Does a square loan affect the commission of contra...

Mollyposh · ‎02-09-2023

Does anyone know if the repayment of a square loan would affect payroll given to independent contractors who work off of commission? Because the loan is repaid with a percent of daily credit card sales, I want to make sure that doesn’t affect payroll and my contractors are still getting the correct amount.

Sammie_C · ‎02-13-2023

Hi @Mollyposh!

We appreciate you taking the time to reach out!

You’ll repay your loan through a fixed percentage of each card transaction processed through Square. The repayment rate will be applied to your gross card sales, including tips and taxes paid by your customers using a credit or debit card, ACH payments, and QR code payments made with the Cash App. Please note that your repayment rate applies in addition to Square’s processing fees for these transactions.

Learn more about Square Loans in our Support Center.

Please let us know if you have any other questions!

Sammie_C
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Does a square loan affect the commission of contractors on square payroll?