Square Installments: The Customer’s Journey
Square Installments is available to eligible merchants through Square Invoices and by using Square’s in-store payment experience. Customers can apply for Square Installments through an invoice payment page or by visiting a URL link unique to your business, either in your store or at their home. Review this article to learn how your customers can apply and what they’ll experience throughout the application process.
Square Installments Through Square Invoices
The whole application process happens online when the customer views their invoice payment page. Here’s an example of what your customer’s experience will look like.
Step 1: Customers see the option to apply for Square Installments on qualifying invoices for purchases between $250 and $10,000.
Step 2: Clicking the option for Square Installments takes your customers through a short process to see if they can pay using Square Installments. They are asked to provide some personal and financial information.
Step 3: Customers are then asked to choose the payment plan that fits their budget.
They will also be prompted to enter a debit card that will be kept on file so they can easily make payments.
Step 4: If your customer is approved, they’ll review a summary of important terms. If they choose to accept a loan, they’ll receive confirmation from Square that their invoice has been paid. From there, Square Capital will pay your business up front for the total amount of the invoice and your customer pays us back over time.
Square Installments Through Square Point of Sale
If your customers are applying for Square Installments at your point of sale, they will visit a Square Capital URL right on their smartphone. Here’s an example of what your customer’s experience will look like.
Step 1: Your customers see Square Installments as a payment option for your business while shopping.
Step 2: Customers visit the URL link that is custom to your business in order to apply for Square Installments and fill out a short application. They’ll be asked to provide some personal and financial information.
Step 3: Next they’ll choose the payment plan that fits their budget. They will also be asked to enter a debit card that will be kept on file so they can easily make their payments. Some customers may be asked for a down payment or see a request to link their bank account in order to help us evaluate their request. They’ll be seamlessly guided through any of these additional processes.
Step 4: If your customer is approved, they will receive a summary of important terms. If they choose to accept a loan, we’ll give them a one-time-use digital card. You’ll manually key this number into your Square Point of Sale. This card has an expiration date and can be used only at your store.
All loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank. Member FDIC, located in Salt Lake City, UT. Program terms apply; for more information click here.