Square has introduced Square Cash Advance in the United Kingdom, providing businesses with a flexible funding solution designed to manage daily expenses and support operational growth.The new offering aims to address common cash flow challenges faced by small and micro businesses, enabling various types of sellers, including restaurant owners, retail merchants, and beauty salons, to access capital swiftly. Unlike traditional loans, Square Cash Advance features an upfront funding cost rather than interest, with repayments automatically deducted as a percentage of card sales until the balance is met. This structure means repayment adjusts to a business’s sales volume, with less paid during slower periods and more during stronger ones, without fixed terms, minimum payments, or affecting a business’s credit score, as no personal guarantee is required.Businesses can apply for Square Cash Advance through their Square account with a streamlined process, typically receiving funds within days if approved, a timeframe often quicker than traditional lending institutions. The funds are intended solely for business purposes, such as purchasing inventory, upgrading equipment, or investing in marketing. Michael Sayward, Founder of Millie & Mini, an early adopter in the UK, commented on the product’s impact, stating, “With easy access to funding with Square Cash Advance, I’m able to make improvements and grow my business without risk, since repayments come from my card sales.”Square’s decision to launch this product in the UK follows internal research indicating a consistent demand among small and micro businesses for improved cash flow and funding solutions. The majority of surveyed small businesses agreed that a cash advance would significantly aid their growth and operations. Samina Hussain-Letch, Executive Director of Square UK, highlighted the urgency, stating, “We know that the number one reason small businesses fail in the UK is due to issues with cashflow. This product takes that pressure away by providing our sellers with access to the funds they can use to run and unlock future growth in their business and be much better set up for success.”The percentage rate for repayments is applied to gross card sales, including tips and VAT, and is in addition to Square’s standard processing fees. Businesses are empowered to select a cash advance amount up to their maximum offer, with the upfront funding cost clearly detailed on their dashboard. Square Cash Advances are now available to both existing and new Square sellers across the UK.