Solved: Will ACH payments automatically pay towards my Squ...

Mguerrero08

Hello! Do you guys know if when I take a ACH payment it will automatically pay towards my square loan? I need it to be paid but I’m not sure if I need to make the payment manually or if it takes it out automatically! Thank you, I hope I make sense

marielmt

Hi @Mguerrero08!

That’s a great question, I’d be happy to clarify.

The repayment rate will be applied to your gross card sales, including tips and taxes paid by your customers using a credit or debit card, ACH payments, and QR code payments made with the Cash App. Please note that your repayment rate applies in addition to Square’s processing fees for these transactions.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

marielmt
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

View Best Answer >

marielmt

Hi @Mguerrero08!

That’s a great question, I’d be happy to clarify.

The repayment rate will be applied to your gross card sales, including tips and taxes paid by your customers using a credit or debit card, ACH payments, and QR code payments made with the Cash App. Please note that your repayment rate applies in addition to Square’s processing fees for these transactions.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

marielmt
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Summer2024

Thanks for clarifying here @marielmt !

Please let us know if you have any other questions @Mguerrero08 😁

Will ACH payments automatically pay towards my Square Loan?