Contents of the Article:
- What is Square?
- How does Square work?
What is Square?
Committed to leaving no one behind in a constantly evolving economy, Square offers tools and resources for businesses of all sizes to grow and move forward. The company focuses on helping entrepreneurs run their businesses their way. Furthermore, Square will also assist you in connecting to your customers effectively.
How does Square work?
The Square Capital loan functions like merchant cash advances. And to obtain a loan from Square, you must meet the following requirements below:
At least $10,000 processed in your credit card in a year.
Steady history of frequent payments through Square.
Have both new and loyal customers.
Once you have been deemed eligible for a loan, you can now proceed to the following steps below:
Approved Square user
Before you obtain a loan, the first step is to ensure that you are indeed an approved Square user.
Determine loan amount
Your loan or borrowing amount can range from $500 to $100,000, depending on your sales performance and history.
Establish a fixed free
From the determined loan amount, you can establish a fee. In return, the higher the loan, the higher the fixed fee. Moreover, this percentage normally ranges from 10%-16%, with no other additional charges.
Once this is settled, there will be no need to schedule any payments, as Square will automatically deduct from your account regularly. And you are obligated to pay your loan within eighteen months.