Square Launches Payroll Services

Square has announced the launch of the Square Payroll App, a self-serve tool that makes it easier for employers to manage the payroll process. With this new app, employers can go from signup to sending a pay run within minutes, with features including push notifications and automatic payroll.

“And the app’s mobile-first design offers an elegant, seamless experience across both the Payroll App and on desktop. With Square Payroll, employers can rest assured they’ll have a powerful, automated solution that integrates across key aspects of their business,” the company wrote in a press release.

In addition to sending out payroll, Square automatically handles all tax withholdings and filings so that employers don’t have to stress about staying compliant and getting hit with expensive fines. While the payroll accounts can be accessed across both the Payroll App and a desktop computer, the company reports that over 25 percent of employers are currently signing up for Square Payroll through the Payroll App, and an increasing number of pay runs are now being initiated directly from a mobile device.

Employers can download the Square Payroll App in the App Store or Google Play.

This is the latest service from the company. At Recode’s annual Code Commerce conference in New York earlier this month, Square Chief Financial Officer Sarah Friar admitted the company is considering “lots of ideas,” including savings products and allowing customers to trade stocks.

“Anything you do today with a bank account, you should look to the Cash App to begin to emulate more and more of that,” Friar said, according to CNBC, adding that the amount of money the average customer was storing on the app is what led to the discussions. “It’s definitely a big balance. And we’re starting to think about, are there other things we could do for our customers there? Maybe help them with their savings. … How can we help them make their money work for them?”