Square is a financial technology company that provides payment and point-of-sale solutions for businesses. One of its services, Square Square Services FDICann, is a program that offers FDIC insurance for funds held in a Square account. In this article, we will explore the features and benefits of this service.
FDIC Insurance:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that provides insurance for deposits in banks and savings associations. The purpose of FDIC insurance is to protect depositors in case of bank failure. It offers FDIC insurance for funds held in a Square account up to $250,000.
Benefits of Square Square Services FDICann:
One of the main benefits of Square Square Services FDICann is the peace of mind it provides to businesses that use Square for their payment processing needs. With FDIC insurance, businesses can be assured that their funds are protected in case of a bank failure. This can be especially important for small businesses that may not have the resources to absorb a loss of funds.
Another benefit of it is the convenience it offers. Businesses can manage their funds directly from their Square account, without having to open a separate bank account. This can save time and reduce administrative costs. How to Enroll: Enrolling in Square Square Services FDICann is easy. Businesses simply need to log in to their Square account and navigate to the “Balance” section. From there, they can opt-in to the program and start enjoying the benefits of FDIC insurance.
Conclusion:
It is a valuable program for businesses that use Square for their payment processing needs. With FDIC insurance, businesses can be assured that their funds are protected in case of a bank failure. The convenience of managing funds directly from a Square account can also save time and reduce administrative costs. Enrolling in the program is easy and can provide peace of mind for businesses of all sizes.