Hey @4jvmrehi, thanks for your question! I'd be happy to clarify.
When you are interested in financing a purchase, Square checks to see if your business is eligible for an installment plan. This includes checking the credit of the individual applying on behalf of the business. At this stage, Square runs a soft credit inquiry, which doesn’t affect your credit score.
Next, if your business is determined to be eligible and you choose to continue the process, accept terms, and complete a purchase with an installment plan, Square will perform a hard credit inquiry that may affect your credit score.
During the application, Square requires applicants to expressly acknowledge that they have reviewed and agree to Square’s Credit Authorization.
After this process, Square Capital doesn’t report Hardware Installments plans to any credit bureaus. However, upon request, we can provide you with a letter of completion once your Hardware Installments Plan is complete.
If you have any further questions or would like to request a letter of completion for a completed plan, please contact us directly!
Laura
Square Loans Team
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