All loans through Square Capital are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Eligible Square merchants receive customized offers based on account activity with Square. Upon approval, funds are deposited as soon as the next business day.
Square Capital Fees
You’ll repay your loan from a fixed percentage of your daily credit card sales. You’ll pay more when business is strong, and less if things slow down. The total amount owed never changes, and your fixed payback rate is in addition to Square’s normal processing fees.
Square Capital Status
If you’re a merchant eligible to apply for a loan, you’ll see loan offers presented in your online Square Dashboard. Upon approval and acceptance of a loan, you can monitor your repayment progress by logging into the Capital tab of your Square Dashboard.
In addition to the information available on your Dashboard, you’ll receive a daily email with a detailed payment summary and your remaining balance. You can also view the amount collected for Square Capital repayment on your Deposit CSV, which can be downloaded at any time from your Dashboard.
What is the minimum payment?
One of the benefits of a Square Capital loan is flexible repayments – paying a fixed percentage of daily card sales allows you to pay more when your business is busy and less if things slow down. However, there are minimum requirements over time. You’re required to pay at least 1/18 of your initial loan balance every 60 days so that you make consistent repayment progress. Also, your full loan balance must be repaid in full within 18 months of the acceptance date.
Our servicing team does regularly monitor accounts and may contact you if you are close to missing a repayment deadline.
Your business will receive a custom loan offer based on activity with Square. When you accept an offer, you’ll make payments from a fixed percentage of your daily credit card sales until your loan amount has been repaid in full. For example, if you receive a loan for $10,000, the breakdown might be as follows:
- Amount deposited in your bank account: $10,000
- Total loan repayment due: $11,200
- Percentage of daily card sales that go towards loan repayment: 11%
- Minimum amount due every 60 days: $622.22
The minimum payment due may be satisfied through repayments from your daily card processing.
Note: Your entire loan balance must be repaid in full within 18 months of the acceptance date. If the loan hasn’t been repaid in full at the end of 18 months, the remaining loan balance will be due in full.
If you wish to make a full or partial payment towards your Square Capital plan, you may do so at any time through your Square Dashboard. The total cost of your loan does not change by making prepayments. For step-by-step instructions, visit Paying Back Your Loan Early.
If you’re unable to make an electronic payment, other acceptable forms of payment are:
- Personal Checks
- Cashier’s Checks
- Money Orders from a local USPS branch
If you choose one of the forms listed above, please make all payments payable to Square Capital, LLC and mailed to the following address:
Square Capital - VR 29053 Network Place Chicago, IL 60673-1290
Also, please be sure to include the email address associated with your Square account in the memo line of your check.
Note: At this time, we do not accept Money Orders, unless issued by USPS.