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Square launches new payment method

Square Inc. unit Square Capital LLC has launched Square Installments, a payment method that lets customers — businesses and individuals — pay for large purchases in fixed monthly installments.

Unlike current facilities offered by others, this new payment method has no minimum sale volume requirement and it will allow sellers to grow sales, according to a press release.

Customers can apply via a brief online application which, if approved, will allow the customers to pay over three, six or 12 months, with the total cost clearly detailed in advance.

The payment method is currently available to customers at participating Square sellers in 22 states for qualifying purchases between $250 and $10,000. The interest rate charged will range from 0% to 24% per year.