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Other Frequently Asked Questions

Square Installments from Square Capital is a new financial product that helps you pay qualifying invoices from participating Square Sellers over time. With Square Installments, you can apply to pay your invoice in fixed monthly payments over 3, 6, or 12 months at a 9.99% APR.

Below you’ll find our most frequently asked questions on topics like eligibility, cost, payment methods, and more. If we haven’t answered your question, please contact us and one of our team members will get you an answer shortly.


How does it work?

When you buy from a select Seller, they may send you an invoice through Square. You can either pay the invoice using a credit or debit card, or for qualifying invoices you can pay using Square Installments, a new financial product from Square Capital.
If you’re eligible and decide to accept a plan, Square Capital will pay the invoice for you. You then pay Square Capital back through monthly installment payments.

Where is Square Installments available?

At this time, Square Installments is only available to California, Colorado, Florida, New Jersey, New York, Alabama, Arizona, Connecticut, Georgia, Illinois, Kentucky, Louisiana, Massachusetts, Michigan, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Utah, Washington, and Virginia residents who make purchases at select businesses that issue qualifying invoices through Square.

How much can I pay using Square Installments?

You can apply to pay using Square Installments when you receive qualifying invoices between $250 and $10,000 from select Square Sellers.


How do I apply?

The whole process happens online while viewing your invoice payment page.

Select your plan.

Step 1: For qualifying invoices, you will see an option to apply to “Pay over time…” with Square Installments. After you click this option, you will view a button that states “Get Started”. Once you click “Get Started”, your application process will begin.

Step 2: Clicking “Get Started” will take you to a page where you can enter basic information to see if you are eligible to pay using Square Installments. Checking your eligibility will not affect your credit score.

Step 3: If you are eligible, you will see the payment options for which you are eligible. Once you select an option, you will be taken through a short process to finalize your application and pay off your invoice.

How quickly will I know the status of my application?

Many of our customers will receive an instant notification about the status of their application. Any exceptions will be reviewed and notified of eligibility within 1-2 business days.

Will my credit score be affected?

Your credit score may only be affected if you actually accept to pay your invoice using Square Installments. For everything else before this, including when you check if you are eligible for a plan, your credit score will not be affected.

What if I’m not eligible for Square Installments?

If we aren’t able to approve your application for Square Installments, we will notify you of our decision and decline reason via email. You will still have the ability to pay your invoice with a credit or debit card. Learn more about why your application was declined.

How do I choose a payment method?

If you are eligible to pay using Square Installments, you’ll be prompted to select a payment method for your plan. We provide two different payment methods: Automatic Payments or Manual Payments.

If you select Automatic Payments, which sets you up for automatic debit payments each month, you will receive a 1% APR discount, bringing your APR down from 9.99% to 8.99%. Please note: Automatic Payments requires a valid US non-prepaid debit card. You can turn Automatic Payments on or off at any point during your plan, but the APR discount is only available for those who select the option when accepting the plan.

Select Payment method through Monthly Installments


How much will it cost to pay using Square Installments?

If you accept Square Installments and finance your invoice, an annual percentage rate (APR) of 9.99% will apply.

No other fees or costs apply when taking out Square Installments.

How long do I have to pay Square Capital back?

It depends on the plan you pick. If you are eligible for Square Installments you can select to pay Square Capital back monthly over 3, 6, or 12 months.

How much will I pay back each month?

How much you pay each month will depend on the amount of your specific purchase and whether you choose a 3, 6, or 12-month repayment option. Each payment goes towards paying the original invoice cost, as well as interest. Interest is charged at 9.99% (same as the APR). As an example, if you made all payments on time for a $1,000 invoice:

  • Over 12 months, the total interest cost would be $54.83. Each month, you would pay a fixed amount of $88, which would include some interest and some principal.
  • Over 6 months, the total interest cost would be $29.25. Each month, you would pay a fixed amount of $172, which would include some interest and some principal.
  • Over 3 months, the total interest cost would be $16.68. Each month, you would pay a fixed amount of $339, which would include some interest and some principal.

