The specs
Square CapitalClover Capital
Product typeMCAMCA
Amount range$300 – $250K$500 – $1M (varies by Clover volume)
Cost (factor / APR)Single fixed fee (10 – 16% of loan amount); no APR / no compoundingSingle fixed fee (factor 1.12 – 1.30 typical); no APR / no compounding
Speed to fundAs soon as next business day1 – 2 business days after acceptance
Min time in business12 months6 months
Min monthly revenue$10,000+ in Square card sales typical floor~$5,000+ in Clover card sales typical floor
Min credit scoreNo FICO pull — underwrites entirely against Square sales historyNo FICO pull — underwrites against Clover POS history
Products
- Embedded seller working capital (Square sellers only)
- Embedded working capital (Clover merchants only)
Verdicts by use case
- Restaurant on Square POS / Square for Restaurants — Winner: Square Capital. Square Capital surfaces directly in the Square dashboard with a single fixed fee (10 – 16% of advance, no APR, no compounding) and no FICO pull. Square originates directly — one underwriting standard, one repayment structure, one customer-service workflow. For Square-native restaurants the single-fee structure is genuinely the most merchant-transparent pricing in the industry as of 2026-06-28.
- Restaurant on Clover POS / Fiserv merchant processing — Winner: Clover Capital. Clover Capital surfaces in the Clover dashboard for Fiserv-processing restaurants. Clover hardware (mini, station, flex) is widely deployed across QSR, casual dining, and counter-service. If the restaurant is locked into Clover hardware + Fiserv merchant services, Clover Capital is the embedded path; switching to Square just to access Square Capital is rarely worth the operational disruption.
- Most transparent up-front cost disclosure — Winner: Square Capital. Square Capital publishes a single fixed-fee structure — no APR, no compounding, no partner-network variance. The cost is one number disclosed up front, deducted as a fixed % of daily Square sales until the fee is fully repaid. Clover Capital routes through a partner-lender network — actual terms depend on which capital partner Clover assigns you (factor 1.12 – 1.30 typical, but routing isn't publicly disclosed). Square's single-originator structure is materially more transparent than Clover's partner-network structure.
- Fastest funding into operating account — Winner: Square Capital. Square Capital funds as soon as next business day after acceptance into the linked Square business bank account — the offer is already pre-qualified in the dashboard, no document submission required. Clover Capital takes 1 – 2 business days after acceptance. For Square-active restaurants with an existing Square Capital offer the funding timeline is faster end-to-end.
- Lowest published floor factor for A-paper restaurants — Winner: Clover Capital. Clover Capital's published partner-network band starts at 1.12; Square Capital's single-fee structure expressed as an equivalent factor is typically 1.10 – 1.16. The Square floor is competitive; Clover's best partner offers can come in slightly below Square's worst-case (1.12 vs 1.16). For A-paper Clover files who receive the cheapest partner routing, Clover wins by a narrow margin on floor pricing; on predictability and worst-case scenario Square wins decisively.
The honest takeaway
Square Capital and Clover Capital solve overlapping but distinct problems. The right choice depends on three things you already know about your business: how fast you need the money, how long you've been operating, and whether the capital need is one-time or recurring.
Frequently asked questions
- Should a restaurant switch from Clover to Square just to access Square Capital?
- Almost never — the math rarely justifies it for one capital event. POS migration costs typically run $1.5K – $8K in new hardware (Square Stand, Square Terminal, Square Register, kitchen ticket printer) plus $500 – $3K in setup (menu programming, employee training, integration with payroll / scheduling / accounting) plus 1 – 3 weeks of operational disruption. Total switching cost: $3K – $15K plus opportunity cost. The capital cost differential between Square Capital and Clover Capital on the same $30K advance is typically $300 – $1,500 (1 – 5 points of factor) — far below the switching cost. Switch POS only if there are independent operational reasons (Clover hardware end-of-life, switching to Square's broader ecosystem of payroll / appointments / loyalty, multi-location consolidation on Square) — and access the capital from whichever POS you end up on. If POS migration isn't justified, Clover-native restaurants who want Square-Capital-like single-fee transparency should compare Clover Capital partner offers in writing and reject partner offers above 1.20 on A-paper files in favor of Credibly or Greenbox MCA at processor-agnostic pricing.
- Which is cheaper on a $20K, 9-month payback for an A-paper restaurant?
- Square Capital at 12% fee on $20K = $2,400 total cost (one fixed number, no APR, deducted as fixed % of daily Square sales until fully repaid). Clover Capital partner-routed pricing varies — typical band 1.15 – 1.25 on the same deal — so Clover lands $3,000 – $5,000 total cost on the same $20K advance. Square wins decisively on headline cost AND structural transparency for this profile. The 2026-06-28 buying playbook: Square Capital is the cheapest embedded restaurant capital product on A-paper files when available. Clover Capital is structurally similar but the partner-network variance means actual cost is unpredictable until written offer is in hand. Always request the Clover offer in writing with effective APR, total cost, and partner-lender identity disclosed. Reject partner offers above 1.20 on A-paper files in favor of Greenbox MCA (1.18 – 1.30 published) or Forward Financing MCA (1.18 – 1.45 published) at processor-agnostic pricing.
- What's the actual approval rate difference between Square Capital and Clover Capital?
- Both products are invitation-only — Square's algorithm and Clover's partner-network underwriting decide which sellers see offers in their dashboards based on processing history, transaction patterns, and account standing. You can't apply or accelerate eligibility on either platform. Approval rate differences are hard to measure precisely because each product surfaces offers selectively rather than running merchant applications through a yes/no decision. Square's invitation rate appears materially higher for established Square-processing restaurants (12+ months of Square sales, consistent transaction patterns) — Square's underwriting model is more mature than Clover's partner-network coordination. Clover's partner-network introduces variance — different partners have different underwriting criteria, so a restaurant declined by one Clover partner may be offered by another. The 2026-06-28 playbook for restaurants not seeing offers from either: (1) Grow processing volume consistently for 6 – 12 months on your POS. (2) Layer in a Bluevine business LOC if qualified (12+ months TIB, $10K+/mo, 625+ FICO) for non-embedded revolving capital. (3) Use Credibly or Greenbox MCA for processor-agnostic working capital that doesn't depend on Square or Clover invitation.