Square Gives Loans to Restaurants Outside Network With Upserve
- Lending arm Square Capital is bright spot in earnings growth
- Agreement gives Square access to 7,000 restaurants across U.S.
Square Inc.'s mobile-payment technology.
Photographer: Jin Lee/BloombergThis article is for subscribers only.
Square Inc. is joining with restaurant technology startup Upserve to offer loans to eating establishments, extending credit for the first time to businesses that operate outside of its own payments processing system.
Working with Upserve gives Square access to more than 7,000 restaurants across the country. The startup manages more than $8 billion annually in transaction volume and is adding 200 to 250 restaurants every month, according to the company. Upserve processes credit card payments and provides software tools that allow restaurants to see things like what percentage of sales come from repeat customers, analyze the performance of servers and monitor the restaurant’s online reputation.