Squire Technologies, the premier barbershop management and point of sale system software, and Bond Financial Technologies, the platform for embedded finance, announce the launch of the Squire Card. This card solution is integrated into Squire’s mobile app that helps barbershops better manage their cash flow. The Squire Card brings better financial tools to a profession that is underserved by traditional financial institutions by allowing barbers to get paid faster, pay bills and track expenses easier, and withdraw funds based on future bookings.
Built directly into Squire’s mobile and web app, the Squire Card allows barbershop owners to immediately transfer funds from their account to their employees, so a barber can walk out of the shop with their money instantly available on their debit card. Shop owners can also use the Squire Card for purchases for their store or to pay bills, such as rent. Similarly, barbers can pay their shop owners for the monthly use of their chair via the Squire Card’s integration into the same app barbers use to schedule appointments with clients and accept payments from them.
As part of the launch, Squire announces its partnership with Bond. Bond’s platform enables any organisation to deliver personalised financial experiences to their customers and communities, elegantly and invisibly delivering financial services products in the background. These products include digital deposit accounts, virtual and physical debit and credit cards, and money movement.
Squire selected Bond to create its fintech solutions because of Bond’s highly compliant and scalable architecture, deep bench of domain experts, and white-glove approach to building the product. By partnering with Bond, Squire was able to introduce the new card in a few months, compared with 18-24 months had they built it directly with a bank themselves.
“The Squire Card transforms our ability to serve our community of barbers,” said Songe LaRon, CEO and Co-founder of Squire. “We can lower their costs, cut their fees, and save them time — plus give them rewards and drive loyalty for using our card.”
Future plans for Squire’s app involve customer relationship software, credit cards, loans, and insurance. Through Bond, Squire can launch its credit card and loan products, as well as any future financial products Squire decides to offer customers.
“Fintech is the next natural step for Squire,” says Dave Salvant, President and Co-founder of Squire. “We already have deep insights into our customers and know they need more and better financial services, services that are tailored to them and their specific needs.”
“We are on the cusp of a future where financial products are seamless and integrated into the services people use every day,” added Roy Ng, CEO and Co-founder of Bond. A new report from Plaid and Accenture revealed that nearly half (47%) of 1,000 non-financial company leaders surveyed are investing in and planning to launch embedded finance offerings in the near future. Ng further added, “This future will benefit the consumer immensely, especially for those not well addressed by the current financial system. We will be able to reach corners of the population that were not well served by traditional financial services.”