I'm not going to sugarcoat anything, it's been a long slow summer. It's been a little over 2 weeks and loans are finally moving. For the ones who post here lve been keeping track about a good 10-12 per day between all the threads are moving. I will never tell anyone what to do with your business and who to process with. Only you can make that choice. I will say just be careful or wise to the Reps that call every day and promise the moon. Been there done that. Guaranteed a 50k loan once I got started but no later than months. Nope, I started at the bottom just like every other POS system. Yes, some are more structured and have a certain percentage. In the end, I weigh out the other benefits of Square. I wish you all the best and it's a tough decision. Good luck honestly.
Hun, I am a customer just like you! These are my last few offers 69% 91% 84% 71% completely paid off last one 67/68. My sale this year 3x over last year and the year before that closer to 4xs higher. No negative impact not one. Offers between 3-4x higher to lower. I can't tell you what we all want to hear. What I can tell you from experience myself is that all POS Reps promise the moon. I was promised 55k in 6 months. I started day 1 at the bottom around 6-8 months 1.5 k loan making 287k. That relationship ended fast. Money was held etc. Nothing hit every night. I will never tell you or anyone else what is best for your business or anyone else. I am here to help answer questions or try to solve simple issues. I have been there many times myself and I understand the frustration but I understand that there is no guarantee of if when it as well. I just know that square has never let me down. I swipe the card and the money is there. Loans are finally moving. I have a great relationship with my local credit union and so much easier for a LOC vs a big bank. Maybe that's an option for you?
When they merged a lot of English-speaking country here. Coincidence or not but I've noticed a lot from England and Canada completely paid off and no offer yet? I am here daily and the last few weeks' loans are moving and the % is all over from 60- paid off. I honestly have no clue if adding you (other countries) set the algorithm back a bit and you will all start to kick in soon. I'm going to ask about it and let you know ok
To be blunt, Square loans are not what you want to depend on if you want transparency. They originate nearly 2,000 loans, not offers but loans, a day, and that speed comes at the loss of person-to-person contact. That scale is achievable simply because a computer can crunch the millions of users' data and see this person today seems the best to offer to.
As a huge Square user, I have never taken a Square loan, as none have ever made financial sense in the offers I get and the repay period being way to short (3-6 weeks). I have a 250,000 RLOC that I can hit for pennies if I need to for a few days.
My personal advice, which is given freee like all the advice on the internet, is to establish a connection at a local bank as that is by far the best for long term success of your business.
