New Square Loan in 2024

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[ddlbb]

Did you ever get an offer?

[moxiemavenandco]

I saw someone say they were splitting their processing between square & clover in order to be considered for a loan with clover, however am terrified to show any decrease in sales via square bc I’m utilizing another pos platform 😅

[Jjpainting]

I think when you sign for a loan, you’re agreeing to do all of your processing through square. I might be wrong but I think that’s in the terms.  I would be scared to post that lol

[Twpchair]

Honestly, I would have to go back and look myself? We're so different on how we take payments. That's why I always have my support team, so I'm not giving you accurate or current for the "day" information.  I have a square cash register and a second check out with the square terminal and receipt. So, like you, if it is a cash app or all the other payment types we don't use. It's cash,check all cards and tap and pay. That's why it's so hard. But you really do need to be paid once that customer pays and the loan part is taken 😒 you don't have to wait till the job is done or the last 50% is paid. That part is in your account and settings. I know on my husband's customer orders sometimes he gets 16 weeks out and I let our customers know and they are OK with it but would I be ok waiting for all those deposits for 16 weeks in between? NO! So we need to make sure your payment and settings is set right for deposits and invoices. 

[Jjpainting]

when I do quotes, 90% are accepted the day I send them to the customer and deposit paid. I tel my customers that I won’t put them on my schedule unless it is paid.  95% of my customers pay the balance the day I complete the job.  The other 5% might take a day or two.  I’m not sure I understand what settings can be changed. When a customer pays me, the money is in my square checking account within a couple minutes no matter what time they pay.  I only do 2-7 transactions per week with the average week being $4000-5000. 

this week could end up being a $10,000 week if this one customer agrees to my quote which he may or may not.  Some customers shop around for better prices but not many as my work is all from referrals so there’s a lot of trust. Probably half my customers pay in full upfront now. If a customer asks for any kind of discount I give em 10% off labor for payment up front in full. 

[Jjpainting]

I know square loans out more money than ever each year. I personal belief is that you’re not seeing loans generate until more around the 85-90% range because more and more people, since Covid, have begun starting their own business. That was definitely the case with me. After my job was shut down, I went back into painting and have never looked back and love it. And square has been a huge help with offering loans, which I had no idea they even did until i received my first offer April last year. I just chose them cause they were one of the first ones that showed up when googling for a payment processor when I wanted to begin accepting credit/debit card payments. 

[Alexis321]

I've only recently received a loan through square. Paid it off and haven't received a new offer at all. I thought I might but didn't.  I guess it's whenever they want to.

[Sumtin2Eat]

How long ago did you pay off? Everything in green?

[Alexis321]

I paid it off a couple weeks ago. Everything is in green. No issues there.

[Healthyketo]

Been paid off for over a month metrics all green and no offer in sight. Very depressing! I need one so bad right now to give my business a boost but still nothing. 

[Alexis321]

It's weird that they pick and choose. Im.not sure how it works or how often they check accounts. They say daily but I'm not sure.

[Healthyketo]

Very! A few get an offer that are not paid off but the ones who are paid and have all green metrics nothing. In my opinion having it paid off should be a plus to get an instant offer 

[Alexis321]

I agree there.

[itisnotjustpiza]

Same Here.  We have been paid off over a month now and no new offer.  Several loans before.  All green.  It's discouraging. 

[Twpchair]

I'm not sure, but since I've been around and paying attention, I don't think I've seen this many paid off and no new offers? I know Square is worldwide, and not everyone posts here. Hopefully, like summer August/September hit and the offers were coming out of everywhere! Good luck to you and everyone waiting!

[Twpchair]

Unfortunately, right now we are seeing more and more completely paid off or a higher percentage paid back. Good luck to you and please keep us posted. 

[Healthyketo]

OH I HOPE TODAY IS THE DAY!  🙏

[PFS36]

We're all pulling for you 🙏

[Twpchair]

Pulling for all of you! So many have been waiting for a while. 

[Twpchair]

Ohhhhhh please 🙏 let that money roll!!!! 💰 

[PFS36]

On a positive note, once the loans come through,  most of us won't have a balance to roll into it. 😊