows better financial management for sellers.

Negative

• None.

Expanding Square’s suite of financial services offerings, forthcoming Square Credit Card will run on the American Express network, deepening the two companies’ ties and commitment to empowering small businesses

NEW YORK--(BUSINESS WIRE)-- American Express (NYSE: AXP) and Square announced an expansion of their relationship and plans to launch a new credit card built specifically for Square sellers on the American Express network.

Square and American Express Logos (Graphic: Business Wire)

The new card will be the first credit card Square offers to its community of small business owners in the U.S. It will integrate directly with Square’s broader ecosystem of solutions, empowering sellers to organize their finances and manage their cash flow from the same platform they use to run their business.

“Small businesses can struggle to find fair and simple solutions for their credit needs. Square has spent years building a successful lending program to eliminate this barrier for sellers, and we're uniquely positioned to innovate even further in this space to expand access to new types of credit products,” said Luke Voiles, General Manager of Square Banking. “We wanted to create a product on a payment network that has a strong track record of supporting small merchants, making this card a natural progression of our existing relationship with American Express.”

“As champions of small businesses, our brands will offer a credit card product specifically designed for Square sellers, backed by the trust and security of the Amex network,” said William Stredwick, Senior Vice President and General Manager of Global Network Services North America at American Express. “Millions of small merchants already welcome American Express Cards through Square, and we look forward to expanding our relationship to further support the Square seller community with this innovative product.”

The Square Credit Card will be available to eligible Square sellers in the U.S., enhancing Square’s robust suite of banking solutions. The card will be powered by i2c Inc. and issued by Celtic Bank. Square will announce additional details about the card and benefits next year.

ABOUT AMERICAN EXPRESS

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate responsibility information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, corporate responsibility and Environmental, Social, and Governance reports.

ABOUT SQUARE

Square helps sellers more easily run and grow their businesses with its integrated ecosystem of commerce solutions. Square offers purpose-built software to run complex restaurant, retail, and professional services operations, versatile e-commerce tools, embedded financial services and banking products, buy now, pay later functionality through Afterpay, staff management and payroll capabilities, and much more – all of which work together to save sellers time and effort. Millions of sellers across the globe trust Square to power their business and help them thrive in the economy. Square is part of Block, Inc. (NYSE: SQ), a global technology company with a focus on financial services. For more information, visit www.squareup.com.

Source: American Express Company

Location: U.S.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221116005359/en/

SQUARE

press@squareup.com



AMERICAN EXPRESS

Becca Moomjian

becca.moomjian@aexp.com

Source: American Express Company

FAQ

What is the significance of the new Square Credit Card for American Express and Square?

The new Square Credit Card enhances the partnership between American Express (AXP) and Square by offering tailored credit solutions for small businesses.

When will the Square Credit Card be available for eligible sellers?

The Square Credit Card will be available to eligible Square sellers in the U.S. with additional details to be announced next year.

How does the Square Credit Card support small businesses?

The Square Credit Card aims to provide fair and simple credit solutions, allowing small business owners to manage their finances more effectively within Square's ecosystem.