This is my first time posting here. I have processed with square at my restaurant for about 8 years now. I current do like over 700K a year in processing. I have had several square loans over those years and always paid them back with no issues. I opened a second location 3 years ago and processed with square there also. I took a square capital loan there and was paying it back, when the owner of the building I was in sold it. The new owner wouldn't honor the lease so we closed that location. I let Square know I was closing that location and I had a balance left on my capital loan. The loan was paid off over 85%. I asked if they could transfer that balance to my other location and I would continue paying it out of there until it was done. They told me that they couldn't do that. This was October of 2022. We went back and forth for a couple of weeks and the holidays included gets us to January 2023. They call me and say hey, we CAN switch your balance from your second location to your first location so you can continue paying it off. Do you want to do that? Of course I say "Yes, I asked you guys to do that in the first place!" So they do it and I pay off the balance in about a week and a half. Before Square transferred the balance, I received an offer for a loan that was denied because it said "I had another loan outstanding that I was associated with." I was confused by this because this was no secret. I have 2 locations. No worries, I figured after all the dust settles from closing the 2nd location and paying off that loan everything will be ok. Well, I pay it off in about a week and a half and by the end of January, my second location is closed, their square account is closed and all loans have been paid. Then I see, that I am ineligible for a loan offer because I was previously denied a loan with Square! HUH! So they counted the debacle that they created by not just letting me transfer the balance to my other store...as a decline.
So I try to call Square loans to explain what happened and find out how long this is going to be on my account. When I reach someone, I get no real answer! They all blame it on the computer algorithm and no person can tell me how much time I have to be "on punishment". I have talked to no less that 8 people at Square and no one can tell me how long this previous denial will hang over my head.
It is now September! This happened in January! I am still ineligible because i was denied a previous loan application! Despite continuing to process with Square, despite processing almost $500k during that time, I am still ineligible because of this previous denial.
Can anyone in the community or at Square give any insight into this.
Roscoe S.
Knuckle Sandwiches
Mesa, Az.
