This new payment method gives their customers the freedom to pay for a large purchase by splitting it into easy, fixed monthly payments. Rooted in Square’s mission to help small businesses never miss a sale, Square Installments is another way the company is expanding access to financial services for businesses and individuals.

For most sellers, providing a payment option like Square Installments to their customers has not been possible. Existing offerings have prohibitive minimum sales requirements and getting set up is time consuming and labor intensive. In a survey of Square sellers, nearly half indicated the number one reason for not offering a flexible payment option was the long and complicated setup. In contrast, Square Installments is seamless for sellers, taking just minutes to get started and has no sales volume minimums.

“We’re focused on removing the complexity associated with financial products, enabling more businesses to access incredible tools that can help them grow,” said Jacqueline Reses, Head of Square Capital. “Square Installments delivers simple and quick financing to customers seeking greater flexibility as they make purchasing decisions.”

Research shows access to an offering like Square Installments can significantly grow sales. In fact, 68% of consumers said they would be more likely to consider a small or local business if it offered financing options. And, a Square study of U.S. consumers revealed strong demand for more flexible payment options that clearly outline total cost, allowing consumers to more effectively manage their budgets.

“Square Installments has helped me increase order amounts and create a steadier business flow, really contributing to overall business growth,” says Lohit Pattanaik, owner of Fly1 Motorsports in Southern California. “Custom car parts can come at a sizable cost, but providing the flexibility to spread payment over several months makes it very attainable.”

Square Installments is simple and transparent for customers. Customers can apply through a brief online application and get a decision in real-time. If approved, customers will see the option to pay over 3, 6 or 12 months, with the total cost clearly spelled out upfront. The entire Square Installments experience, from application to repayment, has been designed with the customer in mind: the application is in the customer’s hands at all times, whether they choose to apply from the comfort of their home or in-store when they see an item they love. Ultimately, Square Installments creates a more private and comfortable experience for both customers and sellers.

Square Installments is currently available to customers at participating Square sellers in 22 states for qualifying purchases between $250 and $10,000. Customers can apply to pay for their purchase from participating Square sellers in fixed monthly payments over 3, 6, or 12 months. Rates range from 0-24% APR.

Sellers looking to start offering Square Installments to their customers can visit squareup.com/installments, and customers looking to learn more about making a purchase using Square Installments can visit SquareInstallments.com.

Square Installments is offered by Square Capital, LLC, a wholly owned subsidiary of Square, Inc.