Hey Seller Community,
We’re excited to share update on transferring ownership of your Square Account for sellers who have had Square loans!
You now may be eligible to transfer account ownership if you do not have an active Square loan or a pending loan application. If you recently paid off your loan, please allow us at least 10 days to process the payment in order to have access to the transfer process.Keep in mind, loan offers will be disabled for 30 days after transferring ownership of your Square account. We will notify you if your account becomes eligible again in the future.
If you want to pay off an active loan, you’re able to do so from the Loans tab of your Square Dashboard. There’s no fee associated with early repayment.
If you have a pending loan application, you are able to cancel it by clicking on the three dots on the top right corner of the Application details section in the Loans tab of your Square Dashboard and selecting “Cancel loan request.” If you choose to cancel your business’s loan application, we cannot guarantee your business will continue to be eligible for a loan offer.
For more information about transfer of ownership, please visit our Support Center.
If you have any additional questions or issues, contact us directly for assistance.
Nancy__
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
