Square Capital provides easy access to funds to help grow your business. Whether you want to buy more inventory or open a new location, we would like to meet the needs of your business. We consider each one of your locations and/or additional Square accounts individually for a loan through Square Capital.
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 accounts as a payer to your plan provided that they are same business. Review the sections below to learn more about adding a payer to your Square Capital plan.
When a loan is approved through Square Capital, the loan is tied to the Square account and specific location from which it was requested. If you use Square’s multi-location feature to manage your business, then you may have the option of adding one or more of your additional Square locations as a payer towards the loan. This way, anything you process on either location will go towards paying down the balance on your Capital plan. A portion of both locations’ daily card receivables will be applied towards the repayment of your loan.
If you would like us to link one or more of your locations to your Capital plan, please contact us.
Multiple Square Accounts
Each individual Square account is tied to a unique email address. If you begin to take payments while logged into another Square account, your card sales on that account will no longer automatically go towards the repayment of your Square Capital plan. If you wish to continue processing on an account with a different email address as your Capital account, you may have the option of adding it as a payer to your loan. In order to do so, we will need to determine whether the accounts are considered to be the same business, as well as gain confirmation from both account emails.
If you would like us to link one or more of your Square accounts to your Capital plan, please contact us to ensure that you stay current on your plan.
Change of Ownership
When a loan is approved through Square Capital, the loan is tied to the account and specific location from which it was requested.
Additionally, each Square account is tied to the original account holder’s Social Security Number (SSN). The SSN cannot be modified on any account, therefore we cannot transfer the account balance or ownership of the loan to a new owner.
If the original account holder is no longer associated with the business or organization, we suggest opening a new Square account with the new business owner’s information. When a new account is created, the same EIN and bank account can be used.
If we receive a request for Capital repayment to be linked to a new owner or account holder, we must gain confirmation from both Square account holders to proceed. If you would like us to help with linking an existing Capital plan to a new owner or account, please contact us.
Add a New Payer - Different Business
Unfortunately, we are unable link another business’ Square account to your Capital plan.