Square is launching Square Installments, a new payment method merchants can offer customers to pay for a large purchase by splitting it into fixed monthly payments, according to a press release.

The company said the product offering is another way Square is expanding access to financial services for businesses and individuals.

"We're focused on removing the complexity associated with financial products, enabling more businesses to access incredible tools that can help them grow," Jacqueline Reses, head of Square Capital, said in the release. "Square Installments delivers simple and quick financing to customers seeking greater flexibility as they make purchasing decisions."

Customers can apply for Square Installments through a brief online application and get a decision in real-time. If approved, customers will see the option to pay over three, six or 12 months, with the total cost clearly spelled out upfront, according to the release. 

Square Installments is currently available to customers at participating Square sellers in 22 states for qualifying purchases between $250 and $10,000.