Employees also did field research by camping out in certain stores, asking customers about the process of filling out paperwork to pay in installments. They found the process to be if nothing else, embarrassing.
“It’s not obvious when you’re applying,” Reses said, noting that people take their phone into the corner of a store instead of conspicuously filing paperwork, without fellow shoppers ever knowing that you weren’t just scrolling through Instagram.
“We would rather the customer be able to have a private experience on their own device — they’re not holding anyone up, it’s not embarrassing, and there’s no fear of giving information to someone they don’t know” she said.
Square takes on the actual loan and risk, instead of the retailer. It pays the business the full amount up front, and the customer will pay Square back as a form of a loan. If approved, customers can decide to pay in three, six, or 12 month installments, ranging from zero interest to an about 24 percent APR. The application also does not hurt your credit score.
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