Solved: Re: If the 60 Day minimum is paid in less than 60 ...

studioUSA · ‎09-01-2024

If the 60 Day minimum is paid in less than 60 days do the next deductions count towards the next 60 or does the 60 Day minimum reset every 60 days?

EX: If my 60 Day Minimum is $1000 and I pay $1500 in 60 Days does my next 60 start with a $500 minimum or does all extra paid after minimum hit not count towards next 60 day minimum?

TheRealChipA · ‎09-01-2024

Hey @studioUSA. Per the loan agreement, the 60-day minimum is only the amount we must pay every 60 days to stay current. On Day 61, the clock starts over and the minimum must be met again. That is why it is called a minimum payment.

This is consistent with how all Merchant Cash Advance (MCA) lenders set up their loan repayments.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!

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TheRealChipA · ‎09-01-2024

Hey @studioUSA. Per the loan agreement, the 60-day minimum is only the amount we must pay every 60 days to stay current. On Day 61, the clock starts over and the minimum must be met again. That is why it is called a minimum payment.

This is consistent with how all Merchant Cash Advance (MCA) lenders set up their loan repayments.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!