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!
You nailed it, it is part of the equation, and it does state that in the newer or updated version of the loan section. Is the overall health of the economy as well as your budget. Square like any other POS especially one that offers loans has shareholders who they have to answer to and justify loans. Don't get me wrong square is still giving out loans every day all day worldwide but things are different just like they posted about the % paid back. They want you to get the most out of your new loan so you have more to use for what is needed and not eat up 30% of the previous loan. The market needs to stay steady and it's not just the United States. You have 2 wars going on, the European market is all over the place. Everything needs to calm down and stay steady, no more interest rate increase but decreases. The rest is metrics and your business's overall health good are your sales now vs the previous year up, is your processing volume consistent, and new vs return customers growing? No disputes, no returns, or very low. Those come into factors that affect it or your offer. My last one first Friday in February. Sales are up 55% vs previous timeframe, new customers up, and daily sales (swipes) up. No returns, no disputes, and my offer finally took a big leap 3x higher than the previous one which was 1k higher in late Aug /September. Our sales kicked in huge in October and hasn't slowed down except for about 2 weeks during the winter blast in Michigan mid February. Then back at it again. So yes, you were right about the market and the economy, and they are sticking with it pretty steady. Good luck and hopefully soon. Ps thank you for posting that reply. Most people have read the loan criteria so many times they don't realize that a few things were added or went into more details.
Your metrics must be rocking right now! That’s why I follow trends and try to tell people not everyone of course, as I do see a handful in the 70s and a handful that are completely paid off. But the majority are mid 80s-90s. I went from 90% to 69% then 84% ??? But my sales are up 55% and average daily sales up, new customers vs returning customers are up. A busy busy weekend could trigger it for an offer. Myself, I don’t accept 69% offers that’s just me. I hate to lose 31% of an offer that was 1 k higher. I waited an 90% it was 3x higher then previous offer and took it. But every one is different and their situation is different and that’s your choice and your business, not mine. Until or unless you are paying my bills and getting my inventory then when or why you take any offer is all your business. I am just happy to see now number 4 this week! People need to remember that this is just a small portion who post here. There are loans going out all day everyday! Yesterday was great news with the economy, the market, oil, interest rates etc all are coming down. That is huge for lenders to see and if it continues then they will loosen up and let the loans roll out more.congratulations again, and thanks for keeping everyone posted!
It’s been well over a year now it’s been trending higher %?paid back. Not just you but on the whole for companies like square like offer loans. It’s not just your business and metrics but the over health of the economy, the stock market, and what is going on in the world. Companies like Square have shareholders to answer to and there’s a lot of factors to take into consideration. Square is still lending every day all day worldwide. As long as your metrics are good and sales are increasing, daily averages is increasing and no disputes, no returns or refunds (as little as possible) then you should be just fine. Just remember the old norm % is not what we are seeing for the majority of the ones reporting. Good luck and hopefully very soon!
