Has anyone switched to Clover from Square and received a loan?

[Kelliem621]

I have been with square for years. Paid off multiple loans earlier than expected. I have had my previous loan paid off for months with no offer in site. We process 6 figures with square and all "requirements" are in green. I have started looking at Clover and wanted opinions from anyone that switched to them or has used them in the past. 

[PartyManiaMD]

While I haven't switched to Clover (I doubt anyone using Clover would be on these boards since they no longer use Square?) I can say that Clover would probably have a 6 month waiting (at least) period to determine an accurate projection of your sales if they even offer loans.

With your Square loan how long ago was it paid off? Are you paying them off early? I last received a loan in June, keep in mind that 6 figures is decent but if the sales are sporadic or inconsistent it makes it a lot harder for Square to determine loan eligibility. I also believe that paying off your loan early could be detrimental to receiving a future loan as it "can" look like Loan Fishing (Take out small loan, repay it fast, get slightly larger loan, repay it fast, etc).

I'm not saying this is the case for your business but I know there are a lot of factors that go into determining loans.

Best of luck and I know how critical loans can be, but I also know they can ultimately cost you more as you're paying for the convenience of having that cash upfront. If you're consistently paying off the loans early possibly consider avoiding loans going forward or using that opportunity to build up a balance that you can draw on in the future instead.

[VanKalkerFarms]

I know 2 local businesses that did switch and both switched back in less than 2 months.  Neither were happy with the switch and support in the transition.  I don't know the exact details but they are still with Square after switching away and coming back over a year ago.

[Candlestore]

When you say you process 6 figures with Square is that Only Credit Card income or does that include cash and checks etc?  I just paid off a Square loan at the end of September or early October, and when I was at 90% I started getting Loan offers.  Now once the Loan was Paid off the Loan amounts went higher.  So I am wondering if your Credit Card sales are not high enough for a new loan offer.  My suggestion would be to call Square support and see if there is a reason they are not offering you a loan.  

I looked at Clover systems and their fees or upfront costs were a lot higher than Squares.  Had a salesman here and they were like we can beat Squares Fees, correct they were lower but a New Clover system, Just 1 was $5000, and I have 2 stands.... so $10,000 for clover systems.  I then pointed out that I can get a Clover system for $1400.   He told me which I did find out is each Clover system is programmed by the Processor.  So if I get a Clover system to work for My bank then Switched Banks, I would need a New Clover System.  Or found a different Processor that used Clover but was giving better fees, I would again need New Clover systems.