Frequently Asked Questions

Square Installments lets you easily apply to pay for your purchase over time—all while shopping at participating Square businesses in-store, at home, or online.

  • What is Square Installments?

    We’re here to help you get more flexibility when you buy from the stores you love. Square Installments is brought to you through Square Capital, a subsidiary of Square. You know Square as the little white credit card reader that plugs into a smartphone so your favorite food truck or boutique can accept payments on the go. Square is used by millions of small and large businesses across the U.S.

    You’ll be applying for your monthly plan directly through Square Installments. You’ll also repay your plan through the Square Installments dashboard.

  • How does it work?

    When you buy from participating Square businesses, you will now have the option to either pay for your purchase using a credit or debit card, or for qualified purchases, you can pay using Square Installments.

    • If your purchase is $250–$10,000 (or more at select sellers), apply online in a few steps to find out if you qualify.
    • If you’re approved and accept a plan, Square Capital will pay for your purchase on your behalf, and you pay us back in fixed monthly payments.
    • Choose the monthly repayment plan that fits your budget. See your total cost up front with no deferred interest, no prepayment penalties, and no surprises.
  • How much can I pay using Square Installments?

    You can apply to pay using Square Installments for qualifying purchases between $250 and $10,000 from select Square businesses. Select Square businesses may have higher limits.

  • Where is Square Installments available?

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

Applying for Square Installments

  • How quickly will I know the status of my application?

    In most cases, you’ll receive an instant notification about the status of your application. Any exceptions will be reviewed and notified of eligibility within 1-2 business days.

  • Will this affect my credit score?

    As a first step, we perform a soft credit check to verify your identity and determine if you meet our basic criteria. This soft credit check will not affect your credit score. If you meet this criteria and continue with the application process, then your credit report will show an inquiry from Square Capital, which could affect your credit score.

    We will let you know about these different steps as you go through the Square Installments experience.

  • How much does it cost to pay using Square Installments?

    With Square Installments, you can choose to pay over 3, 6, or 12 months with annual percentage rates (APRs) from 0-24% APR. APR is based on credit and other factors. You can reduce that APR by choosing to pay using automatic payments during the application process.

    This is the only cost associated with Square installments—we don’t charge prepayment fees, deferred interest, or service fees. Your interest rate (same as the APR for our program) will never change throughout your plan. We will never charge compound interest (that’s interest charged on interest). Interest is only charged on the amount you originally financed.

  • What are my payment term options?

    It depends on the plan length you pick. You can select to pay Square Capital back monthly over 3, 6, or 12 months. Some businesses may offer longer term lengths.

  • Why was I declined 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 by email. You can still pay for your purchase with a credit or debit card.

  • How do I choose a payment method?

    You’ll be asked to select a payment method for your plan while applying for Square Installments. You can choose from two different payment methods: Automatic Payments or Manual Payments.

    By choosing Automatic Payments, Square Capital will automatically charge your debit card your payments due each month. Not only do you save time, but you can be more confident that you won’t miss a payment.

    Square Capital will also give you an APR discount if you choose to make Automatic Payments. 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.

    If you select Manual Payments, you agree to make one-time payments every month on your payment due date. You may pay electronically through your Square Installments Dashboard or by check or money order.

    A valid, U.S. non-prepaid debit card is required for all payments.

  • Will linking my bank account affect my credit?

    If you’re asked to link a bank account, the process of connecting your checking account will result in a “hard” credit pull – an inquiry that other lenders can see on your credit report. This could affect your credit score.

  • How many bank accounts should I link?

  • What should I do if my financial institution isn’t listed?

    If you’re asked to link a bank account, then you will be asked to search for your financial institution. Over 2,000 major financial institutions are supported, however, not all banks are supported at this time. If you’re unable to find your banking institution using the search function, then you will have the option of selecting another bank. However, you will have to link a bank account in order to complete the application process.

Using your digital card

Take a look below if you’ve received a digital card and would like to learn more.

  • How do I complete my purchase with the digital card?

    When you’re approved for and accept a plan at participating Square Installments businesses, you’ll get a one-time-use digital card number to pay for your purchase. You’ll also get an email with your digital card number. Simply provide your digital card to the merchant when you’re ready to pay. This card is only valid for one-time-use and expires in 7 days.

  • Is this a credit card?

    No. This is a one-time-use monthly payment plan that you’ll get instantly when you’re approved. This is not an open line of credit like a credit card. You won’t have to worry about getting a credit card in the mail or having another card in your wallet.

  • What happens if I don’t use this digital card?

    Nothing. If you don’t complete your purchase within a week after you accept a plan, it’ll expire and you won’t owe anything. Afterwards, you can always re-apply for another Square Installments plan.

