Jack Dorsey, founder of Twitter, has announced the launch of a new Instant Deposit service aimed at helping small businesses manage cash flow.
The Twitter founder is also co-founder and Chief Executive of Square - a company which builds products aimed at making accepting debit and credit cards simple, fast and affordable for small and medium-sized businesses.
Square says that businesses using the platform usually receive their money the next working day. With the launch of Instant Deposit, sellers can now click a button in the Square App to get their funds into their bank account in around 20 minutes. All they need to do is link their bank account to their Square account. Square offers flat fees of 1.75% fee when taking in-person payments, and 2.5% for payments made over the phone, online or via digital invoice. Sellers using Instant Deposit will be charged an additional 1%.
Jack said: “Since our founding, we've heard that cash flow is a major pain point for small businesses. Our products were all built to provide fast and predictable access to funds to help businesses of all sizes remain competitive and agile. We believe our sellers should have the ability to access the money they've made as fast as possible, so we're thrilled to provide this new service to businesses across the UK.”