Square has found traction among SMBs through its payment processing offerings, and now it is expanding its list of services to include loans.

Called Square Capital, the program aims to provide promising Square Register-using businesses with access to a quick cash infusion.

Though there’s no application process and funds are usually deposited the next business day, eligibility for Square Capital is determined by the business’s history with Square, along with transaction volume.

Square will take a set percentage cut of card transactions, and while the company expects loans to be repaid in 10 months, there is no set deadline for repayment.

Square Capital appears to be the right fit for businesses in need of funds for purchasing crucial equipment, advertising, or expanding their staff, which will have an immediate positive impact, but can’t secure a loan from traditional banks and financial institutions.

Square was testing its Capital program earlier this year, but the official launch signifies that small businesses have met this with a warm reception.

85 percent of 1000 businesses using Square Capital responded in a survey that they were “extremely likely” to recommend it.

Square isn’t the only game in town when it comes to capital loans. PayPal’s Working Capital offers SMBs something very similar, while Kabbage has seen success with its own capital loan services.

It appears that both Square and PayPal are diversifying their offerings to both merchants and consumers.

While the fight for payment processing is still raging, the sheer number of competitors in this space means that payments companies must find new opportunities to make themselves essential to the success of their SMB customers.