Adding Multiple Square Accounts and Locations to Repay a Loan Through Square
Repayment of your loan is seamlessly achieved through a percentage of your daily card sales. While this repayment percentage will always remain the same, you may have the option of adding one or more of your Square locations/accounts as a payer to your loan through Square. Review the sections below to learn more about adding a payer to your Square Loans plan.
When a loan is approved through Square, the loan is tied to the Square account and specific location that applied for the loan. If you use Square’s multi-location feature to manage your business, then you may have the option to add one or more of your additional Square locations as a payer towards the loan. This way, the repayment rate will apply to both locations’ daily card sales and anything you process on either location will go towards paying down the balance on your loan through Square. If you would like us to link one or more of your locations to your Square Loans plan, please contact the Square Loans Team.
Multiple Square Accounts
Each individual Square account is tied to a unique email address. If your business begins to take payments while logged into another Square account, your card sales on that account will not automatically go towards the repayment of your Square Loans plan. If you wish to continue processing on another Square account, you may have the option of adding that account as a payer toward your loan. If you would like us to link one or more of your Square accounts to your Square Loans plan, please contact the Square Loans Team.
Change of Ownership
Before selling or buying a business with a loan through Square, be sure to make arrangements for the business to repay the loan balance at the time of sale. Read our Business Sold or Closed FAQ for more about what happens to a loan through Square if the balance is not repaid when the business is sold.
The ability to transfer ownership of a Square account is currently not available for Square Loans merchants. For more information, take a look at our can I transfer ownership of a Square Account? Support Centre article.
If you would like us to help with linking an existing Square Loan plan to a new owner or account, please contact the Square Loans Team.
All loans are issued by Square AU Pty Ltd. (ABN 38 167 106 176). Valid Australian bank account is required. 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. Eligibility criteria include consistent and continuous payment card processing through Square. All loans are subject to credit approval. Terms and conditions apply.