New Square Loan in 2024

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[Stacelyn24 · Accepted solution]

I'm really sorry to hear about your frustration with the loan offers. I understand how important it is to feel valued, especially as a loyal customer. Let me try to address your concerns and provide some clarity.

Loan Offers and Qualification Parameters

Square’s loan offers are based on a variety of factors, and while past trends have shown offers at certain thresholds, the exact parameters can change over time and are not always disclosed in detail. Here are a few points to consider:

• Dynamic Criteria: Square uses a complex set of algorithms that take into account not just the repayment percentage but also your recent sales history, account health, and overall business performance.
• Market Conditions: External market conditions and internal policy changes can also impact when and how loan offers are extended.

Value Beyond Transaction Fees

I understand that a 3% card transaction fee can seem high compared to other providers, but Square offers several features and benefits that help justify this cost:

• Integrated Ecosystem: Square provides a comprehensive suite of tools that work seamlessly together, from point-of-sale systems to online stores, invoicing, and inventory management.
• Ease of Use: The user-friendly interface and intuitive design make managing your business simpler and more efficient, saving you time and reducing the need for extensive training.
• Reliable Support: Square offers robust customer support and resources to help you resolve issues quickly and keep your business running smoothly.
• Secure Transactions: Advanced security measures protect your business and customers from fraud and data breaches.
• Analytics and Reporting: Detailed analytics and reporting tools help you understand your business performance and make informed decisions.

I understand the disappointment regarding the loan offer, please know that Square regularly reviews its criteria and your status. I recommend reaching out to Square’s customer support for a more personalized review of your account and to express your concerns directly.

[TheRealChipA · Accepted solution]

Good news, bad news, eh @cmeshine.  There are a number of reasons that COULD be part of why your new offer was lower.

1. Square might be slowing down on how much loan exposure they want to have on their balance sheet.  They are, after all, a publicly traded company that has to answer to their shareholders and investors.
2. If our sales are flat or at least not growing at a good rate to cover inflation and higher interest, then Square’s algorithm understands that inflation is eating into our available cash to pay bills, etc.  Flat sales (or very slowly growing sales) are always red flags to lenders, Square or not.
3. Sometimes how long it takes us to pay off our current loans can be a factor.  Let’s say that previous loans were paid off with automatic payments in 8-10 months in the past.  But for this current loan it took us 12-15 months.  That tells Square that our card processing volume can’t keep you with higher loan amounts.  Yes, they give us 18 months to fully pay a loan, but they obviously prefer that we pay them off closer to the 12 month mark.
4. If our cash/card ratio drastically changes, and cash spikes or is consistently higher than historical for our business, that is another red flag.  Since Square must only consider card volume when calculating repayment rates this can become a problem.

Of course, I’m not saying that any of these contributed to your lower offer.  I’m just throwing out a few reasons why this CAN happen.

[Twpchair · Accepted solution]

Congratulations! I am sorry it's lower than expected but you are correct about daily swiping vs not. That's one of the metrics. I'm retail furniture and I process daily. If 90.00 or 900.00 a swipe is a swipe and they each add up at the end of the day. Hopefully, the next offer will go up! I don't know if the algorithm picks up how your business processes I hope it will or maybe that's something that should be addressed to square. You are not alone and a big market for venues and events. The same goes for contractors who send out invoices and how fast the customer pays. Congratulations on at least getting one and thanks for the update and details about it.

[Twpchair · Accepted solution]

Hello, I apologize I've tried 3-4 to reply, and the boom screen locks up, then under maintenance. Not a good few days on here! When I get to your percentage especially, if I run a sale Thurs-Sun and do 10% off storewide, I use Facebook and Google for this. They are powered tools and are free. I take loads of pictures and post a few times a day with sneak peeks of new arrivals, older furniture, floor models, etc, with further markdown. Our business neighbors have a doughnut and bakery store. I usually get 20-25.00 worth of baked goods and now I would do hot cider and coffee. They or we give each other deals. I post the events that going on. Coloring contest for the kids, pumpkin coloring contest. A gift certificate live drawing on Saturday. All week prior I posted daily on both and boosted some of the posts for 9.95 for 5 days usually in a 100-mile radius and these women came. Last Saturday we tripled to very close to 4x our busiest day. I spent roughly 60-75.00 dollars. It jumps you up and in sales and this is just imo that boost kicks in something in the algorithm again imo. I went back and looked and 85% of my offers were Saturday night usually 7-10 pm after I updated. Thurs is another day again I have done Monday -Wed early bird specials and it kicks it in. I'm retail furniture and it is a little easier to do sales and deals than other industries. Just don't forget the power of free advertising for myself 95% of my first customers are women and then they bring in their spouses. Good luck, I hope you have received a loan offer by now! Hopefully, all the bugs will be worked out.

[Twpchair · Accepted solution]

Oh, yes! You do not need to meet your 60 days or whatever your minimum payment is. I have many times after I my minimum payment was meet and only paid a couple more days received an offer. After 12 years you kinda pick up the big do’s and don’t. I meet my minimum amount way ahead of time but definitely meet that! If not that means their last offer was too big for you to handle. 2. Try not to do too many, especially in a 4 mth-6 mths span of multiple refunds, and disputes. We have a zero return policy and our furniture already has a warranty and the rest we take care of in house. Those disputes and refunds trigger a person to physically do it and investigate why, who, and what type of thing and then back and forth with card company. The rest are important to stay green but I have been offered loans when one of metrics said needs works. So have many others. But definitely, if you have a slower period or a week or 2 of cash and checks. Just watch one or two big transitions will eat that up. I'm retail furniture so I see a week of cash or checks and then boom all cards. Keep swiping away what line of business are you in? Whenever I run a good 3-day sale on Thurs -Sat. And if I am around 70%ish. Usually, Saturday night it triggers an offer. Just lucky, coincidence? I don't know 100% not with an algorithm but I can pay down over 20% of a loan in 3 days it's triggering something to look at. I have done it before at 13% of my loan paid off and nope not happening. But in the 70s I have had it more often than not. But, like I said it is not a guarantee and honestly nothing is without a human connection. All POS systems use an algorithm type system that picks off or triggers something to look at it. 

