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How Square is Providing Support for Businesses facing Bankruptcy




As the COVID-19 wreaked havoc on the global economy, many businesses are struggling to stay afloat. In the United States alone, hundreds of thousands of businesses have filed for bankruptcy in the past year, and the number is expected to rise in the coming months.

In these challenging times, it's more important than ever for businesses to have access to the resources and support they need to survive. That's where Square comes in. For those who are unfamiliar, Square is a financial services, merchant services aggregator, and mobile payment company based in San Francisco, California. Founded in 2009 by Jack Dorsey (the co-founder and CEO of Twitter), Square has grown to become one of the most popular payment processing platforms for small and medium-sized businesses (SMBs). One of the ways that Square is helping businesses facing bankruptcy is through its Cash App. The Cash App is a peer-to-peer (P2P) payment service that allows users to send and receive money instantly. It also offers a debit card, the Cash Card, which can be used to make purchases at merchants that accept Visa.

In response to the COVID-19 pandemic, Square has made several updates to the Cash App to make it more useful for businesses facing financial difficulties. For example, the company has waived all fees for P2P payments made through the Cash App, making it easier for businesses to receive money from customers and clients.

In addition to waiving fees, Square has also introduced a feature called "Boosts" for the Cash App. Boosts allow users to save money on their purchases by offering discounts at certain merchants. For businesses that are struggling to attract customers, Boosts can be a valuable marketing tool, as they can encourage people to shop at their store by offering a discount. Another way that Square is helping businesses facing bankruptcy is through its Point of Sale (POS) system. Square's POS system is a cloud-based platform that allows businesses to accept payments, track inventory, and manage their sales and customers.

In response to the COVID-19 pandemic, Square has made several updates to its POS system to make it more useful for businesses facing financial difficulties. For example, the company has introduced a feature called "Contactless and Curbside Pickup," which allows customers to place orders online or over the phone and then pick up their items at the store without having to physically enter the store. This can help businesses reduce the risk of transmission of COVID-19 and also make it easier for customers to shop safely.

Square has also introduced a feature called "Virtual Terminal," which allows businesses to accept payments over the phone or online. This can be particularly useful for businesses that have had to close their physical locations due to the pandemic and are now relying on online sales to stay afloat.

In addition to these updates, Square is also offering financial assistance to businesses that are struggling to pay their bills. The company has a program called "Square Capital," which provides small business loans to SMBs that need financial help. Square Capital loans are designed to be easy to apply for and quick to receive, making them a good option for businesses that need cash fast.

Another way that Square is helping businesses facing bankruptcy is through its "Square Partners" program. Square Partners is a network of third-party companies that offer products and services to help businesses grow and succeed. Through Square Partners, businesses can access a wide range of resources, including marketing and advertising services, financial advice, and technical support. By partnering with Square, businesses can get the help they need to navigate the challenges of operating during the COVID-19 pandemic and beyond. One example of a Square Partner is the financial consulting firm Creditera. Creditera helps businesses improve their credit scores, which can be crucial for businesses that are seeking loans or other forms of financial assistance. By working with Creditera, businesses can get the financial advice and support they need to get back on track.

In addition to its Partners program, Square is also offering support to businesses through its "Square Community" forum. The Square Community is an online platform where businesses can connect with other businesses, share tips and best practices, and ask for advice. Through the Square Community, businesses can get the support they need to overcome the challenges of operating during the COVID-19 pandemic and beyond.

Overall, Square is doing an admirable job of providing support to businesses facing bankruptcy. Through its Cash App, POS system, financial assistance programs, and partnerships with third-party companies, Square is helping businesses navigate the challenges of operating during the COVID-19 pandemic and beyond. If you're a business owner who is struggling to stay afloat, consider turning to Square for the support you need to survive and thrive.




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About Adella Pasos


Adella Pasos has over 20,000 subscribers on YouTube. This Entrepreneur and Marketing Expert has shared her passion for growing brands from the ground up. She’s worked with Startups, Small Businesses, Fortune 500 Corporations and Entertainment Talent to help them recognize the value of marketing, and give her clients the ability to access their niche market via online, social media, mobile, merchandising, and events.



She hosts the What's Your Game Plan TV show features: Free Expert Advice, and Growth strategies for Business Owners Across the Globe. Access thousands of FREE Tips, Trends & Tools to Move Your Business Forward.



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