- Squarespace Balance follows other tools like Capital and Payments
- Users benefit from “interest” and access to a Visa spending card
- It is rolling out first in the United States for new users.
Squarespace has launched a new accounting tool for business users, designed to help them manage their finances, cash flow and expenses in one place within their existing Squarespace ecosystem.
The new Squarespace Balance feature integrates with Squarespace Payments, giving users direct and fast access to their funds (usually within 24 hours).
Serving as a prize pool, Libra allows users to collect cash rewards based on a percentage of their balance – although the company is quick to point out that this is not considered “interest”.
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Squarespace Balance is like a bank – but it’s not a bank
Money held in the balance can also be spent using a Squarespace Visa spending card, so business users don’t need to wait for the money to clear and then transfer it to their regular bank account to spend.
“[Squarespace Balance] reflects our belief that financial services should be viewed as a natural extension of running a business, not another system for entrepreneurs to manage,” wrote Dan Chandre, vice president of business.
The balance comes just months after Squarespace launched Capital, a financing tool for merchants, and a few years after the launch of Payments (in 2023) for payment processing.
However, availability might be quite limited at the moment. Only new users in the United States will have access to interest-like payments and the Balance Visa card, with existing account holders expected to have access within a few months. The company has not commented on wider global availability.
Squarespace isn’t the only company in this space to offer such features, with Shopify Balance virtually mirroring the tool with payments like interest, cashback, and spending cards. Other non-banks, like PayPal, also offer business spending cards to access money in their account more quickly.
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