Payment Platform Allows Small Businesses To Offer Installment Agreements

Payment Platform Allows Small Businesses To Offer Installment Agreements
Banks, Insurance & Financial Services

Software from Square aims to help smaller brands compete with big-box retailers who offer the increasingly popular payment form for smaller items

Todd Neikirk
  • 18 october 2018

It has become widespread for retailers to offer installment payment options, even on lower-ticket items, which can serve as a big differentiator between smaller shops and big box retailers. Financial software company Square is attempting to bridge this gap by offering small businesses a platform that lets them create installment agreements.

In its research, Square felt this was something needed in the marketplace. They found that, “almost 70% of customers would be more likely to consider a small or local business if it offered financing options.” Accordingly, its programs allow retailers to offer plans up to $10,000 over a time frame of up to 12 months. Business owners can also charge an interest rate, supported by Square Capital, between 0% and 24%.

Square first came on the scene by offering small retailers the ability to accept credit card payments. This new installment program is intended to give small- and medium-sized businesses the ability to further compete with larger and ecommerce companies. Square Installments is available in 22 states with more being added as the program expands.

Square Installments

It has become widespread for retailers to offer installment payment options, even on lower-ticket items, which can serve as a big differentiator between smaller shops and big box retailers. Financial software company Square is attempting to bridge this gap by offering small businesses a platform that lets them create installment agreements.

+banking
+Banks
+Insurance & Financial Services
+mobile payment
+square
+Transactions & Payments

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