Adding Multiple Square Accounts and Locations to Repay a Square Loan
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 Square loan. Review the sections below to learn more about adding a payer to your Square loan.
Adding Multiple Locations
When a Square loan is approved, 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 Square loan balance. If you would like us to link one or more of your locations to your Square loan, please contact us.
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 loan. 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 loan, please contact us.
Change of Ownership
Before selling or buying a business with a Square loan, 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 Square loan 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 businesses with a Square loan. For more information, take a look at Can I transfer ownership of a Square Account?
If you would like us to help with linking an existing Square loan to a new owner or account, please contact us.