One of the largest payment processors now offers services in Spanish.
why it matters: 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.
detail: Square, which enables millions of small businesses to accept credit card payments, announced this week that all of its services and hardware will work in both English and Spanish in the United States.
- Businesses — Hispanic owners and others — will be able to choose the language they use for banking and lending services employed through Square.
- Customers of these companies can choose one of the languages when checking order totals and tip options, or enter contact information on their digital receipts.
- Square, part of the conglomerate, which also operates Cash App and Afterpay, a “buy now, pay later” service, says it has “millions of users.”
big picture: Financial tech companies are increasingly providing ways for Latinos to access cash and payment transactions.
- Banks have historically underserved Hispanic customers and charged higher fees to people of color, for example. They have also refused loans to Latinos at higher rates than white non-Hispanics in the past.
- More than 12% of all Hispanic households in the United States will not have a bank account by 2021. This is because many Latinos don’t trust banks or fear there is no minimum amount to maintain an account.
what they say: “Square empowers Latino entrepreneurs to start, run, grow or adapt their business by providing fair and accessible financial services tools explained in Spanish and backed by customer service in Spanish. We are taking steps to make sure you have the tools you need to make sure you have the tools you need to succeed,” said Christina Riechers, Head of Product at Square Banking, in a statement.
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