{"id":4987,"date":"2020-09-16T21:28:57","date_gmt":"2020-09-16T21:28:57","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4987"},"modified":"2021-06-15T22:25:37","modified_gmt":"2021-06-15T22:25:37","slug":"square-launches-on-demand-and-instant-payments-for-square-payroll-customers","status":"publish","type":"post","link":"https:\/\/infinicept.com\/payment-facilitator\/archive\/square-launches-on-demand-and-instant-payments-for-square-payroll-customers\/","title":{"rendered":"Square Launches On-Demand and Instant Payments for Square Payroll Customers"},"content":{"rendered":"\n

Square introduced two new features this week to help its customers using Square Payroll \u2013 as well as their employees \u2013 manage their cash flow.<\/strong><\/p>\n\n\n\n

\u201cThe traditional payroll process is slow and rigid, creating cash flow constraints for employees and businesses alike. This is even more pronounced now given the current economic conditions,\u201d Caroline Hollis, GM of Square Payroll, said in a press release<\/a>.<\/p>\n\n\n\n

\u201cBecause businesses still run payroll on a fixed schedule, employees are paid days or weeks after they\u2019ve worked. We created On-Demand Pay for employees so they can access their earnings when they need them, as soon as their shift has ended. For employers, it can take up to four days for payroll funds to move from their bank account to their team. With Instant Payments, employers can now fund their payroll instantly, getting money to their team faster.\u201d<\/p>\n\n\n\n

The first feature, On-Demand Pay, enables employees to transfer up to $200 of their earned wages whenever they choose during each pay period to Square\u2019s Cash App for free, rather than having to wait for a scheduled biweekly or monthly pay date. Some will also have the option of moving their pay to a linked debit card for a 1% fee.<\/p>\n\n\n\n

According to the release, users can request the funds directly through their Square Team App. Square Payroll will automatically adjust that employee\u2019s earnings for the next scheduled payroll.<\/p>\n\n\n\n

\u201cEveryone is going through a difficult time right now, so it\u2019s amazing to find a tool that helps my team react to the current situation and get money a little quicker when it\u2019s needed.\u201d Angelica Barragan, owner of Angelica B Beauty salon in San Diego, said in the release.<\/p>\n\n\n\n

For business owners, Square is offering Instant Payments, which enables its Square Payroll customers to fund payroll from their Square Balance. Tapping directly into this funding source, which is where sales processed through Square are stored, allows businesses to initiate payments immediately. Employees using Cash App receive the funds instantly, and those using direct deposit can receive them the next business day.<\/p>\n\n\n\n

\u201cAs a small business owner, I am constantly looking for products and partnerships that ease some of my burden while still providing excellent results,\u201d Teresa Blevins, owner of Lil\u2019 Bit of Heaven Cupcakes in West Virginia, said.<\/p>\n\n\n\n

\u201cHaving to run payroll on a Monday to get my team paid by Friday can be a struggle, especially given our business is closed on Sundays and Mondays. Instant Payments allows us to get some sales under our belt at the start of the week and lets me hold onto my money for a few days longer while still ensuring my staff get paid when they expect it, which is super important in today\u2019s economy.\u201d<\/p>\n\n\n\n

Square is offering both features for no additional fee. Instant Payments is available to all Square Payroll customers and On-Demand Pay is currently available in 48 states.<\/p>\n","protected":false},"excerpt":{"rendered":"

Square introduced two new features this week to help its customers using Square Payroll \u2013 as well as their employees \u2013 manage their cash flow. <\/p>\n","protected":false},"author":7,"featured_media":4892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[413,828,834],"class_list":["post-4987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive","tag-instant-payments","tag-square","tag-square-payroll"],"acf":[],"_links":{"self":[{"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4987"}],"version-history":[{"count":1,"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4987\/revisions"}],"predecessor-version":[{"id":7276,"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4987\/revisions\/7276"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media\/4892"}],"wp:attachment":[{"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}