Square has officially announced a new cash advance program

Payments company Square officially announced a cash advance program Wednesday that could help its existing merchants, and its own company, increase the money they make. The program, called Square Capital, lets merchants borrow a lump sum from Square and pay it back through a set percentage of their sales over time. Unlike a loan from a bank, the money has no interest fee or set payment schedule. Square is only offering the program to select merchants, based on their sales history and other financial information.