A customer uses a Square Inc. device to make a payment in San Francisco. Photographer: David Paul Morris/Bloomberg
Square Inc. is offering loans to customers to pay for goods and services from merchants that use its payments platform, another move by the company to push deeper into financial services.
Merchants in 22 states will be able to offer the installment payments on purchases of $250 to $10,000. The company's lending arm, Square Capital, will cover the cost on the buyer's behalf, the San Francisco-based company said Thursday in a statement. The initiative, which has been tested for the past year, allows buyers to apply online. If approved, they pay Square back in fixed monthly amounts over three, six or 12 months for purchases from $250 to $10,000.
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