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NEW YORK (TheStreet) -- Square (SQ) stock is gaining 2.55% to $14.07 in mid-morning trading on Wednesday after San Francisco-based payments processing company announced a new feature that will allow merchants to accept online payments.

The feature is part of the "Build with Square" tools that allow merchants to run their finances and other business aspects in one place.

"By seamlessly integrating their website with Square, omnichannel sellers can now have a powerful solution to grow both their online and offline businesses together, tracking all sales — no matter where or how they're made — in one dashboard," Square said in a blog post.

The move to enable e-commerce sales through its software, makes Square a direct competitor to online payments company PayPal Holdings (PYPL), Bloomberg reports.

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Square is expected to turn a profit this year after the company delivered a wider-than-expected loss for the 2015 fourth quarter.

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