Square is introducing a new payment option for small businesses to let customers pay for large purchases in monthly installments. Called Square Installments, payment plans can be used for purchases ranging from $250 to $10,000, and customers can choose to pay over three, six, and 12 months. Annual percentage rates will vary from 0 to 24 percent APR.
The feature is available now in 22 US cities for businesses using Square, and customers have to be preapproved before they can start financing. Most customers will be able to see if they’re approved instantly, but there will be cases in which approval can take one to two business days. Once approved, customers will receive a one-time use digital card number they can show to merchants to pay...
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