It sounded like you were newer to loans. It's so hard to try and make a guess on it with the first few loans especially. Besides me telling you there are no guarantees of if or when the next offer might come. The difficult part is Square and the algorithm trying to figure out your processing pattern. With any new account, you have to start somewhere. The algorithm is a tremendous help for us to use but it's not a guarantee of an offer nor is it a bust if something needs work. Square takes into account your whole profile. Time with Square, previous loans are huge. All the good signs. Increase in sales, volume of swipes, and new customers. The algorithm is doing its job and crunching numbers and recording data. It does look at your account daily. If you can help it increase sales or boost the number of swipes maybe that might trigger it to take a 2nd look at your account. That's just a wild guess. Something has to! Good luck and Keep us posted ok.
Yes, I understood you. It transfers over the next day. Now, when you go to make your loan payment it takes 7-10 business days to process. Once it is cleared you are eligible to update and go back into the algorithm. If or when, with no guarantees, it's hard to say. The last time I paid off a loan in the upper 80s to low 90s, I was 14 days (federal holiday) fell in there to process the payment and clear through the system. Then it took 2 days to go back into the algorithm. Through this process, I was already paid off from sales. Before paying off your loan double-check to make sure you don't have any offers. If you do it will cancel it out during this process. Good luck with your journey!
I keep pushing for a feature for weather-related days. I don't mean 1 or 2 days but that storm hit from Michigan to Florida. Started west and slowly dumped snow to freezing rain, the first Friday in February I received my offer around 90% paid off. About 4/5 times higher than previous and roughly old days double the offer. Sales were up 55% than the last 4 months than previous year. On Sunday the day I fly out to Tennessee the first storm hit and about a foot of snow and -25 outside. Flight delayed 4 times! My husband called the week I was coming home on a Sunday and said if you want you might want to stay another 4/5 days storm 3 dumping a bother foot. 16 days of brutal temps and wind with about 3 ft of snow blowing around he closed 9 days! In 13 years I haven't been closed 9 days. Another week later my offer if I got one would have dropped.
My last years were kinda bouncing but trending higher than pre-Covid. 5/6 years ago it was 70-75% range. This last year from April to Feb I believe it was 84, 81, 91, and 69%, and the last one first Friday in Feb. I updated at 1 pm around 85/87% but the offer came in around 6:30 pm and the deposit hit at 5pm and about 90% with a great busy day. 20 minutes later approved and my credit union notified me around 2pm the deposit hit. I knew Sunday all was good as my loan circle was back to zero and the previous loan was in the old loan section. I don't accept all offers, especially the 69% ones but that's just me. I hate to roll over that much and eat into the new offer. I did accept the one in late August /September as I was watching the board and it was not hoping with offers. I put it in savings for the winter and then boom October business took off and hasn't stopped but just that cold spell. Then back it. I think if it had been a few more weeks my offer would have been lower than higher with that 2 plus weeks of almost a handful of customers on days I could open.
How long have you been with Square? Do you do the majority of your processing by swipes or invoices? At your rate of paying it back is quickly. For about 2 years now it's just been trending higher % paid back or off and most not all of course offers has been trending the same as prior to lower. But for a good month the % of payback was the same but offers finally went up for a good % of people and boom came February and back to around the same or slightly lower. A lot of states were affected by 2-3 weeks of horrible weather and metrics dropped but were still above the previous year's numbers. So other factors beyond our control as owners must be playing a role.
I understand that managing invoices can be challenging, especially when trying to ensure payments are made through Square instead of swiping the card through your POS. While clients can pay by check or directly from their bank accounts, which ensures you get paid, it doesn't contribute to your Square transactions and the associated metrics that matter. Here is hoping for an extremely busy weekend and kick it in! Just, when I am getting close I run a sale on Thursday - Saturday and jump those numbers up depending on the sale I can go up or pay 10-20% off and I went back and looked, and a good 80% of my offers were on a Saturday night after I updated usually about 1pm. The last offer was late Friday. I follow trends and getting a big spike must trigger it to look at that and everything else. Outside of our business and metrics, unfortunately, we can't do anything about it. This is just the only way we can see what or how each of us is doing that is kicking it in or was it just a random look at your account? It's not rocket science by no means but all we have is each other resources. Thank you for the update with your information. It does help those following and you will see a lot of people who say first-time posting but I watch every time I get around 75% to see what is trending.
I just made a post for those that pre-paid and paid off with no new offer yet. I know you let your sales do it. But it might give you some idea of a rough timeframe. Nobody is the same and different things trigger the algorithm or a random look could be it. But unfortunately, this is the best way to follow trends on a % basis only. I've seen from 2 days to 2 months type of a range. Let's see now what is the average range.
