International Flavors & Fragrances Inc
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Materials : Chemicals | Mid Cap Blend
Company profile

International Flavors & Fragrances Inc. provides products that consumers taste, smell, or touch. It operates through three segments: Taste, Frutarom and Scent. Taste is comprised of Flavor Compounds which are sold to the food and beverage industries for use in consumer products, such as prepared foods, beverages, dairy, food and sweet products. Frutarom segment creates and manufactures a naturals-focused suite of flavor compounds, functional foods and specialty fine ingredients. Scent segment is comprised of Fragrance Compounds, which are used by its customers in two broad categories: Fine Fragrances and Consumer Fragrances; Fragrance Ingredients, which consists of synthetic and natural ingredients that can be combined with other materials to create fragrance and consumer compounds; and Cosmetic Active Ingredients, consisting of active and functional ingredients, botanicals and delivery systems.

Closing Price
$102.66
Day's Change
-0.26 (-0.25%)
Bid
--
Ask
--
B/A Size
--
Day's High
103.35
Day's Low
101.41
Volume
(Average)
Volume:
1,564,092

10-day average volume:
1,554,239
1,564,092

Square Payroll Brings Faster, More Flexible Money Movement With Launch of On-Demand Pay and Instant Payments

11:00 am ET September 15, 2020 (BusinessWire) Print

Today, Square announced the launch of two new features that enable Square Payroll customers and their employees to more easily and effectively manage their cash flow: On-Demand Pay for employees, and Instant Payments for employers. The new offerings, which leverage Square's Seller and Cash App ecosystems, represent a major milestone in providing employees and employers more flexibility and control over their money.

"The traditional payroll process is slow and rigid, creating cash flow constraints for employees and businesses alike. This is even more pronounced now given the current economic conditions," said Caroline Hollis, GM of Square Payroll. "Because businesses still run payroll on a fixed schedule, employees are paid days or weeks after they've worked. We created On-Demand Pay for employees so they can access their earnings when they need them, as soon as their shift has ended. For employers, it can take up to four days for payroll funds to move from their bank account to their team. With Instant Payments, employers can now fund their payroll instantly, getting money to their team faster."

On-Demand Pay

There are more than 80 million hourly workers across the country, many of whom regularly face cash flow constraints that are exacerbated by traditional biweekly and monthly pay schedules. Now more than ever, it is critical that employees have access to safe and simple financial solutions that help them better manage their money.

Now, each pay period, eligible employees using On-Demand Pay can transfer up to $200 of their earned wages whenever they need them, for free to Cash App, Square's mobile payment service that allows individuals to spend, send, store, and invest money. Some employees will also have the option to transfer their on-demand pay to a linked debit card for a 1% fee per transfer, not to exceed $2. There is no change to how or when the employer processes payroll when employees use this feature; instead, Square Payroll automatically adjusts the employee's earnings when the employer runs their next regularly scheduled payroll. Eligible employees can access On-Demand Pay directly within the Square Team App after clocking out, or through their shift summary email.

Angelica Barragan, who owns Angelica B Beauty salon in San Diego, said, "Everyone is going through a difficult time right now, so it's amazing to find a tool that helps my team react to the current situation and get money a little quicker when it's needed."

Instant Payments

Like hourly employees, small business owners consistently experience cash flow issues. As one of small business owners' largest expenses, the cost of payroll often heightens these concerns. Traditionally, it takes up to four business days for payroll funds to move between an employer and their employees. This means business owners have to plan carefully in advance and forgo multiple days of valuable cash flow to run payroll on time.

Instant Payments allows Square Payroll customers to fund their payroll using the money in their Square Balance, where sales they process via Square are stored. By expanding the functionality of an employer's Square Balance and enabling Sellers to select it as a payment source, Square receives confirmation of payroll funds instantly and can initiate payouts to employees immediately. Team members and contractors who have elected to be paid via Cash App receive their pay within minutes, while those paid via direct deposit get their pay as soon as the next business day.

"As a small business owner, I am constantly looking for products and partnerships that ease some of my burden while still providing excellent results," said Teresa Blevins, owner of Lil' Bit of Heaven Cupcakes in West Virginia. "Having to run payroll on a Monday to get my team paid by Friday can be a struggle, especially given our business is closed on Sundays and Mondays. Instant Payments allows us to get some sales under our belt at the start of the week and lets me hold onto my money for a few days longer while still ensuring my staff get paid when they expect it, which is super important in today's economy."

On-Demand Pay is available in 48 states and employers can offer the feature to their employees at no additional cost. Instant Payments is available to all Square Payroll customers that have a Square Balance at no additional cost.

For more information on these solutions, please visit www.squareup.com/us/en/payroll.

About Square, Inc.

Square, Inc. (NYSE: SQ) revolutionized payments in 2009 with Square Reader, making it possible for anyone to accept card payments using a smartphone or tablet. Today, we build tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their business, and access financing. And individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200915005402/en/

SOURCE: Square, Inc.

Media Contact:
press@squareup.com
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