View your loan reports
About loan reporting
Reports for your loan show your daily card sales, loan payments, and outstanding loan balance and are available in the Loans tab in Square Dashboard. You’ll also receive daily loan payment reports via email at the end of each day.
Before your begin
Square Financial Services doesn't issue a 1099-INT for loans.
You’ll receive a daily email showing a detailed payment summary and your remaining balance.
Your Square Loans dashboard has a cutoff time of 3:00pm Pacific Time, so your loan payments may occasionally differ from the amount shown in your balance transfer report depending on when your business processes transactions each day. Any transactions processed after the 3:00pm cutoff time will be reflected the following day. Within your transaction report, you can set custom cutoff times.
Square loans don't impact your credit score, either negatively or positively, and credit references aren’t provided. We can provide a letter of completion after full repayment of your loan upon request, but you won't see an impact on your credit score. If you'd like to request a letter of completion, contact us.
Square Financial Services may perform a soft credit check for the purposes of evaluating your business for future credit offers in addition to evaluating your Square account, and this won’t impact your credit score. If you want to opt out of giving Square Financial Services access to your personal credit score for the purposes of evaluating your business for future credit offers, fill out our contact form and include that you're requesting to opt out of the credit check.
View and download your loan payment history
- Log in to your Square Dashboard and select Banking > Loans.
- Click All activity.
- Select the date range you’d like to view, or enter custom dates. A summary of your loan payments will populate for the date range selected.
- Log in to your Square Dashboard and select Balance.
- Click the date-selector tool to choose the date range you’d like to view.
- Click Export > Spreadsheet to download a summary of your payment history.
Reconcile loan payments
To confirm your daily sales amounts:
Log in to Square Dashboard and select Transactions.
Change All Day to Custom and specify your report in hours to 3pm to 3pm Pacific Time.
Change All Payment Methods to Card.
Use the date-selector to refine a date range, then select a report to view. Note: Click the middle of the date-selector to see a full calendar view.
Select the location associated with your loan under Locations.
Here’s an example of how the cut off time impacts the total card transaction amount reported in the loan dashboard. Let’s say you processed the following card transaction totals and your repayment rate is 10%:
$100 on Monday prior to 3:00pm PST
$50 on Monday after 3:00pm PST
$100 on Tuesday prior to 3:00pm PST
Based on these transaction totals, the $50 transaction on Monday was processed after the 3:00pm PST cut off time so it will be reported on the following day on Tuesday. The total transaction amount reported on each day in your loan dashboard will show $100 for Monday with a $10 loan payment and $150 for Tuesday with a $15 loan payment.
Note: During Standard Time the cutoff time is 2:00pm PST instead of 3:00pm PST
Review loan tax reporting
Your loan repayment percentage is not an interest rate, and there are no ongoing interest charges for your loan. The total cost of the loan is a fixed fee, which is the difference between total owed and loan amount.
The actual loan amounts and payback percentages vary for each loan through Square loan. For example:
Amount deposited to your account from Square loan offer: $10,000
Fixed fee: $1,200
Total amount owed: $11,200
Percentage of your business’s daily card sales that go towards payment: 11%
Following the example above, Square would collect 11% of your business’s daily card payments until you’ve repaid $11,200 in full.
As there is no interest with Square loans, a 1099-INT won't be issued. Square Financial Services does not provide tax advice and this information is not intended to be tax advice. For more information on how Square Financial Services affects your tax reporting, please consult with a tax advisor.