Square Installments Levels the Playing Field for Businesses of Any Size by Giving Flexible Payment Options to Their Customers
04 10월 2018 - 10:48PM
Business Wire
Square, Inc. (NYSE: SQ) today announced the launch of Square
Installments, providing sellers with access to a powerful tool for
growing sales that has traditionally only been available to larger
businesses. This new payment method gives their customers the
freedom to pay for a large purchase by splitting it into easy,
fixed monthly payments. Rooted in Square’s mission to help small
businesses never miss a sale, Square Installments is another way
the company is expanding access to financial services for
businesses and individuals.
For most sellers, providing a payment option like Square
Installments to their customers has not been possible. Existing
offerings have prohibitive minimum sales requirements and getting
set up is time consuming and labor intensive. In a survey of Square
sellers, nearly half indicated the number one reason for not
offering a flexible payment option was the long and complicated
setup1. In contrast, Square Installments is seamless for sellers,
taking just minutes to get started and has no sales volume
minimums.
“We’re focused on removing the complexity associated with
financial products, enabling more businesses to access incredible
tools that can help them grow,” said Jacqueline Reses, Head of
Square Capital. “Square Installments delivers simple and quick
financing to customers seeking greater flexibility as they make
purchasing decisions.”
Research shows access to an offering like Square Installments
can significantly grow sales. In fact, 68% of consumers said they
would be more likely to consider a small or local business if it
offered financing options2. And, a Square study of U.S. consumers
revealed strong demand for more flexible payment options that
clearly outline total cost, allowing consumers to more effectively
manage their budgets.
"Square Installments has helped me increase order amounts and
create a steadier business flow, really contributing to overall
business growth," says Lohit Pattanaik, owner of Fly1 Motorsports
in Southern California. "Custom car parts can come at a sizable
cost, but providing the flexibility to spread payment over several
months makes it very attainable."
Square Installments is simple and transparent for customers.
Customers can apply through a brief online application and get a
decision in real-time. If approved, customers will see the option
to pay over 3, 6 or 12 months, with the total cost clearly spelled
out upfront. The entire Square Installments experience, from
application to repayment, has been designed with the customer in
mind: the application is in the customer’s hands at all times,
whether they choose to apply from the comfort of their home or
in-store when they see an item they love. Ultimately, Square
Installments creates a more private and comfortable experience for
both customers and sellers.
Square Installments is currently available to customers at
participating Square sellers in 22 states for qualifying purchases
between $250 and $10,000. Customers can apply to pay for their
purchase from participating Square sellers in fixed monthly
payments over 3, 6, or 12 months. Rates range from 0-24% APR.
Sellers looking to start offering Square Installments to their
customers can visit squareup.com/installments, and customers
looking to learn more about making a purchase using Square
Installments can visit SquareInstallments.com.
Square Installments is offered by Square Capital, LLC, a wholly
owned subsidiary of Square, Inc.
About Square, Inc.
Square, Inc. (NYSE:SQ) creates tools that help sellers start,
run, and grow their businesses. Square enables sellers to accept
card payments and also provides reporting and analytics, next-day
settlement, and chargeback protection. Square’s point-of-sale
software and other business services help sellers manage inventory,
locations, and employees; access financing; engage customers; and
grow sales. The Cash App is an easy way for businesses and
individuals to send and receive money, and Caviar is a food
ordering service for popular restaurants. Square was founded in
2009 and is headquartered in San Francisco, with offices in the
United States, Canada, Japan, Australia, Ireland, and the UK.
1 Square In-Store Financing Survey, May 2018. Online survey of
1,000 U.S. business owners in qualifying industries responsible for
making decisions about payments and customer financing, including
500 Square sellers. Survey conducted in partnership with M&RR
from May 23 - June 14, 2018.
2 Square Consumer Shopper Survey, August 2018 Online survey of
2,000 U.S. adults over the age of 18, conducted August 15-20, 2018
by Square Capital, LLC. Results are weighted to ensure demographic
representation in line with the United States Census Bureau 2017
Current Population Survey. The study has an overall margin of error
of ±2.19% at the 95% level of confidence.
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version on businesswire.com: https://www.businesswire.com/news/home/20181004005064/en/
Square, Inc.Media Contact:press@squareup.com
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