Home>Square Installments FAQs

Square Installments FAQs

Why is Square Installments no longer available?

In March we let you know about the difficult decision we made, along with our lending partner Celtic Bank, to temporarily pause Square Installments until further notice. We will not reactivate Square Installments for our sellers and their buyers in the near term. We are however continuing to monitor economic conditions and will update our sellers on any new developments.

Responsible lending is something we take very seriously. With the current economic conditions, eligibility would need to be tightened considerably. Ultimately, that would exclude many buyers from qualifying, and we don’t want to frustrate our sellers or their customers with that limited experience.

It’s our hope that discontinuing Installments will allow us to take the resources that we invested in Square Installments and focus them instead on new upcoming services.

What do I need to do?

We ask that you please notify your staff and remove any postcards and print-outs.

If you have added a digital banner to your website and want to remove it now, you can do so by deleting the following code:

Screen Shot 2020-07-29 at 11.36.55 AM

Otherwise, rest assured, we’ll be taking it down for you–but please do make sure that everything else on your page is displaying as you’d like, once it’s removed.

Please also remove any language mentioning Installments from anywhere else you have an online presence – Facebook, Yelp, and other social media and review sites.

Is this temporary/COVID-19 related, or long term/permanent?

At this time, we do not anticipate turning Installments back on after COVID-19.

Will I still be able to access the Installments Dashboard?

No, your Installments Dashboard will be inactive.

Will Installments be removed as a payment option on my Square invoices?

Yes, customers will not see Installments as a payment option for invoices or point of sale.

Does this mean I can’t process any payments through Square?

You can still process all of your credit card payments through Square, as usual, but Installments will no longer show up as a payment option on your POS or invoices.

Will you notify my customers about this or do I have to?

There’s no need for you to notify your customers. Your application page will have a message explaining the situation for anyone who visits the page or attempts to apply.

Am I still being charged for Installments?

Installments is not a subscription based service and you are not being charged.

What about any payments I’ve accepted through Installments?

You don’t need to worry, you were paid for all Installments payments up front. As usual, we’ll handle repayment with your customers.

Will there still be support for my customers who have existing loans?

This will have no impact on any of your customers who currently have a loan outstanding. We’re doing all we can to offer your customers more flexibility and understanding in regards to their Square Installments plans. If your customers have questions, please direct them to our support specialists.

Will you offer Installments or something similar in the future?

Right now we don’t have any plans to reactivate the program. If this changes, we’ll be sure to let you know.

I still want to offer financing. How do I do that?

We’re glad to know that Installments brought value to your business. If you’re interested in offering something similar, we’ve put together an article about how to determine the best option for your business.

Can't find what you need?