We are happy to announce that you can now instantly access the funds from Square Loans in your Square Checking balance after the loan is approved!
Up until now, Square borrowers did not have instant access to the funds due to our settlement methods of ACH (Automated Clearing House) transfer which takes 1-2+ business days. Cutting out the 1-3 day ACH wait time benefits borrowers by giving them instant access to the funds they’ve qualified for.
Sellers can instantly access the funds in their Square Checking account balance and the funds are automatically ready to spend via a Square Debit Card or transfer to an external bank. Independently, sellers also have access to Square (Flex) Loans. Selected sellers can apply for a Square loan and repay it through their sales revenue.
Get Started with Square Checking
Square Checking is a checking account that gives you instant access to your sales with Square. With Square Checking, sales you process with Square are immediately available to spend on your Square Debit Card or with your account & routing numbers.
Square Checking does not have any recurring account fees or minimums.
Get Started with Square Loans
Square provides loans to help you grow your business. Because we know each individual business is unique, eligible Square sellers are extended loan offers that are personally tailored. You can use Square loans to increase inventory, buy equipment, or hire more employees, whatever you need to help your business grow and succeed.
Square loans are made with simplicity, just like all Square products. There is no lengthy application, just a few clicks on your Dashboard. Upon approval, you’ll receive funds in your account as soon as the next business day, or into your Square Checking account instantly.
Learn more about Square Loans through these resources: