Powered by Visa Direct, a VisaNet processing capability, Square’s instant transfers help merchants with rapid settlements and allows businesses to quickly access funds.
Visa’s network enables Square’s instant transfers to ensure secure and real-time delivery of funds to eligible Visa card holder account credentials.
Through eligible card credentials, the feature allows delivery of funds in real-time directly to financial accounts.
Merchants on the Square platform can easily link a debit card and transfer funds instantly to an external bank account.
Visa Canada New Payments VP and head Jim Filice said: “Cash flow management and more immediate access to funds is critical for small businesses to survive and thrive in a rapidly evolving payments ecosystem.
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“Together with Square, we’re committed to supporting Canadian small businesses and helping to identify solutions that can benefit them by delivering fast, reliable and secure access to funds.”
Square Product, Business Banking Team head Christina Riechers said: “Swift and secure access to money is as important for small businesses as it is to consumers.
“In a changing and increasingly digitised payments landscape, businesses should be able to access their money as soon as they make a sale, and we’re proud to bring that experience to sellers across Canada in collaboration with Visa.”
In February last year, Visa launched artificial intelligence-powered payment services suite, VisaNet +AI.