thread Re: Square Capital eligibility in Archived Discussions (Read Only)

Square Capital eligibility

SpoiledRotten — Mon, 11 Sep 2017 04:06:19 GMT

I know the minimum amount is $10k/year to be eligible for square capital but is that $10k based on only credit card transactions or does that include checks, cash, and gift cards as well?

Re: Square Capital eligibility

ecantiques5 — Mon, 11 Sep 2017 14:25:58 GMT

@SpoiledRotten

This is really good question, basically though there are many & many UNKNOWN factors in becoming Eligible for Square Capital through the machined algorithm. However; it is my understanding the $10,000 per year must be in credit/debit card processing. I would assume they would count gift cards as well if the original process to purchase gift card was the result of a card purchased Square processed and collected fees on. But I am pretty sure unless they would be getting a processing fee on your check and cash payments they will not count.

Perhaps one of the Captital Team members can clarify and state exactly what method of payments exactly they look at.

But I have always understood it to be the credit or debit card sales.

Have a great new week!

Re: Square Capital eligibility

LaDora — Mon, 11 Sep 2017 22:29:39 GMT

Hi @SpoiledRotten,

We look for businesses that have processed at least $10,000 in card transactions. However, loan eligibility is based on a variety of factors related to your business, including its payment processing volume, account history, and payment frequency.

Re: Square Capital eligibility

PixieMethod — Mon, 11 Sep 2017 22:38:37 GMT

I haven't opened my shop yet. Becasue I'm starting out. So for people like us artists who are simply selling stickers at a low price which we know will not reach to 10k in processing... would we even be able to get a small business loan that is reasonable for us to use for growth in other items that we may stock in beside like stickers, if we wanted to expand our inventory? Or is that not realistic at all?

I'm just curious 🙂

Re: Square Capital eligibility

Russell — Mon, 11 Sep 2017 22:59:25 GMT

Hey there @PixieMethod - thanks for posting!

We don't have smaller loans with lower requirements at this time. Keep focused on your business and as it grows, you make find yourself eligible.

Re: Square Capital eligibility

ecantiques5 — Mon, 11 Sep 2017 23:07:33 GMT

@PixieMethod

Good for you on getting ready to open!!!

I do not mean to be rude or throw shade, but you will not get a Square Capital Loan Offer unless you process the $10,000 per year. Unless they improve the program to be more Small Business Friendly and incorporate accommodations for all their clients, anything under $10,000 is a " no go".

It's a shame to recommend another payment processing service, but you might look into PayPal. They possibly offer a lower yearly sales volume in order to be offered Capital. I know one thing, their program is most definitely MORE transparent and less ambiguous.

As @Russell stated, with Square the focus is just what you process with them, right now the Capital program is lacking in compatibly with Business owner needs.

Re: Square Capital eligibility

PixieMethod — Mon, 11 Sep 2017 23:06:41 GMT

No worries! Yeah, I was just curious.

But thank you for the response! I'll keep that noted for sure.

Hopefully one day Square will have an option for small loans for Artists. Till then.. I'll finish setting and stocking on inventory before opening my shop. 🙂

Much appreicated!

Re: Square Capital eligibility

Russell — Mon, 11 Sep 2017 23:09:25 GMT

Thanks for hopping in, @ecantiques5 -

You aren't being rude at all - this is a requirement. We are required to follow industry standards and regulations and take it pretty seriously. 👍

Re: Square Capital eligibility

ecantiques5 — Mon, 11 Sep 2017 23:10:26 GMT

@PixieMethod

You go!! I wish you all the very best!! Perhaps you can develop a complimentary product to your stickers that will give you additional reveue opportunities 🤗

Re: Square Capital eligibility

Earthkeeper — Sun, 08 Oct 2017 18:07:39 GMT

Once I start processing over $10k how long does it take to receive any offers. I have tried to find information on applying but the only thing I seen is to be "noticed" was to take survey. I can not find the survey.

Re: Square Capital eligibility

LaDora — Tue, 10 Oct 2017 22:43:17 GMT

Hi @Earthkeeper,

Thank you for posting!

Currently, there is not a set timeline for any potential Capital offer. If your business does become eligible for Capital, you will be notified of an offer in the Dashboard and with an email.

Re: Square Capital eligibility

Earthkeeper — Wed, 11 Oct 2017 23:50:31 GMT

Thank you for replying to my question LaDora. My next question is about the Survey. I cant seem to find where it is.

Re: Square Capital eligibility

LaDora — Thu, 12 Oct 2017 22:20:55 GMT

Hi @Earthkeeper ,

At this time, we automatically review accounts for eligibility. Currently, there is not a survey that merchants need to complete in order to become eligible for Capital.

Re: Square Capital eligibility

ChrissyWoods — Wed, 01 Nov 2017 14:39:40 GMT

Is there anyway my account can be reviewed? Based upon the link that was sent to me, my account meets the requirements for eligibility. Thanks so much for your time.

Re: Square Capital eligibility

Diananarom — Wed, 01 Nov 2017 16:34:00 GMT

I am a single company. I don't have employees. Do I still need to have an EIN?

Re: Square Capital eligibility

ChrissyWoods — Wed, 01 Nov 2017 17:26:32 GMT

I’m the same way and have an EIN. It was needed for me to open a bank account

Re: Square Capital eligibility

ChrissyWoods — Wed, 01 Nov 2017 17:27:23 GMT

I’m pretty sure my account qualifies now. Can someone check my account?

Re: Square Capital eligibility

dmdale0318 — Thu, 02 Nov 2017 01:18:29 GMT

Is there a specific time that accounts are reviewed for additional capital? I am currently 88% paid off of my third loan. my sales are increasing each month. we recently added an additional 2k square feet in retail space and would love the additional capital to stock inventory.

Re: Square Capital eligibility

Helen — Sat, 04 Nov 2017 19:56:15 GMT

@ChrissyWoods Thanks for your posts! Our Capital team has sent you an email about your eligibility for another offer. The Seller Community is a public forum so we can't share information about your account here.

@dmdale0318 Thank you too for posting, glad to hear your current loan is helping! There's more information about becoming eligible for another loan on our Support Center. As mentioned above, we can't discuss your account here in the Community.

Re: Square Capital eligibility

dmdale0318 — Sun, 05 Nov 2017 02:59:20 GMT

I can appreciate the response, but I've already lve already looked to the support center for answers. It would seem as though there would be a little more transparency when it comes to reloaning. Increased customers, sales, etc would seem enough to get a more response