[Lynix123 · Accepted solution]

Thank you for being here and answering everybody’s question. 
We got an offer at 95% yesterday but it’s only 20%of my current loan. Do you know anybody did not accepted loan and got another loan offer. How long it takes to update to another offer. 
It’s our busiest season. I generate $5-10k everyday till Christmas. I hoping that will trigger bigger loan if I wait. Thank you again 

[PFS36]

It's been quiet here lately.  Either everyone has gotten a loan, or they're making so much money that they aren't concerned with it. I hope it's both!!

[Toripori]

Neither! Still waiting and as the UK is finally having something that resembles a summer it’s got very quiet! No offer, can’t check metrics, feeling completely in the dark and like I’m being stringed along with the vague promise of keep processing to qualify. I’m already up on last year, and hugely from when I received my first loan, always met my 60 day minimum payment within 10 days. Not sure who else in the uk offers loans like square do or else I’d leave!

[Twpchair]

It has been quite this week. I know we've been extremely busy this week and weekend with the holiday and Amish Festival going on. It's been crazy. Hopefully,  people are just busy! Also, not everyone posted that they received one. Just pop on to see where or what is going on with others. It would be nice to just let others know.

[Bonzy2010]

personally just nothing to update really, percentage paid going up by the day and same ole nothing happens with the offer side that's all

[Twpchair]

I see scrolling down, and it's been a slow week for at least the ones that report here. I'm hoping this holiday weekend kicks in sales and offers! Good luck to you and everyone waiting!

[Twpchair]

Me too! 

[Paulynne]

Nothing to report here either. 

[PFS36]

Same. I guess we'll wait until next year. 

[Twpchair]

I saw one and another one but am having issues. Hopefully, they get that worked out quickly, but definitely a slow week. Hopefully,  the holiday weekend and increased sales will kick off a big week of loans! Are you paid off yet, or are you getting real close? I know you were plugging away at your percentage. This week has been really busy, but almost all cash or checks. We had a huge storm go through, and last I checked, right after the storm, like 255k without power. We were lucky 4/5 hrs. The rest are looking at Sunday and Monday!!! It's not good on a holiday weekend.  We have power here and the store.  1 mile down the road, the rest of town is just dark. The restaurants and party stores have lost so much money in food it's crazy. One lady came in yesterday small diner and roughly said easily 55k plus to throw away and lose all the weekend business. She has insurance, of course, but doesn't replace the business she will lose. Like our restaurants need another blow. She uses Square as well. Good luck and something gotta shake here soon!

[brown17]

Misding my loan dasboard all of a sudden. Anyone know why?   

[Twpchair]

Not sure if it's an update but you're not the first. The next day all back and green.  Hopefully,  that's it. If not with being close to the holiday I would try to call if not I'm not sure of hours until Tuesday. 

[brown17]

 If you can share with community I do not know how to post my own post, just able to reply.   My Dashboard dissapeared about 45 min ago.    I Then received a new loan offer. 59% paid off on previous loan.   My sales have doubled over the past month and I take a mix of cash, checks and credit.    Please no one come for me! I have never received a new loan offer this early.    lowest percent paid was 62% and that was 2 years ago.    The loan was more than my last.    I have encountered a 6 month no loan offer period before in the past (many years ago).   I truely stand by my statement that I always post.   DO NOT go by others expierences.   Every business is unique in their own way.   I also had "needs work" on my processing dollar amount.   I am shocked and relieved at the same time.  This could not have come at a better time.   First time in 13 years of business I am struggling and it is due to the state of our economy.    I pray everyone get's an offer.     

[photoguy2019]

Congrats!! This is exciting! I am at 60% and i usually get them every 6 months.. and my last 4 have been 70%,62%,60%, and 65%. I have a busy weekend coming up so i am expecting for those sales to push out that offer if it doesn’t come in today or Tomorrow 🙂

[Twpchair]

Let's get this going! Ain't no stopping now! It's been slow for too long! We need this page to light up!

[Tyconcrete]

I hope so had a good wensday Thursday and Friday iam hopefully that we  will be busy tonight and tomorrow 🙏 😊. But I parking every one gets one this weekend. Enjoy your weekend every one. 

[Twpchair]

Same to you and everyone! Have a great weekend and kick some butt in sales!

[Paulynne]

That’s a miracle! Nobody will come for you. It’s more inspiring than anything else. 

[Twpchair]

Ughhhhh,  it is and I want to see this all day everyday! We have so many with equipment down, inventory running low and they need it so bad! Wishing you and everyone waiting for an offer soon!

[PFS36]

Almost 6pm cst and dashboard still hasn't updated.  That's odd.

[Healthyketo]

Mine updated earlier than normal today and I was trying to check it a while ago and the loans section was gone.🤔 

[PFS36]

Oh wow! They are definitely making changes.