Square business debit card review + fees March 2019 | finder.com
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Square Business Debit Card review

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Get instant access to your balance when you swipe this slick debit card.

30-second take

  • Sign up for this card if you’re a Square seller and want to keep all your business banking in one place.
  • Pick something else if you think your business will need a spending limit above $10,000 per transaction or $25,000 per day.

The basics

Debit cards help business owners track incoming and outgoing funds.

Square’s card works like any other debit card — except it’s linked to your point of sale, so there’s no need to wait around for bank transfers. As part of the Square community, you’ll also score a discount whenever you shop with fellow sellers.

However, Square isn’t a bank account, so the card isn’t FDIC-insured.

What you’ll like

The Square card offers these benefits for business owners:

Easy to use

  • Swift ordering system. Order a card in minutes by logging into your Square account or the app.
  • Eliminates the need for bank transfers. The Square card is linked to your point of sale, so you can instantly access your balance. It’s also an easy way to keep track of the cash coming in and out of your business.
  • Complimentary card. The debit card is free to order, personalize and use, and there are no minimum balance, overdraft, ATM or service fees.

Competitive advantages

  • Personalized debit card. Customize your card with a laser-etched signature, which can be made up of English or foreign characters.
  • Discounts for supporting Square sellers. Use your Square Card at any other Square seller, and you’ll score 2.75% off your purchase.
  • Quick funds transfers. Move money to your linked bank account anytime with Instant Deposits — which incurs a 1% fee. Otherwise, you can deposit your cash within one to two business days at no additional charge.

Convenience

  • Integrated app. Manage your card from your smartphone with Square’s point of sale app.
  • Wide-ranging use. You can swipe your card anywhere that accepts Mastercard, including ATMs.

What to watch out for

    Square aims to make business banking a breeze, but it falls short in some areas:

  • Not FDIC-insured. The Square card is funded by your Square account balance. Since that balance is different from a bank account, it’s not FDIC-insured. On the site, the Square team says they are actively working to address this issue.
  • Fee for instant deposits. Same-day deposits to your linked bank account are free, but if you need to transfer your funds now, there’s a 1% fee.
  • Only links to transactional bank accounts. This refers to US accounts that allow deposits and withdrawals. Square doesn’t support online-only accounts, like PayPal.
  • ATM limit and fees. You can withdraw a maximum of $250 per transaction. While Square charges no ATM fees, you’re responsible for paying any provider fees.
  • Lower spending limits. If you have a high-volume business, the spending limit of $10,000 per transaction or $25,000 per day might not be sufficient.

Compare checking accounts that come with debit cards

Name Product Monthly fee ATMs ATM transaction fee Out-of-network ATM fee ATM fee rebates Foreign transaction fee
$0
Free to use anywhere worldwide
$0
$0
0%
A high-interest account that operates like a checking account with no monthly service fees, free access to every ATM in the world and deposits insured by the FDIC.
$0
Use any of the 32,000+ MoneyPass ATMs in the US for free
$0
$0
Up to $12 monthly for ATM fees other banks charge you
0%
Forget the hidden fees and fine print — this checking account has neither.
$0
1,000 fee-free ATMs across the country
$0
$3
For $5 a month, you can get up to four ATM fee rebates
3%
Pay a $0 monthly service charge and get free access to BBVA Compass ATMs.
$25 per month
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
$0
Up to four a month for using non-HSBC ATMs in all US states except New York
3%
Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance Checking account with qualifying activities by March 29, 2019
$0
38,000 fee-free ATMs nationwide
$0
$2.50
0%
No overdraft fees. No monthly maintenance fees. No monthly service fees. No minimum balance fees. No deposit required. No foreign transaction fees. Over 38,000+ fee-free MoneyPass ATMs.

Compare up to 4 providers

What should I know before I apply?

For security reasons, the Square card is only issued to account owners. To open a Square account, you must be at least 18 years old and a US citizen or permanent resident.

    • You’ll need this info for your application:

    • Business name, type and address
    • Mailing address
    • Custom signature
    • Identifying documents, such as a passport or state-issued ID.

How to apply for the Square card

You can do it right in the Square app with these steps:
  1. Update the app to the latest version.
  2. Go to Deposits > Square Card.
  3. Click Get Your Square Card.
  4. Verify that your name and business name matches the account owner name on Square.
  5. Personalize your card with a custom signature.
  6. Confirm your shipping address.
Alternatively, you can sign up online. Follow these steps:
  1. Go to the Square website.
  2. On the homepage, scroll down to Business Debit Card.
  3. Click Order Your Card.
  4. Log in with your Square username and password.
  5. Verify your name and business name.
  6. Personalize your card with a custom signature.
  7. Confirm your shipping address.

How long will it take to get my debit card?

Once your application is approved, you can expect your new Square Card in seven to 10 days. You can then activate it directly in the Square Dashboard or app by going to Deposits > Square Card > Activate Card.

What do customers say about Square?

Square has been accredited with the Better Business Bureau since 2015, and boasts an A+ rating for its operations and interaction. However customer reviews tell us another story. The BBB has registered 1,955 complaints in the last three years, most of which were related to problems with products, services and billing. Currently, Square has a 1.5-star customer rating based on 334 reviews.

On TrustPilot, Square has a 4-star rating based on 259 reviews. These reviews are overwhelmingly positive, with customers praising the platform’s security measures and the attentive and speedy customer service. Many said Square is simple to use, and especially ideal for small businesses.

I have the card. Now what?

Make the most of your new card with these tips:

  • Activating the card. After you’ve activated the card online or in the app, you can use it to make purchases with any merchant who accepts Mastercard. Remember, you can only spend your available Square balance, otherwise the purchase will be declined.
  • Managing your card.Log into your app or Dashboard, and go to Deposits > Square Card. There, you’ll be able to view your balance, link a bank account and edit your deposit schedule.
  • Transferring funds to your linked bank account. You have two options:
    • Instant deposit your cash 24/7, with a 1% fee on the transaction. There’s a minimum balance of $25, and a maximum of $10,000.
    • Same-day deposit transfers up to $10,000 at day’s end, and you can expect the money to hit your bank account in one to two business days. To start with, new sellers have a daily limit of one instant deposit up to $500 or one same-day deposit up to $10,000. Higher daily deposit limits may become available as you run and grow your business with Square.
  • Contacting customer service. To reach the team, call 855-700-6000 or email cardfeedback@squareup.com. Or, head to the Contact Us page to send a secure message and browse the FAQs.

Bottom line

Square’s new debit card aims to make life easier by linking to the point of sale, so you can access your revenue to pay for your business expenses. It can be personalized with a laser-etched signature, and you’ll score a discount for shopping with other Square sellers.

Compare your options with our guide to debit cards.

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