I'm at 71% and usually see a offer by now (between 65%-70&).
Posted 06-01-2023
I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%. All the other things are in the green.
I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions.
Good for you, at least someone got lucky, hoping and praying I receive a loan next!! 🙏🏼🙏🏼🙏🏼
Good Luck! Still waiting on approval! Not only low but seem to have to hoop jump now
@Blandkite What kind of business do you have? @GlitzyCow did you ever get an offer? I wonder if they’re pulling back in some markets as opposed to others.
I have not. I’ve been paid off now for almost 5 months on my 12th ish loan. Square called me today though and emailed me about a recent feedback I left them about their customer service. There is no customer service any more. Just robots reading a script. I didn’t answer or respond to email. I shouldn’t have expected capital but you get in a routine and don’t think they will drop you cold turkey. I’ll process about 500k by year end.
I have a women’s clothing store!
I’m beyond annoyed. I haven’t had any issues with my processing frequency until square updated it during the holidays and they’re saying I need work on my processing frequency. Of course, I’m off for the holidays. All my factors have been green and all positive outcomes before… now I need work on my processing frequency? This is such a waste of time.
Same thing happened to me yesterday. My weekly processing changed to needs work, even though the monthly is outpacing the previous 4 months.
The exact same thing happened to me today as well. My processing 'needs' work... Square needs work....
For anybody wondering. I got a loan over. Bigger than the last one I received. I was 75% paid off. All my factors were in the “good” and this one had a loan fee that was very reasonable compared to the last one. I was accepted on Friday and just waiting for the funds to hit my account! Perfect timing!
Congratulations!! So you're telling me don't lose hope there is still a chance.
I do not see any hope here - we process $2.7m with Square - our last loan was reduced to $100k offer - prior 3 loans were $250k - ALWAYS IN GREEN - always grow each year - this prior loan of $250k was paid off on Sept 1 then we did not get another offer for 14 days - and that offer was $100k - now our $100k loan paid off since Jan 23 - still NOT ELIGIBLE - square has DEFINITELY changed something - we have an offer from Clover and I thought out of loyalty on this last $100k offer - I would give square a chance to come back and resume our prior relationship - thinking Monday is day to go to Clover and begin and scrap Square altogether this time for sure - they are NOT interested in being a loyal partner any longer.
Has anyone received an offer after the eligibility factors have updated for the day?
Yes! This last offer - I started the morning at 74%, then my update came around noon - not eligible. A few payments came in that afternoon and we hit 75%. Offer came almost immediately afterward on the same day.
awesome!!!! Thanks for the update! Was this offer significantly larger than the one you just had?
I just got approved for $46.8k, at 77% paid on my last one from August 2023. Accepted offer at 11:00am 2/28 and approved at 10:10am this morning. This is an increase from my last one. Been with square since 2016. I usually get about 2 offers a year, always increasing from the previous one.
that’s amazing !!!!! CONGRATS!!!!
Was that a lot more than the last loan you had? I’m at 67% pd off and am hoping for double what i just had
No, not a lot more. The increases have been smaller the past two offers.
I wasn’t going to write another reply but it seems square is not interested in telling the truth or answering questions.
last JULY square imposed a spending limit on one of my hundreds of customers. I was told that my account was in good standing nothing was affecting my capital eligibility. I paid off my loan in like 7 weeks on August 2nd. The loan was much less than previous with increased sales. The square rep told me in 90 days (October) if no chargebacks etc came up they’d release the limit. October is our off month. I assumed it did. Square told me it would. I hadn’t been offered a new offer. Didn’t know why and square didn’t tell me why. When the eligibility page updated in march I had a needs work by account limits. The new metric. So then I knew what was going on. Contacted square and they told me my account would renew on April 1st which was 6 months (was actually 8). It didn’t. I called and messaged and I got an automated sorry response back but they wouldn’t address the false statements they had previously made. They refuse to answer my reply email. I still have a negative metric bc of ONE transaction of around 3k I had last year on ONE of my customers. I’ve never had a charge back or account issues. Ever. They won’t take that limit off. I told my customer he can’t use his card bc they won’t release the limit. So I only accept other forms of payment from him. Not letting square get those fees then to stiff me in the long run.
the account limits say they are always temporary but at this point it’ll be a year in July and if I don’t renew til October at that point it’ll be 15 months. That is not temporary. I’m convinced supervisors don’t exist at square. They all say they can’t do anything but then what are they there for? May as well be all AI at this point.
You are one that just baffles me? I don't understand why or what the problem is? If you're customer and his credit card company doesn't have a problem with it and he/she hasn't had a charge back with that card I don't know why they can't use it? My business we have no returns so I've never had a charge back either? At one time I use to a personal rep and he would call and text me any issues I could get right ahold of him and apparently they got rid of that or the gentleman I had moved on? I'm sure if I'm baffled by it you must be extremely disappointed 😞. I hope you can get this fixed soon! I wish you the best!
Yes I’m so over it honestly. It has now been 10 months since the “temporary” limit was put on ONE customer (the limit was 60k too btw) and not a single issue. I’ve never had an issue with anyone, knock on wood. I have tons of positive feedback but nobody at square cares. They really have lied and maliciously hurt me.
I’m at 79% and really hoping I see one in the next few days to help scale things to the next level
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