Share your bank data to help improve future offers and eligibility.

[Kacey13]

Hi Seller Community! We have an exciting announcement.

To help improve future offers and loan eligibility, you are now able to connect your primary business bank account with Plaid to your Square account through your eligibility page so we can learn more about your business. Connecting a bank is optional and it will give Square access to your external bank data so we can use it to improve future loan offers and eligibility. Please note, this will not change your current eligibility status as we need to evaluate the bank data and you must be the business owner to connect a bank account. 

Securely connect your bank in just seconds with the steps below:

1. Go to your Square Dashboard and view your eligibility page. If you have an active loan or completed loan, click Show details to navigate to the eligibility page.
2. On the eligibility page, click Connect a bank 
3. Connect your bank account by selecting your bank and entering the credentials associated with your bank account.

If you’re unable to find your banking institution with the bank selector tool, it currently isn’t supported by Plaid. Unfortunately, not all banks are supported at this time, and you’ll need to link a supported bank. Also you will be unable to link your Square Checking or Savings account as we are requesting only an external bank account be linked to help us learn more about your business.

If you have any other questions, please feel free to contact us directly!

[Minion]

This I think will be extremely helpful to potentially offer more sellers offers, (or higher offers) who process just as much in cash/checks as it does with cards. 

Kudos Square!

[Donnie-M]

@Kacey13 I see this alot now in the finance world.  Lenders can quickly verify real details about the health of a business rather than rely on an application or credit report.  The good thing is, it should improve the loan amounts, repayment terms, and cost of the financing for everyone.  The bad thing is if your business is on shaky ground, it will be more evident than ever before.

Good job on another option for sellers though!