thread Re: What are the eligibility requirements for a square capital loan? in Archived Discussions (Read Only)

What are the eligibility requirements for a square capital loan?

FinBizConsult40 — Sat, 01 Jul 2017 17:52:05 GMT

It seems like a business like mine isn't noticed for a loan because the sales are not daily sales.

I'm a consultant, so my business doesn't incur daily sales. Sales are made monthly. Also, with consulting, the same clients do not always return. Sometimes, they only need help one time.

Maybe should consider revising how you determine who is eligible for a capital loan. All businesses are not the same.

I have been using Square to process my card paying clients and used Square invoices also for some who prefer to pay by check, cash, or even PayPal. I also have PayPal. I was offered a loan with them as soon as my transactions hit $10,000.

Re: What are the eligibility requirements for a square capital loan?

FinBizConsult40 — Tue, 04 Jul 2017 17:50:07 GMT

Can I get someone from Square to please respond to my question?

Re: What are the eligibility requirements for a square capital loan?

Helen — Wed, 05 Jul 2017 16:49:40 GMT

Sorry to for the delay @FinBizConsult40!

Thanks for letting us know about your experience with Capital, I'll share your feedback with our Product Team. Your comments are really valuable as we look to improve and evolve our services!

I can't speak about your account specifically, as this is a public forum. Generally speaking, several factors are involved in determining Capital eligibility. Processing volume and frequent customers are important — but so too are the number of payments you process, and the length of time you've had a Square account.

If you haven't already, I recommend checking out the following Community posts:

All about Square Capital (a detailed guide with info on how to become eligible)
How to get additional Capital (more detail about eligibility factors)

I hope this information is helpful but please let me know if you have any other questions, or more feedback for our team! 😀

Re: What are the eligibility requirements for a square capital loan?

FinBizConsult40 — Wed, 05 Jul 2017 16:55:11 GMT

Hi Helen. Thank you for your response. I have read those posts previous to posting my question. I still couldn't get a clear answer as to how eligibility is determined. There are no clear requirements stated. It just says there are a mix of factors.

If it said you must have used Square for 7 months and have received a minimum of $10,000 in transactions, then that would be clear.

If the same factors are used across the board, it doesn't seem fair to evaluate businesses that don't receive daily sales the same as businesses that do receive daily sales.

Re: What are the eligibility requirements for a square capital loan?

LaDora — Wed, 05 Jul 2017 19:28:50 GMT

Hello @FinBizConsult40,

Among the many factors considered, we generally look at businesses that have processed at least $10,000 or more in a year and have taken at least one payment in the last week. Please check out our Town Square Blog Post for more information!

Re: What are the eligibility requirements for a square capital loan?

FinBizConsult40 — Thu, 06 Jul 2017 20:48:08 GMT

Okay. I definitely have met those requirements. Thanks!

Re: What are the eligibility requirements for a square capital loan?

carolinahorse — Thu, 10 Aug 2017 17:20:45 GMT

I know your post is from several weeks ago but wanted to chime in as I too have a business where we do a "burst" of processing monthly versus steady weekly/daily sales. We have had a few Square Capital loans so I think you're ok with monthly volume. For my business, we run a monthly sale so there will be a 2-4 day time period each month where we basically do all of our processing surrounding auction weekend. We will have stray payments for various things sporadically throughout the month but if you were to look at a chart of our sales, you'd see basically a flat line each month until sale weekend and then it jumps. Having said that, I do wonder if things have changed somewhat as I have never been paid in so far on a capital loan without a new offer as I am right now (98% as I type)

How calital works?

Dia3 — Tue, 10 Dec 2019 21:21:15 GMT

Re: How calital works?

ashc — Wed, 11 Dec 2019 14:22:03 GMT

Hi @Dia3,

I moved your post to an already existing thread in the Community around Capital.

Check out Helen's post above for helpful links from the Support Center!