On Thursday, Square announced the launch of Square Installments, which is described as a new tool to help customers bring in more customers and grow sales. Square reported that with Square Installments, customers have the freedom to pay for a large purchase by splitting it into easy, fixed monthly payments.
“Using Square Installments is easy — your customers apply online in store or from the comfort of their home in just a few simple steps. Approved customers will see the total cost clearly spelled out up front, with no surprises like deferred interest or early payment penalties.”
Other benefits of Square Installments include:
- Grow in sales: With the freedom to break big purchases into smaller payments, approved customers can buy more. Other businesses using Square Installments have seen a positive effect on sales and average order values
- Get paid up front, credit-risk free: Get paid in full by Square Capital; customers pay Square back. If they miss a payment, the credit risk is on Square Capital, not on business
- Set up is Easy: Square Installments automatically works everywhere users take payments with Square — no integration needed. Signup takes less than 10 minutes
Square went on to add that Square Installments is currently available to qualifying customers at Square sellers in 22 states. Customers can apply to pay for qualifying purchases of $250–$10,000 in fixed monthly payments over 3, 6, or 12 months. Rates range from 0–24% APR.