Is Plaid inclusive for all users?

[Mansellmc]

 “Help us unlock great offers”

If your bank does not allow 3rd parties to connect to your account, how is this fair to everyone? It’s not. 
I process a lot using cards, but what about all of the cash and checks I process? I do not use Square to record all of my transactions because I have a software that is specific for my profession. I handle appointments, prices and payments in a different way than what Square offers. It’s more suitable for me. I only use Square for processing cards. 
But they offer using Plaid to connect to your bank account for a more clear view of your deposit activity, revenue over all. My bank will not allow connection using Plaid. I remember a few years ago I had uploaded my bank statements to Square for a more broad look at my account. I was offered more on my loan. This was before Plaid was created. Now Square will not do that. The only way to “help” them with better offers for you is connecting thru Plaid and if your bank does not allow this it’s just too bad. On a small level, it’s a bit discriminatory. Everyone should have the same opportunity whether they can use Plaid or not. I love using Square. I use them for processing, loans and payroll.  But the loan eligibility guidelines need to be reassessed at the next roundtable meeting.  Including the part about “we do not know when you will be eligible”. Apparently some algorithm, AI, is in control of deciding whether or not you are worthy of a loan. When you have straight up excellent marks, they should be able to give you more clear expected offers. IMO 

 

The title of this thread has been edited from the original by a Community Moderator to help with searching threads. 

[Candlestore]

@Mansellmc;

I am with you on not using Square Banking because no checks can be written and can not deposit cash locally.  

Now to answer this Question "If your bank does not allow 3rd parties to connect to your account, how is this fair to everyone?"

What about CostCo charging a yearly membership fee, this is a form of Discrimination too, you MUST be a member to enter.  Same with Square Loans, you need to be a Member of Plaid for this.  I do mostly CC transactions through Square so I usually get loan offers that are updated weekly.  Oh and my bank does not connect to Square or Plaid.  My Square deposits are placed into my bank nightly by electronic transfers and show in my bank as a deposit only.  

Just like us business owners we can charge a Membership fee or give out Loyalty points to regulars, but then with these lower prices to certain customers is that a form of discrimination against people that do not frequent our establishment as much??  Its Square way of rewarding their customers for being with Plaid.  You can still get loans if your not with Plaid banking as I do.

[Mansellmc]

It's not about me being a member of Plaid. It's simply about that my bank will not connect with Plaid. There is no way to login thru Plaid to my bank because of a customer ID is also required to login to my bank account.  Why would I need to me a member of something I don't use unless I am be made to directly use it? Being a member of Costco is a choice, I have no choice in how I can or cannot login into my bank. 

[Candlestore]

@Mansellmc ;

If you read my full response you would have read that "Oh and my bank does not connect to Square or Plaid."

I have Square setup to do nightly deposits to my bank.  Square is able to deposit and withdraw from my account, is that what Plaid is?  I do not know as I never signed up for Plaid, but Square verified my bank by doing a very small deposit and then the same amount as a withdrawal to verify my account.  Once this was done I was able to get a Square Loan.  This could be something new because of all the scams by people wanting a Square Loan then disappearing causing defaults on loans to Square.  So now the honest businesses are getting caught in the crossfire of Square protecting its revenue from scammers like we try to do as Business owners.  Again I have not signed up for or use Plaid and I still get offers for Square Loans but they may not be as High or as often as if I were with Plaid, but these do not bother me.  If you are looking for a Square loan all I can say is sell more products or services and take CC only to increase your CC sales which is one thing Square uses to give out loans.  

So since I never signed up with Plaid, maybe you do not need to but to get Loan offers easier from Square or at lower CC sales volume, the Plaid is a way to do this.  

[Mansellmc]

I’ve had Square loans going on 12 years. I always get approved in some degree. The Plaid is a 3rd party verification company. It’s not needed to acquire a loan. Square already has my banking info needed for deposits and withdrawals. I even use Square payroll and savings. My business bank does not allow Plaid to access my account. If I were able to do so, Square could see more in depth to my bank processing as far as total deposits from all sources. Checks, cash, etc., which would lead to better offers for loans. They are not offering a way for all merchants to have the chance of better loan offers by not offering alternatives to Plaid. That is what’s not fair. IMO