Square launched Square Capital in 2014 as a cash advance program for eligible businesses. The program gave businesses quick (the next business day) access to thousands of dollars, with great flexibility in payback.
Payback came out as a percentage of daily sales, so slower days meant less and better days meant more.
Now, rather than just providing cash advance offers, Square Capital is providing flexible loans to boost lending. Square’s Jacqueline D. Reses writes in a blog post:
Square Capital is still as fast, simple, and transparent as ever. There is no burdensome paperwork to apply, qualified sellers can get funds as soon as the next business day, repayment happens as a fixed percentage of your daily card sales, and the cost of the loan is a fixed dollar amount that never changes.
So you might be wondering, do I need to do anything different? Nope, just check your Square Dashboard to see if you have an outstanding offer through Square Capital.
Square offers tips on how to get noticed by Square Capital here. It provides a list of things they take into consideration, including processing volume (at least $10K a year), activity, growth, history, recent payments, and customer mix.
Image via Square