SAN FRANCISCO--(BUSINESS WIRE)--Square, Inc. (NYSE: SQ) today announced the launch of Square Installments, providing sellers with access to a powerful tool for growing sales that has traditionally only been available to larger businesses. This new payment method gives their customers the freedom to pay for a large purchase by splitting it into easy, fixed monthly payments. Rooted in Square’s mission to help small businesses never miss a sale, Square Installments is another way the company is expanding access to financial services for businesses and individuals.
For most sellers, providing a payment option like Square Installments to their customers has not been possible. Existing offerings have prohibitive minimum sales requirements and getting set up is time consuming and labor intensive. In a survey of Square sellers, nearly half indicated the number one reason for not offering a flexible payment option was the long and complicated setup1. In contrast, Square Installments is seamless for sellers, taking just minutes to get started and has no sales volume minimums.
“We’re focused on removing the complexity associated with financial products, enabling more businesses to access incredible tools that can help them grow,” said Jacqueline Reses, Head of Square Capital. “Square Installments delivers simple and quick financing to customers seeking greater flexibility as they make purchasing decisions.”
Research shows access to an offering like Square Installments can significantly grow sales. In fact, 68% of consumers said they would be more likely to consider a small or local business if it offered financing options2. And, a Square study of U.S. consumers revealed strong demand for more flexible payment options that clearly outline total cost, allowing consumers to more effectively manage their budgets.
"Square Installments has helped me increase order amounts and create a steadier business flow, really contributing to overall business growth," says Lohit Pattanaik, owner of Fly1 Motorsports in Southern California. "Custom car parts can come at a sizable cost, but providing the flexibility to spread payment over several months makes it very attainable."
Square Installments is simple and transparent for customers. Customers can apply through a brief online application and get a decision in real-time. If approved, customers will see the option to pay over 3, 6 or 12 months, with the total cost clearly spelled out upfront. The entire Square Installments experience, from application to repayment, has been designed with the customer in mind: the application is in the customer’s hands at all times, whether they choose to apply from the comfort of their home or in-store when they see an item they love. Ultimately, Square Installments creates a more private and comfortable experience for both customers and sellers.
Square Installments is currently available to customers at participating Square sellers in 22 states for qualifying purchases between $250 and $10,000. Customers can apply to pay for their purchase from participating Square sellers in fixed monthly payments over 3, 6, or 12 months. Rates range from 0-24% APR.
Sellers looking to start offering Square Installments to their customers can visit squareup.com/installments, and customers looking to learn more about making a purchase using Square Installments can visit SquareInstallments.com.
Square Installments is offered by Square Capital, LLC, a wholly owned subsidiary of Square, Inc.
About Square, Inc.
Square, Inc. (NYSE:SQ) creates tools that help sellers start, run, and grow their businesses. Square enables sellers to accept card payments and also provides reporting and analytics, next-day settlement, and chargeback protection. Square’s point-of-sale software and other business services help sellers manage inventory, locations, and employees; access financing; engage customers; and grow sales. The Cash App is an easy way for businesses and individuals to send and receive money, and Caviar is a food ordering service for popular restaurants. Square was founded in 2009 and is headquartered in San Francisco, with offices in the United States, Canada, Japan, Australia, Ireland, and the UK.
1 Square In-Store Financing Survey, May 2018. Online survey of 1,000 U.S. business owners in qualifying industries responsible for making decisions about payments and customer financing, including 500 Square sellers. Survey conducted in partnership with M&RR from May 23 - June 14, 2018.
2 Square Consumer Shopper Survey, August 2018 Online survey of 2,000 U.S. adults over the age of 18, conducted August 15-20, 2018 by Square Capital, LLC. Results are weighted to ensure demographic representation in line with the United States Census Bureau 2017 Current Population Survey. The study has an overall margin of error of ±2.19% at the 95% level of confidence.