Square Installments and COVID-19 FAQ
We understand COVID-19 poses challenges on multiple fronts. For the time being, we’ve developed this FAQ to address common questions we’re hearing. As the situation continues to evolve, we may update this page with new information.
Square Installments has temporarily been paused for all businesses. This is being done together with our lending partner Celtic Bank to maintain safe consumer lending standards through these uncertain times.
When will Installments be turned back on?
We can’t say for certain when Installments may be turned back on. We’ll make that decision with our lending partner, Celtic Bank, and will reach out to you as soon as we have an update.
What happens to my customers who currently are applying for Installments?
Any application that was in progress prior to us pausing the program will be continued. This includes using digital cards that were already generated. Please note, these applications are still subject to our standard credit approval process.
What happens to my invoices? Will Installments be removed as a payment option?
Yes, customers will not see Installments as a payment option for invoices or point of sale.
Will you notify my customers about this or do I have to?
You don’t need to take any action at this time. Just let any customer who asks about paying through Installments know that the program is temporarily unavailable. Your application page will have a message explaining the situation for anyone who attempts to apply. We suggest removing any in-store marketing materials for the time being to avoid any confusion.
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. That said, we’re doing all we can to offer your customers more flexibility and understanding in regards to their Square Installments plans. We also have a dedicated team to answer any questions they may have. Your customers can get in touch with support specialists here.
How will you be updating us in the future on the status of Installments?
You can check your dashboard for the current status of the program. Right now, our focus is on making sure we’re taking every precaution to help the businesses who work with us. Once the necessary steps become more clear, we’ll have more information for you.
All loans through the Square Installments program are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, located in Salt Lake City, UT. Merchant is an independent third party from Celtic Bank, Square, Inc., and Square Capital, LLC. Loans are subject to credit approval. Program terms apply; click here for eligibility and program information.