As owner and head chef of Tita Flips, which encompasses a restaurant with two locations and a catering business, Diona Joyce needs fast access to the money from her sales, access to funding when she needs it and a way to keep her cash flow in check. With cash flow management tools built into Square, she has a home for her business finances and tools she needs to keep things running smoothly.
Pioneering new tastes
Tita Flips celebrates Filipino cuisine, bringing a delicious spin on the distinctive palate of sweet, sour and salty.
Originally a family food business back in the Philippines, Tita Flips evolved to encompass event catering and made-to-order Filipino street food in Toronto: Mercado and Kanto (two locations).
Flashback to 2013 Diona was making food for friends’ parties and events as a hobby and hadn’t considered opening a restaurant. That changed after seeing upcycled shipping containers repurposed on a chance visit to Toronto’s Market 707. It was then she decided to transform her hobby into a career. She realized that she wanted to open a restaurant.
Diona applied to be a vendor at Market 707 but was told there was a wait list. She wasn’t deterred and resubmitted her application and prepared another pitch. This time, she was invited to skip the line and get set up for business right away. A few months later Diona launched Kanto by Tita Flips, one of the earliest Filipino eateries in Toronto. Seven years later she opened a sit-down restaurant by the same name and expanded her catering business.
The impact of the pandemic
Diona made the leap to a sit-down restaurant in 2020. The week it was scheduled to open coincided with the COVID closures. When she opened her doors for business during the pandemic, she could only rely on delivery and pickup orders. These limitations put her in a tight spot, and she found herself cash-strapped and stressed.
Since her eatery was considered a new business, she didn’t qualify for pandemic assistance, and most traditional banks were hesitant to lend to new businesses at the time. Consequently, any new equipment, necessary upgrades or renovations had to be self-funded. Diona was in a bind. Then she received a loan offer from Square.
Funding at just the right time
With her business loan from Square, Diona was able to upgrade her iPad and Square Register, purchase new kitchen equipment and set aside funds for more peace of mind. Knowing she had extra money as a cushion helped her sleep at night.
“My experience with Square Loans has been fantastic. Knowing that I have a business loan available makes me feel as if I have a safety net,” says Diona.
She found that getting and managing a loan through Square was easier and less time-consuming than it would be with a traditional bank or lender. She loved how easy and straightforward the process was from offer and application to repayment.
“The application process is very streamlined and quick – Square already has my information. It’s just so easy,” she says.
That ease extends to paying back the loan. Unlike with traditional lenders or banks, there’s less worry about sticking to payments because they’re taken straight out of your sales.
“You can choose the offer amount and the daily repayments are based on that. It’s just so convenient,” according to Diona.
Now, when Diona needs to access extra funding, she prefers Square Loans to traditional lenders. She appreciates having extra money on hand when an opportunity presents itself. For example, if she lands a big, last-minute catering job, she needs to purchase ingredients and hire staff to pull it off. Having money from Square Loans can help cover that.
Fast access to cash, less stress
Diona’s experiences during the pandemic made it clear that having fast access to funds is a must. In fact, that’s what led her to start managing her money with Square.
“As a restaurant owner, I don’t have time to wait on transfers. You shouldn’t have to wait two business days just to spend your own money. And since we do most of our business on weekends, we can’t afford to wait until Monday or Tuesday for funds,” says Diona. “But with Square Card, the funds are available as soon as we make a sale. It’s amazing!”
Diona loves having instant access to the money from her sales. As soon as she makes a sale, her funds are available in her Square Balance and she can make purchases with her Square Card. She views her local grocer as an extension of her pantry – when they run out of ingredients, she gives her Square Card to her mother or another team member to buy groceries. Having instant access to revenue means she doesn’t have to wait on transfers or deal with bank delays and can keep her kitchen running.
“Having instant access to my sales is game changing. I use Square Card for day-to-day expenses or to pay vendors. I love the convenience of having funds automatically available right when I make a sale,” says Diona.
According to Diona, using her Square Card for business expenses also keeps her from overspending because it allows her to spend the money she has made instead of racking up debt on a credit card. Plus, with flexible transfer options built in, including instant transfers, Diona can move money from her Square Balance into her bank account when she needs it as fast as she needs it to pay bills.
A cash flow hub for her business
Today Diona’s two locations and catering business are thriving. Square tools help Diona stay flexible and nimble by providing a home for her business finances, instant access to sales and business funding. She is more comfortable than ever with the business’ cash flow even during times of uncertainty. She explains how her outlook and approach has changed and how using Square tools helps her stay on top of cash flow.
“Having my sales, invoices and expenses integrated and automated takes some of the pressure off me by reducing the amount of paperwork and organizing I have to do,” explains Diona.
Managing her money with Square means Diona has everything she needs in one place: invoices, point of sale (POS) and cash flow tools. Since she wears so many hats, Diona expects the tools she uses to make her life easier so she has the time and energy to focus on what she loves: food.
Better together: a home for your business finances
Learn more about managing money with Square >
All loans are issued by Square Canada, Inc. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Offer eligibility is not guaranteed. All loans are subject to approval. Not available in Quebec. Terms and conditions apply.
Square Card is issued by Square Canada, Inc. pursuant to a licence by Mastercard International Incorporated and may be used wherever Mastercard is accepted. Funds generated through Square’s payment processing services are generally available through Square Card immediately after a payment is processed. Fund availability times may vary due to technical issues. Square does not charge fees, but ATM withdrawal fees charged by ATM providers may apply. Square Card is funded on a prepaid basis. Square Card is not a bank account and Square Card funds are not CDIC-insured.
Instant transfers require a linked debit card and cost a fee per transfer. Only physical Canadian debit cards with Visa Debit or PLUS network support can be linked to a Square account at this time. Funds are subject to your bank’s availability schedule, but are generally available in your bank account within 20 minutes of initiating an instant transfer. Minimum amount is $25 CAD and maximum is $5,000 CAD in a single transfer. New Square sellers may be limited to one instant transfer per day of up to $500 CAD.