Square is letting some small business employees get a portion of their earned wages ahead of time.
The payments company also announced an "instant payments" feature, which lets businesses fund payroll immediately using money in their Square balance.
Jack Dorsey, chief executive officer of Square Inc., second right, tours the floor of the New York Stock Exchange in New York, U.S., on Thursday, Nov. 19, 2015.is letting workers access some of their earned wages ahead of schedule, which could add fuel to the company's recently booming banking business.
Square's general manager of Payroll, Caroline Hollis, pointed to the decline in cash tips at restaurants as one reason for the product launches. As cash becomes seen as a potential germ-spreader, "a lot of money movement is now happening digitally." "It's much easier to use Cash App versus having to go and look up your account and routing number information," Hollis said. "You get paid sooner if you pay out via Cash App -- we're able to do that because we own both sides of the transaction."Square's seller ecosystem has taken a hit during the pandemic as small businesses were forced to shut their doors. But its Cash App — which offers direct deposits — has taken off in the other direction.
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