Squarespace unveils Balance platform to make running an SMB 'easier, more efficient, and more cost-effective'

1 hour ago 6

Squarespace Balance follows on from other tools like Capital and Payments
Users benefit from 'interest' and access to a Visa spending card
It's rolling out across the US for 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 funds (typically within 24 hours).

Serving as a pot of money, Balance allows users to collect cash rewards based on a percentage of their balance – though 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 within Balance can also be spent using a Squarespace Visa spending card, so business users don't need to wait for money to clear and then transfer it to their usual banking account to spend it.

"[Squarespace Balance] reflects our belief that financial services should feel like a natural extension of running a business, not another system entrepreneurs have to manage," Commercial SVP Dan Chandre wrote.

Balance comes just months after Squarespace launched Capital, a financing tool for merchants, and a few years after Payments launched (in 2023) for payment processing.

However, availability could be pretty limited for now. Only new users in the US will get access to Balance's interest-like payments and Visa card, with existing account holders set to get access within a few months. The company didn't comment on broader global availability.

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Squarespace isn't the only company in this space offering such features, with Shopify Balance virtually mirroring the tool with interest-like payments, cashback and spending cards. Other non-banks, like PayPal, also offer business spending cards to access their account's money more quickly.

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With several years’ experience freelancing in tech and automotive circles, Craig’s specific interests lie in technology that is designed to better our lives, including AI and ML, productivity aids, and smart fitness. He is also passionate about cars and the decarbonisation of personal transportation. As an avid bargain-hunter, you can be sure that any deal Craig finds is top value!

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