Square opened Bill Pay to all sellers and now lets them fund vendor payments with the Square Credit Card even when the vendor won’t take cards, routing the money out as an ACH deposit or a mailed check. Bill Pay had been available only to sellers holding a Square Checking account, and it now covers rent, insurance, and marketing expenses. The card runs on the American Express network and pays 3% back, uncapped, on Bill Pay charges and 1.5% on everything else, redeemable as free processing, a statement credit, or a deposit into Square Savings. Square says the 3% always covers the Bill Pay fee, without saying what that fee is. The card carries no annual fee, no late fees, no foreign transaction fees, and no personal guarantee.
