Loan eligibility processing volume down?

[jgmotz40]

Looking for some info if this is an error or not.

On my dashboard under square loans eligibility factors. The first factor is processing volume.

Right now mine says past month $17,800 and average month $5,800.

This section is orange and says my volume took a dip over the last month and needs work.

How is there a dip when I almost tripled my average month in the last month?

Is this an error in the eligibility factors?

Any advice or experiences with this?

Thank you

[playday]

Having the same issue, my sales are 6x average month and up almost 3x vs October.

[jgmotz40]

I tried contacting support to ask about it but they say I need to talk to Loan support. They are only in mon-fri. Guess I will have to wait to get an answer.

Do you think this is an error, or just how it gets calculated?

[Sammie_C · Accepted solution]

Hi @jgmotz40!

Thank you so much for your post!

We appreciate you reaching out to us about this issue. Our engineers are aware of this particular eligibility page issue and are working on a fix. Thank you so much for your patience and we will followup once the issue has been resolved. 

Let us know if you have any other questions in the meantime!

[jgmotz40]

Hello, Thank you for the information. I did contact the loan team about this issue and the person I spoke with advised me that this is just the way it reads your numbers there is no issue.

Now that it is Dec. 1st the two large sales that I had on Nov. 1st have dropped out of my monthly sales volume and now it reads as needs work because my current months sales are truly under my average. Also as of Dec. 1st the processing frequency says needs work also because it is reading by the week when that section was always read by the month.

So all that taken into account, I feel I should have received a loan offer sometime in the month of Nov. But didn't because of an error on my monthly processing volume.

So did I miss that opportunity in Nov.??

Waiting on an answer please and thank you.

[MzMztysPCS]

I'm having the same issue my first loan is 100% paid in full and my business could really use the second one to be able to market my business and pay for advertising to help it continue to grow. But the payment processing volume says it needs some work and that I'm not eligible for another loan right now. I have been accepting payments that's how I was able to make sure my loan was paid off before I even had a payment due. How can I the ave a low payment volume of my loan was paid off really quick 

[Twpchair]

Whatever you are using to process cards are you running the current or most up to date app or version? I always hit all upgrades or updates. I don't know but a couple of other people said they hadn't updated the last couple of them and their metrics were all off. They updated and said it kicked in and was more accurate. I do not know honestly if that is even an issue for caused issues I'm not a tech person at all just passing the information they were saying. Worth a shot? There has been bugs with it and they send out emails and text messages I get them all the time and they update when fixed. I haven't had one in couple of weeks. Good luck and loans have been trending a higher % paid off or completely paid off. They are still doing them daily unfortunately, not everyone post here. Good luck and hopefully it will come soon! 

[sawmtrspt]

Im in the same boat as you... out of the blue my volume shows that I "took a dip" while my actual amount is much higher than my average 

[SPPhotography1]

Same issue as everyone else is having. Our “processing volume” is up over $2,000 from what is normally is over the last month and our daily card sales are up as well. It makes absolutely no sense what is going on with Square lately, but things are certainly different. As a small business, we’ve been with Square for close to 10 years and we’ve had 7 loans now. We’ve never had any issues until this year receiving a new loan offer. All of our metrics that they measure you on have been green for years until this processing volume nonsense over the last 3 weeks. It’s very frustrating and upsetting because just as other appear to be, we are having a record year in sales and new customers. 

[sayra]

Hello, @SPPhotography1. 

Thank you for bringing this matter to our attention. To address your concern, we recommend reaching out to our Support Team directly. By contacting our dedicated Square Financial Services Team, you'll receive personalized assistance to delve deeper into this issue.

Please feel free to give us a call. Square Financial Services is available 7am-5pm PST Monday to Friday. Our team is ready to assist you and provide the necessary insights into your specific situation as we are not seeing this issue on our end as ongoing anymore. 

We appreciate your understanding and cooperation.

[SPPhotography1]

I’ve made that call 3 separate times over the last month and was on hold for at least 20 minutes each time, just to be transferred to multiple people and to have nothing done in the end.

[jgmotz40]

Well it seems like I'm not the only one having this issue.

So far I have called Square 4 times about this trying to get a correct answer. I have been told it is an issue and our engineers are working on it and also it is mot an issue and that is how it is.

Two days ago I spoke with a person in the Loan Dept. She told me that their "computer" looks at the monthly sales volume vs the average but also the daily sales volume vs a daily average.

To this I asked why when I look at my monthly sales number given by square compared to a monthly average number also given by square would it show needs work and a dip? She said because of the daily. When was there a daily sales average? You can't even look at a daily sales/average under processing volume. It shows monthly and yearly. You have to calculate this yourself.

She then proceeded to tell me that the eligibility points given on the dashboard are just guidelines.

If that is true then why do they say that their "computer" uses these for loan eligibility??

I finally asked if my processing volume being orange and showing needs work hurts my chances of a loan offer, her reply was it can hurt but not necessarily stop a loan offer. What happened to guideline?

She also mentioned that we paid off our last loan with a payment that we made. It was $6 to close the loan, she said not to do that.

$6 ?? Really? Who wouldnt just pay the $6 and finish off a $5000 loan which was only 3 months old.

I don't know, I feel like square just does what they want to do without looking at the big picture. We have had many loans thru Square, never missed a payment and have always paid off the loan very early.

Let's look at a 6 month sales or a yearly sales number vs the same previously, look at charge backs and issues, look at projected growth and then decide on loans. 

Not a daily sales number or a weekly number.

Just my opinion.

Thanks

[Nestmoderngoods]

Has your volume been fixed? We are having the same exact issue and are still considered up from previous months. Sooooo frustrating and Square is not answering any of the questions.

[Paulynne]

Same for me. It is showing my processing volume decreased down to 10k, but when I pulled my report just now, my processing volume for the same time period they pulled was at 13k. My loan status says “needs work” with processing volume. 

[maryanngregg]

I just got the same thing and it’s 💯 not true. Not very happy

[Nestmoderngoods]

Have you guys gotten a resolution to this yet? I am having the same exact issue and it's becoming extremely frustrating. Considering switching to Shopify because customer service has been 0 help with this issue. We are 75% paid on our loan and our processing volume is reporting "down" when it is indeed not down. 

Soooo irritating. 

[maryanngregg]

Hi! 
I hope so. It took 4 emails on my part to a Square employee who sent very impersonal, computer generated like replies, not even understanding I wasn’t asking for a loan, but requesting they fix the need to improve section, as my processing was more than ever when they said it wasn’t. It went back to all green, after about a week of emails. I finally told the guy, I came here, to you all, to get answers Square should have helped me with.

This last year is the only year I have ever had issues with Square. Not one charge back in 9 years of using them and 12 loans. 
Squares fees are the highest out there, but the loans are fast, easy and have grown my business, but the generic responses from people who claim to work with Square, make me skeptical of continuing with them. 
Did you get the issue fixed?? I sure hope so.  I’m ready to expand again, so I’m giving it a week.

Good luck to you and please let us know!!