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.

[Twpchair]

I have heard many fill out the form in the loan section on how we are doing with the smile and frown face. Leave a not-so-happy response and their phone number and someone did call them back so they said. I am not sure if that was luck or exactly what their issue was except for one who was processing some big numbers and no offers in a year after being completely paid off. She wasn't very happy and they called her back and found out there was a hold on the account regarding a high dollar customer. They worked with her for a couple of days and got everything working and the next day she got an offer. I don't think I would leave them a message like JD Wentworth 😆 it's my money and I want it now! But your volume of processing you are right there going off of everyone else posting lately but a handful. It's the one where your loan circle is click on scroll down past all the metrics to the very bottom. I guess it is worth a try you will either see one or not I guess.

[ewing1]

It was the very end of May around 65% I believe. I could of paid up sooner, however I did back off on my processing a bit during the summer months as I was doing large School orders and was paid by check for a couple of these. 

Since end of October I've been processing again like normal. Paying it off fast. 2 weeks ago I hit that 65% mark. Today I'm at 72%. 

[Twpchair]

So, almost or close to 20% in 2 weeks? That is awesome processing first. But I would have thought that amount of processing would have triggered the system? That is why I believe I tend to be a Saturday offer person. I run sales and our busiest days are Thur -Sat. The amounts are doubled to triple say Wednesday and im guessing that is what or why it must trigger the system and generate an offer. I mean now you are right there with everyone but 2 posting the last 3 pages. 1 was 60% something and another just posted 91% everyone else is saying upper 70s -80s range 

[ewing1]

Correct! I would of thought it would of triggered it last night after going up another 5% from the previous couple of days. But I guess not. I wonder has anyone had an offer on one of their "slow days" ? 

[Twpchair]

I have before after 12 years im not just a Saturday person but a lot tend to be. I have on a Monday and Tuesday before. Just like another posted this past week 1 of her metrics needed work but it was for a good mixture of customers' new and returning. The metrics are a good idea and good to know where you stand but it changes from needs work one day to the next depending on your day of processing. The big ones to stay away from are multiple returns and disputes! Because that brings in a human going back and forth with the card company and then banks. Having 1 here or there isn't going to hurt you but more than a few especially disputes can hold you up for a loan regardless of your %

[ewing1]

I'm in retail, so I do have a few returns. However, I don't have any disputes or charge backs and all metrics are good. 

[Twpchair]

Unless you have 3/4 in a week or 2 span and the algorithm goes to pick it off it would catch that. But here there and in between is kinda expected in retail or especially online orders and sizes, descriptions, etc are hard to please people who physically can't see it or try it on. Another guy I believe just posted 86% I believe and offered 11/13 half of the previous offer already close to 30% paid off. 2nd business only uses 2 months out of the year and just received its first offer. Both baffle me. Oh, sorry you still  have to call customer service and when prompted hit technical support issues. 

[ewing1]

How do we get a human to look at our metrics? 

[ewing1]

Sorry 82% mark not 72%. 

[Alexis321]

Same!

[Creldredge]

Thought I'd share with you guys. I was at 86% when I got my offer 11/13 and it was 50% less than my last one. I took it even though I wasn't happy. Since then I've processed enough to be at 28% paid off. The offer came in at about 7pm on a Wednesday. Minutes later my other business that I rarely used was offered a loan for the 1st time. Weird because I only use that account in November and December every year

[Twpchair]

That is strange the 2nd business getting one with only 2 mths of activity on it? And ugh, really 50% less, and in a couple of weeks almost 30% paid off? That's like a payday loan! Hopefully, you will knock it out fast, and the next offer they can or will adjust it higher to account for what you are processing.

[Greatlakes891]

I’m sitting at 83% about to touch 84 this has been the earliest ive updated in awhile. Highest % I’ve had paid before a new one as well. I’m hoping I see one this evening!

[Twpchair]

Any luck yet? It’s been trending higher to completely paid off but in late October and November I’ve noticed more and more upper 70s and 80s popping up. Hopefully, we are getting past that trend and get back to semi normal levels. Good luck and thanks for the update! It does help others who are looking what % everyone is at or around. 

[Alexis321]

I've been sitting at 85%. Waiting with you...

[Jpphoto]

Sitting at 87% and nothing yet... checking daily. So frustrating. This is the LONGEST I have ever had to wait. Typically it's like clock work right at 77%. This will be my 7th loan.

[Twpchair]

That's been the hardest part we've got so used to 70-75% like clockwork for years and this year no! It was trending higher % to paid off. I'm seeing more 80s pop up now though. 

[Twpchair]

Its been trending higher for about a year to paid off. Lately, though 80s are making a comeback. It is slower after a holiday and takes about a week to kick in. Keep processing. 

[FirstLook]

My dashboard eligibility factors haven't updated since December 1st, is everyone's like that currently or just me? Not sure I've ever seen it not update for days, but wasn't sure if it was a system-wide thing going on or not! 

[Jpphoto]

Mine is updating daily at around 11:45 am each day...

[Twpchair]

Mine does to like clockwork between 1-2 pm eastern time. I’m open now until January in Michigan 7 days a week but our winter hours mostly all retail or gift shops close Monday and Tuesday. Depending on the weather for the winter we close 1 day but bad winters we have 2 days a week and yes my metrics dip and 1-2 days later back up again.