  • Will this digital card work anywhere?

    This digital card is valid only for one-time-use at the business where you applied for Square Installments. This card expires if it’s not used in 7 days.

  • What if my purchase price is different?

    If your purchase ends up less than the amount you’re approved for, we’ll adjust your plan so that your expected monthly payments will go down. You will only repay and be charged interest on the amount that you actually spend. We will send you an updated payment schedule by email before your first payment is due.

    If your purchase ends up more than the amount you’re approved for, then you’ll need another form of payment to cover the difference. You will only be charged interest on the amount you actually spend.

Paying your bills

  • How much will I pay back each month?

    How much you pay each month will depend on the amount of your purchase total and the term length offered for repayment. Each payment goes towards paying both for the original purchase and interest.

  • Can I make early payments?

    You can make a partial or full prepayment at any time, at no additional cost. We don’t charge any fees for early payments. 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.

  • Are there any late fees?

    You will never be charged a fee for a late payment. However, we do calculate interest based on your principal balance (how much of the original loan is left to pay off). So if your payment is late and there is past due principal, interest may be charged against that larger amount.

  • When are my payments due?

    You can always check your Square Installments Dashboard to see your next payment due date and payment schedule. You can also download your Loan Agreement to view your complete payment schedule.

  • Will I get a payment reminder?

    Yes. We’ll send you a courtesy reminder email before each monthly payment is due.

  • How do I log in to the Square Installments Dashboard?

    Go to your Square Installments Dashboard. Make sure you use the email address associated with your plan to sign in. You can access your account using a computer or mobile device.

    After entering your email address, a sign-in link will be sent by email. This email will contain a temporary verification link that will navigate directly to your Dashboard once you click it.

  • How do I make a payment?

    You can make a full or partial payment in your Square Installments Dashboard at any time.

    Note: If you signed up for automatic payments, a partial prepayment will not go towards your scheduled monthly payment. You’ll still be automatically charged on your upcoming payment date, and any extra payments will go towards your outstanding principal (as long as your other payments have been on time).

  • How do I pay off my plan in full?

    You can pay off your plan in your Square Installments Dashboard at any time. Select Pay Off Plan to see your current payoff amount and click continue to confirm the payment on the next step. Please know that the amount presented to you can change if you choose to pay later due to interest accrual.

  • How do I update my debit card on file?

    You can add or update a debit card on file at any time through your Square Installments Dashboard. Find the link to Change Debit Card in your Dashboard to enter your new card information. We only accept valid U.S. non-prepaid debit cards

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

    If you’d like to switch your automatic payment preferences, you can update this by selecting Manage Autopay in your Square Installments Dashboard. By setting up automatic payments, Square Capital will automatically debit your monthly payments from your debit card on your specified due date. Not only do you save time, but you can be more confident that you won’t miss a payment.

  • How do I download my Installments agreement?

    You will have a chance to download your Square Installments Loan Agreement during the loan application process. The Agreement will include your federal Truth in Lending and other disclosures.

    If you already have a loan, you will be able to download your Agreement and your federal Truth in Lending and other disclosures through your Dashboard. View Quick Links at the bottom of the page and click Download Your Loan Agreement. A PDF of your Square Installments Loan Agreement will download to your computer.

  • How do I mail you payments?

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

    • Make payments payable to: “Square Installments Loan”.
    • Include your Plan ID on the memo line (you can find this on your Square Installments confirmation email).
    • Send payments to:
      Square Capital Installment Payment Center
      29052 Network Place
      Chicago, IL 60673-1290

Other frequently asked questions

  • What's the status of my order?

    The Square Installments team does not have insight into the delivery of goods and/or services to you by the merchant. Please know that Square Capital merely financed the purchase. The best way to receive an update is to contact the seller for more information about their shipping and handling policy. The seller may have more information that is not available to us.

  • How do refunds or order cancellations work?

    Please contact the store where you bought your item or service and request a return with them. They can let you know their return/cancellation policy and how to make the return. Whether or not a merchant will issue a refund is not up to the Square Installments team. Full refunds issued by the business will cancel your plan. Partial refunds will be credited against your unpaid balance. For more information about refunds, please contact us.

  • I haven’t received my goods/services. What should I do?

    Please first contact the store where you purchased the item or service. If you need help finding the seller’s contact information or if you’ve already attempted to contact the seller, but it is not working out, please contact us.

    In the event you open a claim about your purchase, we’ll send you a follow-up email. Please be sure you reply to that email within seven days. If we don’t hear back within seven days, it will affect your claim.

  • How do I change the contact information for my plan?

    To update your contact information, 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.

  • 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.

More Questions?

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