I heard that phrase—“Square is a beast”—two years ago from a venture capitalist who invests in payments and fintech firms. He was sure Jack Dorsey’s other company (Dorsey is better known as the CEO of Twitter) was on its way to becoming a financial behemoth.
I thought of the VC’s remark yesterday when Square announced a new line of payroll services that will let companies pay their workers through Square, and let workers get paycheck advances of up to $200. Those arrangements offer businesses more flexibility with their capital. They will also let workers get paid quicker, since payroll arrangements will not have to rely on the conventional banking system, where payments take days to process.
