NEW YORK – Payments start-up company Square, started six years ago to provide phone- and tablet-compatible credit card readers, has gradually shifted its identity in an effort to become known more as a company offering services for small businesses, says the New York Times in an article this week.

Last spring, the company introduced Square Capital, a money lending program for small businesses that use Square. The company has also promoted Square Cash, the smartphone app that lets users freely send money to one another’s debit accounts. And this week, the company introduced two more small-business oriented services — instant deposits and protection for disputed purchases.

With a strong focus on data, Square is now moving away from its initial focus on consumer-facing products in order to cater to business needs, part of an aggressive expansion plan. Services like Square Capital are essentially a cash-advance business, where Square sends out offers of small capital extensions — usually $4,000 to $10,000 — to small businesses that use Square. Customers pay Square back at a fixed cost, adding 10% to 14% of the amount borrowed. 

New products, like instant deposit (currently being tested with an expected spring rollout) will give businesses faster access to money put into a debit account; the charge-back protection service will cover some disputes between consumers and merchants. These and other products will be available only to small businesses that have a solid financial track record, based on a history of accepting payments with Square.