One of the largest payment processing companies now offers its services in Spanish.
why does it matter: Spanish is the second most spoken language in the United States after English; More than 41 million people Speak it at home, according to census data.
details: Square, which allows millions of small businesses to accept Credit Card PaymentsThis week, it announced that all of its services and devices will operate in English and Spanish in the United States
- Businesses — Hispanic-owned and otherwise — will be able to choose which language to use for any banking and lease loans through Square.
- Customers of these companies will be able to select any language when looking at total orders and tip options or enter their contact information for a digital receipt.
- Square, part of a conglomerate that also runs the Cash app, and a “buy now, pay later” service, says it has “millions of users.”
The Big PictureFintech companies are increasingly offering Latinos a way to access cash and payment transactions.
- Historically, banks have been underserved for Hispanic customers, charging people of color higher fees, for example. They have in the past too Latin loans rejected rates are higher than that of non-Hispanic whites.
- More than 12% of all Hispanic American families said so You do not have a bank account In 2021, as many Latinos say distrust of banks Or you fear that there are no minimum amounts to maintain an account.
what are they saying“By providing fair and accessible financial services tools explained in Spanish and backed by customer service in Spanish, Square goes one step further toward ensuring that Latino entrepreneurs have the tools they need to start, manage, grow or adapt their businesses,” said Christina Richers, Head of Product at Square Banking, in a statement.
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