Square has introduced a free business debit card in order to help business owners better manage cash flow. The card links to the point-of-sale giving sellers access to their funds in real time.

Square Card eliminates the time between making a sale and having funds available for spending. The card can be used wherever Mastercard debit cards are accepted.

Cardholders will be able to check their purchase activity and sales record on Square Dashboard and Square Point of Sale.

In addition, the new debit card provides access to reporting features that separate business and personal expenses in order to improve management of cash flow.

Users can export card transaction information from Square Dashboard to track their business expenses.

The card additionally offers a 2.75% instant discount on all purchases made at other Square sellers. Cardholders can also withdraw cash from ATMs.

Furthermore, sellers will be able to customise their Square Card with signature and business name to reflect their business.

Square seller lead Alyssa Henry said: “As sellers make crucial spending decisions, we know that fast access to funds – and the ability to put proceeds from sales to use immediately – can help with overall cash flow management.

“Small businesses have to be nimble. They don’t have the time to wait for funds to clear a bank account, or the resources to easily reconcile personal versus business expenses. Square Card addresses these pain points, and further extends Square’s ecosystem of products and services for small businesses.”

The company offers a variety of payment solutions, including point-of-sale, card readers and gift cards.

In October last year, Square launched an all-in-one card processing device called Square Terminal that supports NFC, credit/debit card and chip-based payments.