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Square Capital Repayment FAQ

When does loan repayment begin?

Loan repayment begins on the Repayment Start Date specified in your loan agreement. A fixed percentage of your business’s daily card sales is automatically deducted and applied toward your loan balance until your loan is repaid in full.

How do I repay my loan?

A fixed percentage of your daily card sales (including taxes and any tips) is automatically deducted to pay back the loan. This means repayment matches your business’s cash flow—you pay more when business is strong and less if things slow down. The total amount owed (loan amount plus loan fee) never changes. You can find your repayment rate in the loan agreement.

What are other forms of acceptable payment?

Other forms of acceptable payment include: online payments, personal checks, cashier’s checks, money orders, and debit card payments over the phone. Visit Square Capital Loan Repayment for more information about your repayment options. Note: Making a payment via any of the methods above will not disable your repayment rate. The repayment rate will continue to be applied until the loan is repaid in full.

Can I add a payer to my loan?

Yes, if you would like the repayment rate to be applied to one or more of your Square accounts for purposes of repaying your Square Capital plan, please contact us. Linking Multiple Square Accounts with Square Capital>

What happens if I just make my minimum payment?

If you just make the minimum payment of 1/18th of your initial loan balance every 60 days, you will only pay down half your total loan balance in 18 months. You will owe the remaining balance upon the loan maturity date, which is the date your loan is due in full. At that point, we may increase your repayment rate or debit your Square-linked bank account for your remaining balance. Note: loan maturity is 18 months from origination.

What happens if my sales don’t cover my minimum payment?

If your daily sales cannot cover the minimum payment, Square Capital may debit the remaining minimum payment from your Square linked bank account and increase your repayment rate until the minimum payment is met.

If I have a minimum payment due, what happens if I make a payment on the same day?

If a payment is submitted the same day that you are debited for your minimum payment, the debited funds will be applied to the past due balance and the payment you initiated will be applied to your remaining loan balance. Note: All payments are final and will not be refunded.

Can I change the repayment rate?

No, the percentage of daily card sales used to repay your loan remains fixed until you have fully repaid the loan. This helps your business stay on track to pay on time.

Can I pay off my loan early?

Yes, you can submit prepayments any time at no additional cost. However, the total cost of your loan does not change by making prepayments. To learn how to make a prepayment, check out Paying Back Your Loan Through Square Capital Early for more details.

Who can I contact if I have questions about my minimum payments?

We can help! If you have any issues regarding your upcoming payment, please contact us, at least five business days before your minimum payment due date.

How can I repay my loan if my bank account is unlinked from my Square Dashboard?

Please re-link your bank account as soon as possible, you can relink by following these instructions. If you wish to make a payment by phone or other means, contact our payments solutions team and schedule a time to speak with us before your minimum payment due date.

Why was the amount debited from my linked bank account different than my prepayment?

When you make a prepayment, Square Financial Services may first apply any pending funds from your card sales and then debit any remaining amount from your linked bank account. Please note that we will only initiate a debit if the pending funds are not enough to cover the entire prepayment.

Does Square provide payoff statements?

Yes! Please contact us if you would like us to send you a payoff statement. You may also sign into your Square Dashboard to view your outstanding balance. To find out how to view your outstanding balance and loan details, check out Navigating your Square Capital Dashboard.

Can I pay my loan off through a third party?

Yes! We accept third party payoffs. If you are paying off your loan through Square Capital through a third party, check out these steps in Paying Off Your Loan Through a Third Party.

What happens if my loan matures but I still have an outstanding loan balance?

If you have an outstanding loan balance on the maturity date specified in your loan agreement, Square Financial Services may increase your repayment rate and initiate a debit from your Square-linked bank account for the remaining loan balance. Read our Loan Maturity FAQ for more information.

Does Square Financial Services offer any military benefits?

Under the Servicemembers Civil Relief Act (SCRA), you and your qualifying family members and dependents may be eligible for military benefits if you’re a servicemember or military personnel called to active duty or active service. To learn more about SCRA benefits or to submit a benefit request, please contact us.