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.
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.
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.