- Squarespace Balance follows other tools like Capital and Payments
- Users benefit from ‘interest’ and access to a Visa spending card
- It’s rolling out across the US to new users first
Squarespace has launched a new accounting tool for business users designed to help them manage their finances, cash flow and spending in one place within their existing Squarespace ecosystem.
The new Squarespace Balance feature integrates with Squarespace Payments, giving users direct and quick access to their money (typically within 24 hours).
Balance, which serves as a cash box, 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
Funds held in Balance can also be spent using a Squarespace Visa spending card, so business users don’t have to wait for the funds to clear and then transfer them to their usual bank account to spend.
“[Squarespace Balance] reflects our belief that financial services should feel like a natural extension of running a business, not another system for entrepreneurs to manage,” wrote commercial SVP Dan Chandre.
The balance comes just months after Squarespace launched Capital, a funding tool for merchants, and a few years after Payments launched (in 2023) for payment processing.
However, availability may be quite limited for now. Only new users in the US will get access to Balance’s interest-like payments and Visa cards, with existing account holders set to gain access within a few months. The company did not comment on wider global availability.
Squarespace isn’t the only company in this space to offer such features, with Shopify Balance closely mirroring the tool with interest-like payments, cashback and spending cards. Other non-banks, such as PayPal, also offer business expense cards for faster access to their account’s funds.
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