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Suggestion: Stickied Capital f.a.q.
So many people ask about getting repeat capital loans, and ask the same questions so often, perhaps there should be a stickied post or redirect to address them.
Something similar to what was done a little while ago for Square Cash might do the job.
Though, to be effective the post would need to be more impactful and confident in its statements than a generic “just keep processing”. List some specific things that look good, and explain that you can’t give specific benchmarks because those are continually changing based on market conditions and other factors.
Or perhaps just rewording the existing Capital f.a.q. to be more confident and clear would suffice, then when someone comes asking we can just link to it.
An explicit statement explaining that Capital loans are only offered at Square’s discretion, and repeat loans should not be relied upon or expected, would go far.
It might result in better goodwill amongst customers. The current method of addressing such questions seems to be causing a fair amount of frustration, even hostility.
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@DaoDeJing, thank you for this post. This is something we've been working on and thinking a lot about as well, but it's really helpful for me to hear from you about what specific things you'd like to see covered.
Today we updated the description of the Square Capital board to try to give more clarity on how to use the Capital board, and what types of posts are appropriate. As we come up with a new FAQ post, I'll keep in mind your points, especially around a super clear statement about eligibility and expectations for additional offers. I agree that some clearer information on the topic would probably reduce some of the friction we've been seeing on these posts.
In the meantime, there are a few things that are in existence today that could be helpful to link to:
- Tips for Small Business Financing: How to Get Noticed by Square Capital - a blog post about how to get noticed
- All About Square Capital - this was created using a lot of common questions our Square Capital specialists field
- Get Started With Square Capital - technical instructions in the Support Center
- Have you been declined for a loan through Square Capital? - another Support Center article about declined offers - info in this article is fairly vague, but since reasons for declines are account-specific, it's difficult to address these issues publicly
Thank you again for bringing this up, @DaoDeJing. I'm excited to get some better resources out in the community soon and will make sure to send them to you so you see when they're ready. 👍