Payment system provider Square Inc. has launched a new program to help businesses get quick access to funds.

The San Francisco-based company said with Square Capital,there is no application process, and businesses get their money as soon as the next business day.

The first step to becoming eligible for Square Capital is to download Square Register for either iOS or Android and start running a business using Square's payment system, according to the company. Sellers actively running their business with Square may be able to participate in Square Capital based on their processing volume and history with Square.

Businesses automatically pay Square a set percentage of daily card sales, so they pay more when sales are strong and less if things slow down, the company said. They will sell a specific amount of their future card sales to Square and in return the seller will receive a lump sum payment.

Square said it creates unique offers for businesses with the expectation that sellers will complete their advance in approximately 10 months, although there is no set time frame.

The cost to the seller never changes, regardless of how long it takes to pay Square, according to the company.

During a pilot program before the official launch, thousands of sellers used Square Capital to buy equipment and inventory, hire more employees, and add new stores, the company said.

In March, the $58 billion Navy Federal Credit Union in Vienna, Va., announced a partnership with Square so that its small business members can accept credit card payments through the company.