Solved: Declined For Cash Advances - Page 3

Axwoman · ‎03-28-2022

The title of this thread has been edited from the original: "Cash Advances"

Why am I denied a loan, although I have had two every year for 4 years from square due to cash advances? Square makes money on that too yet they deny me a loan due to cash advances of my own money, although also I have tripled my sales over the years.

SoCoMissionBch · ‎07-21-2022

Your issue my friend is much bigger than an issue with Square itself. I believe it is actually a blanket card processing industry policy and in some cases a law perhaps that you can not use your own cards at a business you have any vested interest in or control over. The reason for this is simple. #1 Money laundering. #2 Fraud. If you use your card at your own store, what's to stop you from taking say a 500$ swipe at the store with your personal AMEX card and then collecting the cash via instant transfer? It's an illegal cash advance as far as I know. It's not a "big Brother" issue as another person commented. It's all part of that magnetic strip/chip built into the card. It contains a huge amount of data about you, your account, and your personal identifying info. I assume the companies have systems to automatically check cards that are swiped for any similarities in information to the data you provided them when setting up your merchant account. This I would guess is how they knew you were using your card at your own store. Big no no. If you want something from your own store, the best bet is to use cash to buy it or have a friend buy it with their card and pay them back. This is my understanding, not the square policy I am referring to but I think it's pretty close to how they do it as well.

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Smdinvestments · ‎12-27-2022

No i really think square it’s thinking that economy is bad or they not offering loans instead of offering they declining them I when with QuickBooks instead I move my processing to them and have capital loans too since they don’t want my business I moved on

hookedoncomics · ‎12-27-2022

Not yet. My business is growing but they won't give me another loan offer because of the "cash advance" thing. Didn't realize my family couldn't buy from my store with their cards. Now i don't allow it any longer, but still getting it tagged on my account. Not sure how long it will be there as square won't give me an answer.

Smdinvestments · ‎01-18-2023

Guys no I move to Intuit there offers are not automatic but higher and square still has my account saying i got denied no new offers came after three months I give up I move my business to Intuit so now my processing in square is low so I don’t expect am offer

Denijo72 · ‎04-06-2023

I have the same thing . How long til that stupid need works is removed. Been 3.5 months. Im looking for new processors.

ss13 · ‎04-06-2023

It took 4 months for me.

Nancy__ · ‎04-10-2023

Hello @Denijo72

Great question, I'd be happy to provide more information.

We appreciate your interest in Square Loans.

Keep in mind, loan offers are also based on a variety of other factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

We do not have a specific timeframe. If your status changes, you’ll get an invitation email and be notified directly on your Square Dashboard.

Thanks for reaching out.

Nancy__
Square Loans Team
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Denijo72 · ‎04-06-2023

After the needs work disappeared, did they offer a loan again?

ss13 · ‎04-06-2023

Yes after 4 months