Additional Square Financial Services Terms of Service

Last Updated: March 15, 2023

You agree, on behalf of yourself and on behalf of the business or entity you are representing as part of this application (the “Business”), to these Additional Square Financial Services Terms of Service (the “Square Financial Services Terms”) in connection with your use of and for determining your eligibility for the products and services (“Financial Services”) offered by Block, Inc., Square Capital LLC, and/or Square Financial Services, Inc., Member FDIC (referred to collectively in these Square Financial Terms as “Square,” “we,” or “us”). You agree, on behalf of yourself and the Business, to be bound by these Square Financial Services Terms, the Square General Terms of Service and all other terms, policies, and guidelines applicable to the Financial Services, including, but not limited to, any loan agreement and all relevant disclosures between you and us.

You acknowledge that the Financial Services are used for business purposes or on behalf of the Business only; however these Square Financial Services Terms apply to both You and the Business, as applicable such as those related to our use or access of your credit information. You further acknowledge that you are authorized to accept these terms on behalf of the Business and that the Business accepts these terms.

1. Bank Information

Collection of Bank Information
We use Plaid Inc. (“Plaid”) to gather data from financial institutions. If you link a bank account in connection with the Financial Services, Plaid will collect data directly from the financial institution(s) you specify. You grant Plaid and us the right, power, and authority to collect such data and/or to act on behalf of you and your Business to access and transmit personal and financial information about you and/or your Business from the financial institution(s) you specify. You agree to such personal and financial information being collected, transferred, stored and processed in accordance with our Privacy Policy and Plaid’s Privacy Policy (referred to collectively as “Privacy Policies”) or any other terms you agree to with Plaid.

When you share or provide access to bank statements, bank data, passwords, usernames, PINs, login information and/or any other personal or financial information about you and/or your Business in connection with the Financial Services (referred to collectively as “Bank Information”), you are licensing that content to us and Plaid for the purposes described herein and the Privacy Policies. You agree that all Bank Information will be subject to these Square Financial Services Terms and the Privacy Policies. You represent that you are a legal owner of, and/or that you are authorized to provide us and Plaid with Bank Information on behalf of yourself, your Business, and/or any other account owner(s).

Use of Bank Information
You give us permission to use your Bank Information for purposes of: i) evaluating your Financial Services application, ii) evaluating your Business’s eligibility for any current or future Financial Services and marketing these offers to you and your Business, iii) servicing and collections activities related to your Financial Services, including but not limited to determining the amount of funds in your bank account available to be debited for loan repayment as authorized by your loan agreement, iv) investigating and reporting fraud or alleged fraud, v) evaluating your Business for any products or services offered by us and marketing these products or services to you and your Business, vi) compliance with anti-money laundering and OFAC sanctions programs, and vii) internal analytics, credit modeling and product development. In addition, you give Square and Plaid permission to use Bank Information for any purpose specified in the Privacy Policies and any other purpose related to the Financial Services.

Duration of Access
When you link a bank account in connection with the Financial Services, you authorize Square and Plaid to continue to collect Bank Information from the financial institution(s) you specify for as long as the Business continues to use any Financial Service. You also authorize Plaid to continue to collect Bank Information for as long as allowed by Plaid’s Privacy Policy or any other terms you agree to with Plaid. The frequency at which Square and Plaid will collect Bank Information during this period will vary. You can revoke this authorization to Square by sending us an email using contact form. In order to revoke this authorization to Plaid, you will need to contact Plaid directly at https://my.plaid.com/. Your revocation to Square will not affect our ability to electronically credit and debit your Square-linked bank account to the extent permitted under any applicable terms and agreements. The Bank Information collected with your consent prior to your revocation will continue to be reviewed, used, stored and shared in a manner consistent with these Square Financial Services Terms and the Privacy Policies.

