[New] Instant Loan Deposits to Square Checking

[Ryan_M]

Hi Sellers!

We are happy to announce that you can now instantly access the funds from Square Loans in your Square Checking balance after the loan is approved!

Up until now, Square borrowers did not have instant access to the funds due to our settlement methods of ACH (Automated Clearing House) transfer which takes 1-2+ business days. Cutting out the 1-3 day ACH wait time benefits borrowers by giving them instant access to the funds they’ve qualified for.

Sellers can instantly access the funds in their Square Checking account balance and the funds are automatically ready to spend via a Square Debit Card or transfer to an external bank. Independently, sellers also have access to Square (Flex) Loans. Selected sellers can apply for a Square loan and repay it through their sales revenue. 

Get Started with Square Checking

Square Checking is a checking account that gives you instant access to your sales with Square. With Square Checking, sales you process with Square are immediately available to spend on your Square Debit Card or with your account & routing numbers. 

Square Checking does not have any recurring account fees or minimums.

Get Started with Square Loans

Square provides loans to help you grow your business. Because we know each individual business is unique, eligible Square sellers are extended loan offers that are personally tailored. You can use Square loans to increase inventory, buy equipment, or hire more employees, whatever you need to help your business grow and succeed.

Square loans are made with simplicity, just like all Square products. There is no lengthy application, just a few clicks on your Dashboard. Upon approval, you’ll receive funds in your account as soon as the next business day, or into your Square Checking account instantly.

Learn more about Square Loans through these resources:

• Square Loans Eligibility FAQ
• Square Loans Repayment FAQ

[Stacelyn24]

This is great news.  If you need to purchase inventory right away or place a deposit on a new business location; having your funds available when you need them is such a stress reliever.  Thanks for always delivering Square!

[sugarlab]

This is very exciting! I love the ease of Square Loans; don't have to think about repaying it. The automatic repayment is great. This makes a great product even better! Way to go square!

[culturecoffee]

Thank you for the instant funding for square loans I appreciate the efficiency. It really helps my business.

[DeesirableLady]

I wish we could apply for a bigger loan, especially if you have a good repayment history and sales. Great to have still.

[PerroneTech]

I just experienced this. Square gave me a loan offer on Thursday afternoon, I applied, was approved, and was funded within the hour. I appreciate the things you do for small business Square.

[JUYBoutique20]

This is great news....

[olijebodycare]

That is fantastic news and definitely a quicker alternative.  Thanks Square for having better ways to make each experience as a small business smoother.

[LashesbyAmanda]

I think it’s nice to be able to get a loan right away and have that money in your account to buy products that you need for your business, I also like that you don’t have to worry to pay it back at a certain time I like that it comes out of your sales daily cause it makes it a lot easier and quicker to pay it off. 

[TERESAGAY]

Thanks for the instant loan funding for Square. Good news 

[Dream_Wingz]

This would be nice except I once got a square loan paid it off after a few months and was never extended another offer despite having a great record, not having any chargebacks, and processing hundreds of thousands of dollars through square. Square doesn’t give you explanations on why nor do they give you what you need to qualify. I think reforming how square does it’s loans should be the first place to start as a selling point