The expectation is that sellers will pay back Square within ten months, though there is no deadline. There is no application process either and the money is advanced as soon as the next business day.

The service comes at a cost: Merchants will pay a premium ranging from 10% to 14% on top of the advance. That means a a small business might pay $1,000 for a $10,000 advance.

Those are pretty good offers. When they say "qualified", they are most likely referring to top tier merchants. those merchant could easily go to On Deck or AMI for more money though for an ACH deal