Are there any late fees?

You will never be charged a fee for a late payment. However, we do calculate interest based on any remaining principal balance, so if your payment is late and there is past due principal, interest will be charged against that larger amount.

The interest rate of 9.99% (same percentage as the APR) will never change throughout the loan. And, unlike a credit card, we will never charge compound interest (i.e. interest charged on interest). Interest charges will start to accrue on the date you accept the loan.


When are my payments due?

Your monthly payment due date will be based on when you accept a Square Installments plan. If you accept a 3-month plan repayment option on the 29th, 30th or 31st, your monthly payment will round up to every 1st of the month. For example, if you accepted a 3-month plan on January 31st, then your payments would be made on March 1, April 1, and May 1.

If you accept a plan during any other time of a month, your monthly payments will be due in one month intervals thereafter. For example, if you accepted a 3-month repayment option on January 15, then your payments would be due on February 15, March 15, and April 15.

How do I update my debit card on file?

To update your debit card on file, please do so in your Square Installments Dashboard. You must use the email address associated with your plan to sign in. Please note: The card must be a non-prepaid, US debit card.

I’m set up for manual payments. How do I switch to automatic payments?

If you would like to switch your automatic payment preferences, please do so in your Square Installments Dashboard. You must use the email address associated with your plan to sign in.

How do I make a payment?

If you would like to make a payment, please do so in your Square Installments Dashboard. You must use the email address associated with your plan to sign in.

Will I get a payment reminder?

Of course. We’ll send you a courtesy reminder email 10 days before each monthly payment is due.

Do you report my repayments to the credit bureaus?

At this time, we do not report repayment activity to any credit bureaus.

If I chose to pay by check or money order, how do I send them to you?

If you are sending a check or money order, please follow the instructions below:

  • Make payments payable to: “Square Capital Installment Plan”
  • Include your Plan ID on the memo line (you can find this on your Square Installments confirmation email)
  • Send payments to:

    Square Capital
    29052 Network Place
    Chicago, IL 60673-1290

Are there any prepayment fees?

We do not charge prepayment fees. You can make a partial or full prepayment at any time, at no additional cost. And, assuming all of your other payments have been on time, if you make a partial prepayment, we’ll apply your payment toward any outstanding principal you still have.

To make a prepayment (either full or partial), simply sign into your Square Installments Dashboard. If you want to pay off the balance in full, we can provide you a precise payoff amount, which will include the remaining principal balance and any interest accrued since your last payment. Simply contact us to find out the payoff amount.

Other Frequently Asked Questions

How do refunds work?

Refunds are subject to the refund policy of the Seller who sent you the original invoice. Full and partial refunds issued by the Seller will be credited against your unpaid balance. For more information about refunds, please contact us.

Can I take out more than one Square Installments plan at a time?

At this time we only allow a customer to have one outstanding Square Installment plan at any given time.

How do I change the contact information for my plan?

To update your contact information, please contact us.

I have a different question!

If you have any additional questions, please feel free to contact us. We look forward to getting you an answer right away.


Merchant is an independent third party from Square, Inc. and Square Capital, LLC. All loans are issued by Square Capital, LLC, a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. Loans are available to AL, AZ, CA, CO, CT, FL, GA, IL, KY, LA, MA, MI, NC, NJ, NY, OH, OR, PA, TN, TX, UT, VA, and WA residents only. Borrower must be a U.S. citizen or permanent resident and at least 18 years old. Valid U.S. non-prepaid debit card and Social Security Number are required. Loans are available in 3, 6, or 12 month installment options with minimum payments due each month. The principal amount of the loan will be the same as the purchase total. Annual percentage rate (APR) that will be applied to the principal amount is charged at 9.99%. The finance charge amount and installment payment amounts will depend on the repayment term selected. All loans are subject to approval based on credit and other factors. Legal information for Square Capital, LLC can be found here Square Capital, LLC NMLS ID: #1473167 (