At the close of last month, Square Inc. rolled out its plans to begin extending credit to buyers who make large purchases to specific merchants. The strategy is part of the firm’s unrelenting efforts to earn revenue from other resources other than the normal payment processing.
The FinTech company will be launching new Installment packages for clients making purchases worth $250 to $10,000 at any Square seller that the organization chooses fit for the credit program. Customers will be able to submit applications for Square loans through their smartphones from anywhere and only have to show a virtual card when making payments so that their financial data remain undisclosed.
What’s more, customers will pay for their purchases in fixed installments within three, six, or twelve months. Shoppers who choose auto-pay and pick the 3-month option during the Square loan application process will enjoy 0% APR.
According to Square CFO, the … Read More