Twitter co-founder Jack Dorsey is going from micro-blogging to micro-banking.
Dorsey's startup Square, which processes payments for businesses, is launching a cash-advance program for merchants called Square Capital.
Business owners will pay Square a cut of future sales, plus a fee, in exchange for a lump sum up front. The program is geared toward merchants who either can't get a bank loan or can't get one fast enough.
The move is part of Dorsey's effort to grow the company's payments processing service, Square Register, which acts as an electronic cash register and bookkeeper.
Businesses that sign up for the service share their sales data with Square, which can analyze how long it will likely take them to repay the lump sum, plus a fee.
Most of the cash advances will amount to less than $10,000 a pop and come with a fee of between 10 percent and 14 percent. Square estimates most of its cash advances will be repaid within 10 months, but there's no set deadline.
Square has already advanced tens of millions of dollars to thousands of merchants since launching a pilot program last year. Dorsey told The Post that the goal is to advance "hundreds of millions as quickly as we can."
New York's Cafe Grumpy opened its sixth location in Grand Central Station in May thanks to funding from Square Capital, said owner Caroline Bell.
"I don't think we would have been able to open without it, or it would have taken a lot longer," Bell said.
Square has been branching out as losses mount in its core card-reader business. The Square Reader attaches to an iPhone and is used to process payments at more than 30,000 retail locations.
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