Here is some more information about Square Loans, eligibility requirements, etc.
To check Square loan eligibility, consider the following factors:
- Processing Volume: Businesses should process at least $10,000 annually and use Square for at least 20 days in the last year.
- Payment Frequency: Consistent payment processing indicates a healthy business.
- Customer Mix: A balance of new and returning customers is favorable.
- Payment Disputes: High disputes can negatively impact eligibility.
- Payment Limits and Reserves: Restrictions on your account may affect eligibility.
- Failed Debits: Ensure sufficient funds to avoid failed transactions.
- Prior Loan Applications: Recent declines may impact future eligibility.
For more details, refer to the following articles:
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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