Does Square offer in-house financing for my customers to purchase my inventory?

[WindhamPower]

I sell ATV's, Snowmobiles and Small Engines and have customers asking all the time if I finance? Does Square offer this as an option for my customers or do I need to out source it? Thanks

[Chad · Accepted solution]

Square does have a new program called Square Installments.

With Square Installments, eligible customers increase their purchasing ability and can buy more from your business. You get paid in full, like usual, and your customers make fixed monthly payments to Square Capital.

At this time, Square Installments is only available to select Square Sellers located in  Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Kentucky, Louisiana, Massachusetts, Michigan, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington. Although, our program is constantly growing! We’ll be sure to keep you informed if we expand to additional states.

Keep in mind that due to program restrictions not every Square merchant will have access to enable installments for their business. Visit the Support Center for Square Installments FAQs!

[Evilmuffin67]

Have you found anything about this? I'm searching for an answer myself. I'm an automotive technician and sell pretty big tickets, and would like to offer that service.

[VanKalkerFarms]

No, Square does not offer financing to your customers.  But they do have a Capital program that can offer you loans against your future sales.

https://squareup.com/capital

[Kpay]

@Evilmuffin67, @VanKalkerFarms has got it right - we don't currently offer financing for your customers. If that ever changes, we'll make sure to update this thread to give you a heads up. Thanks for letting us know how you'd use this feature! 

[jsfranklin221]

To my knowledge, Square does not. Check out Blispay (https://blispay.com/merchants). No additional cost to offer financing to your customers beyond your standard credit card processing fee's.

[Chad · Accepted solution]

Square does have a new program called Square Installments.

With Square Installments, eligible customers increase their purchasing ability and can buy more from your business. You get paid in full, like usual, and your customers make fixed monthly payments to Square Capital.

At this time, Square Installments is only available to select Square Sellers located in  Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Kentucky, Louisiana, Massachusetts, Michigan, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington. Although, our program is constantly growing! We’ll be sure to keep you informed if we expand to additional states.

Keep in mind that due to program restrictions not every Square merchant will have access to enable installments for their business. Visit the Support Center for Square Installments FAQs!

[jsinger1]

Hi, I am in Colorado and would love to offer Square Installments to my customers. How do I sign up for this? Thanks! Josh

[HeatherSweetD]

So in a year we'll have this feature with an additional cost right?

[Chad]

Hello @HeatherSweetD, as of right now we are trying to expand to more states, but this is a highly regulated form of lending. I don't have a timeline for availability in other states and as of right now there are no fees associated with Square Installments. 

[jsfranklin221]

@jsinger1, @HeatherSweetD You can give your customers more time to pay with the help of Blispay (https://blispay.com/merchants) and still process credit card payments through Square. There are no additional costs beyond your existing Square processing fees. 

[HeatherSweetD]

When can we have this feature in Kansas?  I don't understand why we always have to wait years for new features.  

[HeatherSweetD]

I mean, we desperately need this feature.  

[puka]

Hey @HeatherSweetD, as Chad stated in his previous reply to you, this a highly regulated form of lending which directly affects our ability to expand into different states. As a result, we don't have any ETA on if or when this might be available for Kansas at this time, but we will make sure to announce any updates as we receive them.

[PicPerfect_MO]

I want this option in Missouri!  Please let me know if you open this up for beta testing or as a standard offering in Missouri.

[DaleHendry777]

Hello Chad. We are in Florida... How do I go about signing up with this finacing you have for our customers.?

[Helen]

Hi @DaleHendry777! Thanks for your interest in installments - to get started please use this link to contact us!

[Msprity]

Can we get on a waitlist? Im in Maryland and would love to know when it is available

[Chad]

Hey @WindhamPower, @VanKalkerFarms, @lgm, and @jsfranklin221 check out my answer at the top of this thread for customer financing! 😀

[atozmedical]

I have seen online that Square is offering Consumer Financing as an option to what seems like random sellers. Basically whenever you send an invoice via email, the customer receives a "Pay Now with Credit Card" OR "Finance with Square at X.XX% financing". This would be invaluable to my business and I am looking to see how I can opt in!

Also if this could be integrated into the checkout for Magento 2.1 that would knock this product out of the park!

[Chad]

Hello @atozmedical.

Square installments isn't necessarily handed out randomly, but it depends on where you live. Take a look at my answer on the first page and let me know if you live in an approved state! 😀

[atozmedical]

Unfortunately it's not offered in Texas yet