Paying Off Your Loan Through Square Capital With a Third Party
Are you looking to pay off your loan through a third party and want to know what steps to take? Great news—you’ve come to the right place. Your business can pay off your existing loan through Square Capital with a payment from a third party, such as a financial institution.
Your Payoff Amount
The easiest way to find your outstanding balance is by visiting your Panel de Datos Square. The amount reflected below the phrase “Balance Remaining” is what is currently still owed by your business. You can refer to this balance if you would like to pay off your loan in full.
Alternatively, a payoff statement can be provided upon request by contacting us. Please be aware that the total outstanding amount provided in the payoff statement only reflects your balance at the time specified in the payoff statement.
Since we do not suspend loan repayment when a payoff statement is requested, any card transactions processed after the payoff request will still have a portion applied to loan repayment. Continuing to process payments through Square will cause your actual outstanding balance to differ from the amount provided in the payoff statement.
Please note that the numbers in the image below are for illustrative purposes only.
Make a Payment Through a Third Party
You may make a payment through a third party by sending a check payable to “Square Financial Services” to the following address:
JP Morgan - Lockbox Processing
Attn: Square Financial Services - 22402
4 Chase Metrotech Center
7th Floor East
Brooklyn, NY 11245
Also, please be sure to include the email address associated with your Square account in the memo line of your check. We need this to make sure that this check gets applied to your loan correctly. As noted above, we accept checks from third parties.
Please be aware that we’re unable to stop applying the repayment percentage from your business’s daily card sales until the check is received. If the check amount is greater than the remaining balance at the time of receipt, we’ll credit any overpayment to your linked bank account.
Once Square Financial Services receives your check payment, it can take up to 5 business days to apply it to your account and close out your loan. If you do not see your loan closed out within this timeframe on your Square Dashboard, we are happy to check this out for you. Please contact us.