[Resolved] Square Loans Payment Reporting

[Regina_B]

We’re investigating an issue related to Square Loans payment reporting that has been impacting some sellers with loans through Square Loans who use our Business Banking card. 

For affected sellers, loan payments made through daily card sales are being displayed in their Square Loans Dashboards as a single "Pending Square Loans Payment." We can confirm that this is solely a reporting issue and that loan payments made through sellers’ daily card sales are being applied to their loan balances as usual. 

Our engineering team is working to resolve the issue and we will post updates here as soon as additional updates are available. There’s no action needed on your part at this time. We understand that this is not ideal and we apologize for any inconvenience. 

This does not impact the Square Loans repayment rate, which will continue to be applied to your daily card sales until your loan is paid in full.

[fluffycuts]

Since 5/29 my capital payment is just pending in grey the money is coming out daily as it should but it is just totaling up and is pending per grayed out under the capital loan tab. not being applied to the loan just sitting there. any ideas?

[TakeNBakePizza]

@katieand 

I am also having this issue and I am concerned since "daily payments" is part of the possible qualifications for renewals.

[AWaller14]

I’m also having this issue. Any resolutions yet? 

[TakeNBakePizza]

@AWaller14 

I got an email from the Capital department and they said the techs are aware of the issue and are trying to fix it and that is only on the reporting side on our end - the payments are still being credited daily.

[piratetaxi]

Last daily payment processed was on the 27th of May. Since then the amount pending has increased with each sale but it still remains in pending status. Will it be resolved soon?

[Katiegironda]

Following as I am experiencing the same thing. 

My pending payment increases everyday and it now at $1500. 

My manual payments went through fine.

[sweetcacao]

I am having the same issue.  Payment shows pending since May 28. 

[Regina_B]

Hey @piratetaxi  @sweetcacao and @Katiegironda ! Our engineers are aware of this issue that, in some instances, the Loans Dashboard is not updating your most recent payments for reporting purposes and are working to resolve it. I can confirm this is strictly tied to reporting and that your loan repayment is still being applied to sales. To view a detailed breakdown of your loan payments, you can go to the Deposits tab on your Square Dashboard.

If you have any additional questions, please let me know. Thanks for your patience on this!

[Katiegironda]

Thank you for letting me know! 

[piratetaxi]

It's been almost 4 weeks... Will the pending status effect the possibility of getting a new loan offer? 

[Katiegironda]

No. Mine says pending at $3000 and I just got a new loan offer today at 84% paid off. 

[wapteach]

Hi! I paid my 2nd loan in full 2 weeks ago and have increased sales and new clients. Any tips from those who have gotten new loans? I am hoping for one this week. Thanks!

[Katiegironda]

Just to be patient. I checked it like 10 times a day.

I am not accepting this offer because it’s half of what I got last time. Our sales have been down in preparation for an annual sale we have 3x a year that takes in 50grand in 48 hours so hopefully they offer more afterwards. 

[piratetaxi]

Yeah we are 86% and I'm right there with you on checking it constantly. We are looking at expanding a little as soon as possible because it's tourist season. Any day now, hopefully...

[browsbyandrea]

As of May 27th my Capital payments aren’t being automatically taken out of my deposit account or sales. When I go to my dashboard it lists every transaction until that day. There is a gray colored transaction at the top of the list of blue previous deductions that says “now” for the date and has a large amount that doesn’t coincide with my minimum due (which isn’t due until July 31st) or my balance. Im assuming it’s what they were supposed to have removed in the time that nothing has been removed, but why the bulk sum? I’m at 48% complete on the loan and I enjoy the opportunities the Capital loan program has given my business so I would like to keep up to date so I can be eligible in the future. 

[ashc]

Hi @browsbyandrea!
 

We actually don't have access to account specifics from our online forums but have you tried to reach out to Capital directly via email or by calling us? 

[browsbyandrea]

I haven’t, this was my first step here. I will go ahead and email them directly. 

[ashc]

@browsbyandrea Ah okay! Yeah that would be best so they can take a closer look here. 

[browsbyandrea]

@ashc Has anyone else been experiencing this problem? I’m wondering if it’s connected to the fact that I’ve gotten the square card so things are a little different there? Like is the pending payment a sort of escrow account that they’re all going into until I deposit?

[ashc]

@browsbyandrea I wish I even had the answer to that but we just don't have the insight into Capital here. Anything specific like that would have to be answered by them directly.