Had an amazing experience with Square Loans

[dementeddessert]

We had an amazing experience with our first square loan. This is one of the best features I've come across for small businesses. We paid it off extremely quick and our account is in perfect standing and all green. We paid off our loan officially on August 28th, but haven't received a new loan offer yet. Has anyone experienced the same in regards to their first or second loan? I will say our first loan was quick and easy and definitely helped! We're currently scaling up and adding our brick and mortar to our already thriving food truck and a second loan would greatly help that along. Just kinda looking for some insight with more seasoned sellers.

[Minion · Accepted solution]

Hi @dementeddessert 

Welcome to the square community.  Did you pay off your loan with a manual payment or did it happen through sales (the final payment).  If you manually paid off your loan then it can take up to 10 business days for the algorithm to kick back in before (if) another offer is .....offered. 

When it comes to Square loans, my advice would this.  Don't try to predict them or count on them.  So many sellers I see post that are banking on when an offer may come in based on previous loans but the truth is, its unpredictable.   Process the payments as you do , run the business as you would and when/if an offer pops up you can make the decision to take it or pass. 

[dementeddessert]

Thank you for the reply! It was made through card sales/processing. I read that it was best to just let the system handle it and so I did. 

Definitely not relying on it, but were very interested in it to help with scaling. I'd also like to use square as my P.O.S system for my brick and mortar as well. I guess this is all just to see how easy/well I can process through square.

[Minion]

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@dementeddessert wrote:

Thank you for the reply! It was made through card sales/processing. I read that it was best to just let the system handle it and so I did. 

Definitely not relying on it, but were very interested in it to help with scaling. I'd also like to use square as my P.O.S system for my brick and mortar as well. I guess this is all just to see how easy/well I can process through square.

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Awesome to hear! So you are only using Square right now for maybe invoicing maybe?  Assuming you are newer to Square, the more you use Square and process payments the more the algorithm will learn your sales trends and history. 

Just keep processing through square keeping the metrics in the green (just take those metrics at face value).and when eligible again an offer would be extended. 

Feel free to join in the F&B Group also if your thinking of adding POS to your brick and mortar.

[dementeddessert]

Thank you! I will join the group. And no we're using all square p.o.s system equipment for our two food trucks and will be expanding the same system into our brick and mortar. So essentially 3 locations. We've used them for over a year in total, but with our food and beverage business since March of this year. 

We've boosted business with permanent contracts recently too so our sales volume has basically tripled. So I'm wondering if the algorithm is still watching it? We will see.

[Minion]

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@dementeddessert wrote:

Thank you! I will join the group. And no we're using all square p.o.s system equipment for our two food trucks and will be expanding the same system into our brick and mortar. So essentially 3 locations. We've used them for over a year in total, but with our food and beverage business since March of this year. 

We've boosted business with permanent contracts recently too so our sales volume has basically tripled. So I'm wondering if the algorithm is still watching it? We will see.

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Yeah I will never understand their algorithm or how things are supposed to work.. For example I do over half of my business with cash /check.  Even after connecting my bank account for the possibility of a higher offer I've always been offered around the 4-6k range with or without the bank account connected.  SO like i said just don't rely on them, or count on them being there.  

As for the business tripling, it is most likely just a short history thing right now between your business and Square, if you continue that route your on, I don't see you having issues with Square or even your local bank. 

[Twpchair]

Congratulations first, and @Minion is 100% correct. You are starting out a relationship with Square and it's gathering up your processing habits to fit you with the best loan. He was right keep processing and swiping that card. They are looking for growth not just maintaining, which you are. New customer vs just repeat customers. The volume of swipes. Try hard to stay away from the returns, disputes, and chargebacks. You are starting out great. The algorithm just has to pick you off. The first couple of years it's really working hard to get it right. As you grow your business your loans should follow right with you. Good luck. And @Minion can can give you great information on which sites to follow or join and the best apps to use for you. 

[Adalynn]

Hi @dementeddessert !

Thank you for posting! I am so happy to hear how Square Loans have helped your business! 

Your account is regularly evaluated for offer eligibility based on many different factors. At this time, there isn't a way to predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

Please let me know if you have any questions about our program!

[dementeddessert]

Thank you! I greatly appreciate you responding to my post!