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!
There are a few that pop in around the high 50s low 60s. 3 loans is a tough one really. The algorithm is collecting data and crunching numbers to get you an offer that will come close to last 18 mths, my first loan before metrics the first 3 were 2k, 1,500.00 and 3k after that as I grew so did my offers. Hopefully, now with the algorithm it will speed up the offers and the dollar amount, good luck to you!
Your 3rd loan is where you are building a relationship with Square, and they and the algorithm are getting the data from your processing. It’s been years since those days. I do remember, along with others who are currently posting as well. 1-3, #4 loan seems to be about the timeframe that my loans started to adjust to match my processing. The metrics are a great tool for us, but they are not a guaranteed all green and loan time. The biggest thing with Square is your history, time with Square, and prior loans. All of those are taken into account. It’s been pretty tight for most in general, so the best thing you can do and everyone is continue to swipe every day, increase the amount of the $ swipe, new customers vs. return customers, and no negatives if you can help it. Growth is key right now for an increase, and that’s never guaranteed either. Square is looking for good, solid, and growing businesses vs. just making it from loan to loan type thing. I am not directing any of this towards you or your business, just in general and for everyone. I looked back years and years ago; loan 4 and 5 took a good jump for myself. From there, as I grew, so did my offers. Good luck, and keep swiping as much as you can.
Did they ever say why now, or what it was it was exactly for? You are correct by adding it as a “payment” it adds 10 business days to clear and once that is done 1-2 days to get back into the algorithm. I learned the hard way 1x by paying off a loan in the 90s when 2 days of sales would have taken care of it. Now, I only pay back on it in the 50% off range. Unfortunately, you didn’t have much of a choice. Hopefully this will get pushed through. Good luck to you!
Without getting to the right person in the loans department all I can do is guess like you? I know metrics have been running slow, loan payments for a bit last month were also behind. I had myself 4 hit at one time, same with my square savings. This has been addressed and seems to be updating every night. Did you have any equipment payments, savings that applied to your loan? I would definitely think if they applied over a 1k into your account and towards your balance they would have sent an email or to contact support for further information. It’s great that they refunded you for something but the timing at your percentage paid back just put you back for an update. I really do hope you don’t have to wait the full time.
I believe they are revamping it. It might disappear and reappear a few times. I lost mine for a few days and then it was back. The metrics are a great tool for us to use to compare stats, sales, etc. It really wasn't intended to be used as a loan guide. Unfortunately, many thought all green 75% paid off, and nothing. I looked at my metrics just about every day. I hope they keep them. I am so sorry about the chargebacks. It's hard, and I feel at times some customers do this as a part-time job disputing charges or work that was done. It is a killer for small business owners.
