Through Square Installments, the company will be extending credit to the customers of merchants that use its technology to accept payments online and in-store for purchases ranging between USD 250 and USD 10,000.
Borrowers will be able to repay in fixed monthly payments over 3, 6 or 12 months. Interest rates will range between 0 and 24%. Merchants will receive the payment upfront and Square will be holding the loans on its balance sheet.
Square Capital provides the new service. The company has been testing the installments service in a limited number of states for over a year, for payments processed through its invoicing tool.
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