Super Upsetting about Capital

hardcoresweetct · ‎05-04-2018

I was offered our 6th or 7th loan- and I know that things have changed- last time we were offered a loan- we were denied- then when it was paid off, after a month or so- we were approved a loan after confirming our account.

So now after 2 days of waiting we were denied because [Personal Information Redacted]. That has always been there- so what is the sudden change? I totally understand this is not something anyone is entitled too- however, it is very disheartening considering we are about to move and needed the funding- we felt like it came in at the most perfect time.

I know if I even try to call I will not get anywhere just curious if this has happened to anyone.
I will probably be looking into paypal, again I am so grateful for Square, but I feel like after paying backj that many loans in less then 3 years with no issues , seems a little unfair.

katieand · ‎05-04-2018

Hi @hardcoresweetct - So sorry to hear about this experience. I know it's hard to go through this, especially after the excitement about receiving the initial offer.

I've passed this feedback on to our Capital team. However, since this is a public forum, we can't get into account specifics here. We want to make sure your information is kept private. I recommend that you email our team if you want to learn more about your account specifically.

Thank you again for sharing your experience with other sellers. The Seller Community is here for you all to connect and help one another.

AlanMendelson · ‎05-05-2018

@katieand is there an actual email address where business owners can send a query and get a specific response? I don't mean another form letter, but a specific response about loans, denials of loans, and when they will be reconsidered? Specifics and not just "keep processing"?

katieand · ‎05-07-2018

Hi @AlanMendelson - The contact form for Square Capital is the best way to get in touch with them for account specific questions. Unfortunately, I don't have more visibility into the email responses beyond that.

I was able to find some general information about denials in our Support Center though: https://squareup.com/help/us/en/article/5953-have-you-been-declined-for-a-loan-through-square-capita...

AlanMendelson · ‎05-08-2018

So what is the contact form for Square Capital @katieand?

I'm sending emails to the general support email.

Today's insulting email response was that I don't do enough business with Square. Give me a break.

My 2018 sales are already 43% higher than this time last year and whoever sent the form email to me would have to work ten years to match my sales.

katieand · ‎05-09-2018

@AlanMendelson - If you head over to http://squareup.com/help/contact and select "Square Capital" your message will be routed directly to the Capital team.

I'm sorry you were insulted by the email response. I'll definitely pass that feedback along to them. Have you mentioned that your sales are 43% higher? Nevertheless, congrats on reaching that milestone!

AlanMendelson · ‎05-11-2018

Yes, in all THREE emails sent in the last week I mentioned my sales were up 43% year over year. On Thursday I received a response that specific reviews are not made

AlanMendelson · ‎05-14-2018

@katieand

You and your Square Capital teams have to get your stories straight. As you know i am seeking a review with specifics about why a third offer was,canceled. I pointed out that my sales are up 43% over last year. You @katieand told me a review was available from the Capital team.

Today I was,told that there can be no review. The email follows

[Personal Information Redacted]

katieand · ‎05-15-2018

Hi @AlanMendelson - Apologies that this wasn't the response you expected.

As I mentioned previously, I don't have any visibility into emails sent from the Capital team. We have no access to account specific information here in the community and direct all questions that pertain to account specifics to more private channels like email.

Sorry I can't be of more help!

hardcoresweetct · ‎05-09-2018

Like most, not one person has contacted me. Not one person has sent me information that doesn’t look lime it was copy and pasted.

I don’t want to be off putting however we all make Square money every time we process. We deserve to talk to live people when there is an issue. Do it offer a program, or have it be more structured then “cross your fingers and see what happens”.

Tfarm · ‎05-09-2018

It was particularly infuriating when the $30 per month for Premium customer service was offered when I went to contact support. I don’t think we should have to pay for customer service. Square needs to realize that they are alienating large long term clients. I have been through every bump in the road with Square as they have grown. I loved the company until this year. So disappointed and they truly don’t seem to care about feedback and continue to offer cut and paste responses.

Tfarm · ‎05-08-2018

I have never posted before and I don’t normally complain about this stuff, but I am frustrated. Same thing here. 7th Loan. All paid quickly with large increase in sales each year and a 6 year history with Square. No chargebacks or disputes in our entire history. Denied for [Personal Information Redacted]. It took 3 emails and 2 phone calls to get a response. I never thought I would say this, but everyone is right. The program has changed and I think I will be moving on from Square. Loyal long term clients should not be treated this way for no reason and with no viable explanation. I am not saying that they are required to lend, but don’t tell me that its for a reason that has been there all along if the program hasn’t changed. I am fine with getting denied and that is their right, but no communication and a [Personal Information Redacted] dosn't cut it for me. Business owners shouldn't have to guess this much about what the program is.

hardcoresweetct · ‎05-08-2018

This is exactly my same thought. This is actually our 8th loan. We have been using Square for almost 5 years.

It wouldn’t matter but like you- nothing has changed. We are increasing volume, and pay everything on time. It is beyond frustrating because again like it was stated- it isn’t required to be approved but when nothing has changed why deny someone?

I feel eel like the “just keep processing” generic email is a slap in my face as well. Like keep paying our fees, make us some money and hopefully we will approve you down the road. Like it’s very unprofessional as well that we have to go on message boards or get generic emails to talk about the capital program.

discountlinens · ‎05-08-2018

Oh my goodness! Sad seeing all these people leave square. I have always loved them. No problems ever. Fully paid loans no chargebacks in 4 years. Maybe something will change soon before they lose all of the busninesses. Upfront and honest is all sellers really expect I believe

DaoDeJing · ‎05-11-2018

Go to a traditional bank and try to get a loan. If denied, they won’t inform you with any more detail as to why than Square does. It’s simply how financial procedures work - to protect proprietary methods and to avoid burning bridges. Nothing especially shortcoming about Square itself.

AlanMendelson · ‎05-11-2018

This isn't true at all. Banks will specifically tell you what the problem is and there's no reason to hide it. The banks might even offer you an alternative.

Banks do that because they want your future business.

Get a decline from Square and they don't want to lose your current business.

Who has ever been told by Square how to fix a problem to close a loan? All I've ever seen are generic statements about keep processing and maybe you'll be considered again.

@DaoDeJing

GillinCD · ‎05-09-2018

Wow, Same story er and over again....We have paid off 4 loans, business up over 400%, good mix of new & returning customers. We were denied for some BS reason over 6 weeks ago, since then we have processed almost [Personal Information Redacted] .... Still no new offer? You send an email and all you get is the generic reponse. do you think square will realize how this program is damaging the relationship with customers?

discountlinens · ‎05-09-2018

What was reason for denial?

GillinCD · ‎05-09-2018

one of the partners/owners is doing a project within the company and purchased materials, since [Personal Information Redacted]..... Keep in mind its a charge that represents less than 1% of total sales? Explained the situation but they (mystery robot) didnt understand.

discountlinens · ‎05-09-2018

Oh my so sorry to hear that. I hope you get another one soon! Seems to be common denial reason

hardcoresweetct · ‎05-17-2018

I am going to also put it out there, I had a [Personal Information Redacted] on my account- which I have had. It is for a loan that is for [Personal Information Redacted]- something I could pay off if I wasn't denied the Square Capital. It is something out of my control. So It is very upsetting, that Square does not take the time to offer a more personal relationship with their customers. They would understand different issues and circumstances to each person/business.

If I was to get a response back it would be much appreciated. The capital was mainly in hopes to pay off the loan I had on my account aka the lein that they are seeing.