Payment processing company Square has introduced a new service that will enable the businesses to offer financing to their customers.

The new service, dubbed Square Installments, is expected to benefit the smaller businesses and sellers who are unable to implement such offerings due to prohibitive minimum sales requirements.

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The company noted that setting up existing similar options is also time-consuming and labour intensive, further preventing the sellers to provide flexible payment services.

With no minimum sales volumes and quick set-up, the new payment method eliminates these difficulties, claims Square.

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

Square Capital head Jacqueline Reses said: “We’re focused on removing the complexity associated with financial products, enabling more businesses to access incredible tools that can help them grow.

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“Square Installments delivers simple and quick financing to customers seeking greater flexibility as they make purchasing decisions.”

All customers can apply online to avail Square Installments service. Once approved, the customer will receive the option to pay their purchases in fixed instalments over three, six or 12 months.

Currently, the service is available through participating Square sellers across 22 US states for purchases from $250 to $10,000.

According to Square Consumer Shopper Survey, August 2018, 68% of respondents said that they are likely to consider a small or local business for purchases if they offer financing options.