Payments processor Square has announced the launch of Square Installments, providing merchants with a service for increasing sales that has traditionally only been available to larger businesses. The new payment method gives their customers the freedom to pay for a large purchase by splitting it into smaller, fixed monthly payments. Claimed to be rooted in Square’s mission to help small businesses never miss a sale, they say that this new Square option 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 previously been possible. Existing offerings often have prohibitive minimum sales requirements and the prices of setting up can prove to be both time consuming and labour intensive. They say that 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 setup. In contrast, they claim that with Square Installments is takes just minutes to get started and there are 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. Square Installments delivers simple and quick financing to customers seeking greater flexibility as they make purchasing decisions.
– Jacqueline Reses, Head, Square Capital
Square Installments looks like an easy process for shoppers. Customers can apply through an online application and get a decision almost immediately. If approved, customers will see the option to pay over 3, 6 or 12 months with the total cost explained upfront. Square Installments is currently available to customers at participating Square sellers in 22 American states for qualifying purchases between $250 and $10,000. So, as it stands at the moment, Square Installments is purely available in the USA to merchants and shoppers based there but may expand in future.
