Solved: Connect Bank for Loan

SS3 · ‎08-17-2023

Hello,

As I was looking at my new loan offer, I saw (for first time) a tab that says Connect A Bank. It says to connect your business bank account to help Square learn more about your business. No more info or explanation. What exactly does this mean?

Is someone from Square going to be watching my account activity?

Can someone please give more info about what this means, the reasoning behind it, how it works, implications, etc. I couldn't find any info.

Thank you!

Michelle

Kacey13 · ‎08-22-2023

Hi @SS3,

Thanks for your post!

Take a look at our announcement for more information regarding connecting a bank account.

https://www.sellercommunity.com/t5/Square-Loans-Discussion/Share-your-bank-data-to-help-improve-futu...

Hope that helps, please feel free to reach out to us directly if you have any other questions!

Kacey
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

View Best Answer >

Minion · ‎08-18-2023

Hi @SS3

I wasn't aware of this until I checked out that section of my account. I'm guessing its a new feature ( which for funding purposes a normal feature to have for working Capital) Companies like Amex Blueprint (previously Kabbage ) have been using a feature like this for years.

By connecting your bank it will give Square ( probably not a person, but computer based algorithm) I'm assuming a better look at your overall account and potentially offer higher loan amounts based on your connected accounts.

This can help improve offers for business who accept cash or checks that are not processed through Square , but are still being deposited into a business bank account.

Again, I don't have any concrete info on this, I'm just assuming this is how it will be used.

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.

SS3 · ‎08-19-2023

I appreciate your thoughts and input, Dan.

Will anyone from Square come in with info?

Minion · ‎08-20-2023

I'll see if i can dig around and find anymore info on this or if they can confirm it!

Edit. I did just do a quick google search, and this is/was in beta and the option allows square to better provide offers for their customers of any size.

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.

Minion · ‎08-21-2023

I just wanted to drop back in with the announcement from Square here @SS3 . If you have any further questions with maybe how they will use the data collected, that thread would be your best bet to post in. Hope this helps.

Cheers

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.

SS3 · ‎08-21-2023

Thanks again! Appreciate the info and resources.

Kacey13 · ‎08-22-2023

Hi @SS3,

Thanks for your post!

Take a look at our announcement for more information regarding connecting a bank account.

https://www.sellercommunity.com/t5/Square-Loans-Discussion/Share-your-bank-data-to-help-improve-futu...

Hope that helps, please feel free to reach out to us directly if you have any other questions!

Kacey
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Kacee_l15 · ‎12-07-2023

How do we remove the account if we link it, and later need to change banking institutions?

Ccsla818 · ‎01-22-2024

That was my question I was trying to find an answer for you ever find out?

Kacee_l15 · ‎01-22-2024

Yes-you have to contact Plaid Inc and request your info to be removed. It was a simple process. Very self explanatory on Plaid website.