FILE PHOTO: An advertisement for the Square Inc acquittal processor is apparent alfresco a vendors armpit forth the High Line in New York March 9, 2016. REUTERS/Shannon Stapleton
NEW YORK (Reuters) – Square Inc (SQ.N), the payments aggregation founded by Twitter Inc (TWTR.N) Chief Executive Jack Dorsey, has launched a new account that enables barter of its small-business audience to pay for purchases in installments, the aggregation said on Thursday.
Through Square Installments, the San Francisco-based aggregation will be extending acclaim to the barter of merchants that use its technology to acquire payments online and in-store for purchases alignment amid $250 and $10,000.
Borrowers will be able to accord in anchored account payments over a aeon of three, six or 12 months. Interest ante will ambit amid 0 and 24 percent. Merchants will accept the acquittal upfront and Square will be captivation the loans on its antithesis sheet.
Square, whose flagship technology is a baby acclaim agenda clairvoyant that turns smartphones into acquittal tablets, has been gluttonous to alter its acquirement beck by accouterment added casework alignment from loans to accounting software.
The point-of-sale lending account pits Square into added absolute antagonism with added banking technology companies that accommodate agnate forms of acclaim to consumers such as Affirm Inc, GreenSky LLC and Klarna.
The new account is provided by Square Capital, the company’s lending analysis which has been mainly extending acclaim to merchants. The aggregation has been testing the installments account in a bound cardinal of states for over a year, for payments candy through its invoicing tool.
Square says the account will accredit its baby merchant customers, alignment from hairdressers to car genitalia sellers in 22 U.S. states, to aggrandize their sales.
“We congenital a tool, about accessible to beyond businesses, that helps sellers action costs to their end customers,” Jacqueline Reses, arch of Square Capital, said in an interview. “For the customers, it is an accessible way to administer beyond payments in such a way that you can accept an accessible anchored account payment.”
Consumers will be able to administer online through a abbreviate anatomy and accept a accommodation in absolute time.
Reporting by Anna Irrera in New York; Editing by Matthew Lewis
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