- Squarespace Balance is the continuation of other tools such as Capital and Payments
- Users benefit from ‘interest’ and access to a Visa spending card
- It will be rolled out first in the US for new users.
Squarespace has launched a new accounting tool for business users designed to help them manage their finances, cash flow, and expenses in one place within their existing Squarespace ecosystem.
The new Squarespace Balance feature integrates with Squarespace Payments, giving users direct and quick access to their funds (typically within 24 hours).
Serving as a cash cow, Balance allows users to collect cash rewards based on a percentage of their balance, although the company is quick to point out that this is not considered “interest.”
Article continues below.
Squarespace Balance is like a bank, but it’s not a bank
Money held within Balance can also be spent using a Squarespace Visa spending card, so business users don’t need to wait for the money to clear and then transfer it to their regular bank account to spend.
“[Squarespace Balance] reflects our belief that financial services should be considered a natural extension of running a business, not another system for business owners to manage,” wrote Vice President of Business Dan Chandre.
Balance comes just months after Squarespace launched Capital, a financing tool for merchants, and a few years after the launch of Payments (in 2023) for payment processing.
However, availability could be quite limited for now. Only new users in the US will have access to Balance interest payments and the Visa card, with existing account holders gaining access within a few months. The company did not comment on broader global availability.
Squarespace isn’t the only company in this space to offer these types of features, as Shopify Balance pretty much mirrors the tool with interest payments, cash back, and expense cards. Other non-banks, like PayPal, also offer business expense cards to access the money in your account more quickly.
Follow TechRadar on Google News and add us as a preferred source to receive news, reviews and opinions from our experts in your feeds. Be sure to click the Follow button!
And of course you can also follow TechRadar on TikTok for news, reviews, unboxings in video form and receive regular updates from us on WhatsApp also.