2. Payroll Information

Collection of Payroll Information
Square also uses Plaid to gather data from payroll providers. If you link a payroll account in connection with the Financial Services, Plaid will collect data directly from the payroll provider you specify. You grant Plaid and us the right, power, and authority to act on behalf of you and your Business to access and transmit personal and financial information about you, your Business and your employees from the payroll provider you specify. You agree to such personal and financial information being collected, transferred, stored and processed in accordance with our Privacy Policies.
When you share or provide access to payroll information, employment data and records, passwords, usernames, PINs, login information and/or any other personal or financial information about you and/or your Business and its employees in connection with the Financial Services (referred to collectively as “Payroll Information”), you are licensing that content to us and Plaid for the purposes described in these Square Financial Services Terms and the Privacy Policies. You agree that all Payroll Information will be subject to these Square Financial Services Terms and Privacy Policies. You represent that you are a legal owner of, and/or that you are authorized to provide us and Plaid with Payroll Information on behalf of yourself, your Business and/or any other account owner(s).

Use of Payroll Information
You give us permission to use your Payroll Information for purposes of: i) evaluating your business loan application, ii) evaluating your Business’s eligibility for this Financial Services offer, iii) servicing and collections activities related to your business loan, iv) investigating and reporting fraud or alleged fraud, v) compliance with anti-money laundering and OFAC sanctions programs, and vi) determining your eligibility for forgiveness of your business loan under applicable federal regulations. In addition, you give us and Plaid permission to use your Payroll Information for any purpose specified in the Privacy Policies and any other purpose related to the Financial Services.

Duration of Access
When you link a payroll account in connection with the Financial Services, you authorize Square to continue to collect Payroll Information from the payroll provider you specify for as long as your business continues to use any Financial Services or for as long as your loan through Square remains outstanding, whichever is longer. You also authorize Plaid to continue to collect Bank Information for as long as allowed by Plaid’s Privacy Policy or any other terms you agree to with Plaid. The frequency at which we and Plaid will collect Payroll Information during this period will vary. You can revoke this authorization to us by sending us an email using contact form. In order to revoke this authorization to Plaid, you will need to contact Plaid directly. The Payroll Information collected with your consent prior to your revocation will continue to be reviewed, used, stored and shared in a manner consistent with these Square Financial Services Terms and the Privacy Policies.

3. Credit Reports and Public Records

Use of Credit Reports and Public Records
You give Square permission to access any credit reports regarding the Business as well as your individual consumer credit reports and public records for purposes of: i) evaluating your business loan application, ii) evaluating your Business’s eligibility for any current or future Financial Services offers and marketing these offers to you and your Business, iii) servicing and collections activities related to your business loan, iv) investigating and reporting fraud or alleged fraud, v) compliance with anti-money laundering and OFAC sanctions programs, vi) internal analytics, credit modeling and product development, and vii) any other purpose related to the Financial Services.

You understand that, after evaluating your complete application and checking your credit report, we may decide not to offer Financial Services to your Business. You understand that if your Business’s loan application is declined based on any information from your consumer credit report, we will send a notice of this action to the business email address provided in the loan application. You acknowledge that such notice may include your personal credit score and information.

Duration of Access
You consent to allow us to continue to access your consumer credit report and public records for as long as the Business continues to use a Financial Service. The frequency at which we will collect credit reports and public records during this period will vary. You can revoke this authorization to Square by sending us an email using contact form.

4. Indemnification

You will indemnify, defend and hold harmless Square and Plaid (and their respective employees, directors, agents, affiliates and representatives) from and against any and all claims, costs, losses, damages, judgments, tax assessments, penalties, interest, and expenses (including without limitation reasonable attorneys’ fees) arising out of any claim, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises out of or relates to: (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Square Financial Services Terms or any activity by you in relation to the Financial Services or your use of the Financial Services; (b) your wrongful or improper use of the Financial Services; (c) your violation of any third-party right, including without limitation any right of privacy; (d) your violation of any law, rule or regulation of the United States or any other country; and (e) any other party’s access and/or use of the Financial Services with your unique name, password or other appropriate security code.

5. Government Monitoring

To help the government fight the funding of terrorism and money laundering activities, Federal law requires us to obtain, verify, and record information that identifies each person who opens an account. When applying for Financial Services with us, we will obtain your name, address, date of birth and may ask you for other information that will allow us to identify you. We reserve the right to close, suspend, or limit access to the Financial Services in the event we are unable to obtain or verify this information.