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!

[Knight87]

Got an offer on Saturday at 84%, offer was 25% less than the last one, this is 12th loan, get one every 6 months, Last offer came ay 75 %, one before at 85%. On Monday they ask for additional information explaining reason for recent processing decrease, was on vacation so was closed for a week. Then on Tuesday they ask for more additional information,  screen shots for my bank statements and foto of business license. Once I uploded that deposit was almost instant in square account. Hope this helps

[Twpchair]

Congratulations!!!! And yes, thank you so much it does help others waiting!

[PFS36]

So, we did more processing this week than the last month and we updated today at 4pm cst ..... big ol Needs work in red. We jumped to 92% today and had a great weekend so far. This makes absolutely no sense.  I think the algorithm is drunk and we're thinking about leaving Square.  All the people that are paid off and waiting is bad enough,  but to just throw a Needs work in our mix is really frustrating.  You reach out to these people and all you get is the same generic response.  

[Tyconcrete]

I feel you .asked them to escalate it never heard back called and same crap 💩 😒 from them it's bs .they are making a killing off us from the fee's and processing fess loan f ees .but oh well at least I will have less than 10k after tonight  🙃 😅  on a 77k loan so .I pay it off I won't need it from them 

[PFS36]

We have 14xx.xx left on a 15500.00 loan. I'm just trying to figure out how a great weekend of processing puts us in needs work. 

[Tyconcrete]

I stopped trying to figure it out .my 6th loan and never late never charge back always paid way earlier  them needed  and 86% all came in well below 80% but can't wait to finish paying g them off .and be done go to a small credit union. Be better off .and there's no customer service at all it's a joke we have to reach out to one a other  to get answers  .

[PFS36]

I wonder if anyone has gotten an offer with a Needs work in their metrics.

[Paulynne]

yes, someone a few pages back did. 

[PFS36]

Thank you 😊 I thought everyone had gotten loans and disappeared 🤣

[Twpchair]

No, I think their in mourning phase right now ughhhhh! I'm hoping with the Feds indicated they are not going to raise the interest rate again and the market holding steady lenders will start loosening up! Good luck and I've been watching and waiting for you to post I just got it! 

[PFS36]

Aww thank you 😊.  I'm team KETO, and all the others that have been paid off and gotten nothing.  Funny how some of the politicians are like stick it to the wealthy,  but they're very wealthy lol

[Twpchair]

Yes, I believe a couple of weeks ago someone posted 2 things needed work and I don't recall which ones but they got an offer.

[PFS36]

Good morning! Thank you 😊 that gives me hope. Ha, I just figured out that when you tap or dip a card, you get charged 75 cents. I'm still learning this thing and we've used it a while,  now.

[jackiebee12]

I am at 96% paid off on my 8th loan and have $1200 left of $29,200. I am now working with a local bank. I really can't keep waiting. I have repairs that need to be done and really in need of some working capital for some equipment. 

I have a restaurant so I don't think I have a ton of options if I were to change processors. I tried clover already and was not a fan. Toast left a terrible taste in my mouth and I wrote them a long QC email. My old college roomate now works for Toast and said all of operations totally failed me on my account. I have a Chase card reader as a back up for when we do festivals but I don't know if it's worth using them full time. 

[Twpchair]

Good luck with both Square and your local bank. No matter what, I did the same a few years back and got a line of credit from my credit union. That's my emergency only, and it sounds like you need equipment to keep going. I'm not telling you what or who to use for your business, but I've been jumping on other pos sites and reviews, even reddit, and it's all of them saying the exact same thing. Lending in general has tightened up. A few good things happened that will hopefully open things up. The Feds are hinting that they aren't going to raise rates. The market has mellowed out and maintained. All lenders want to hear that. Hopefully, they start to push out some loans! Good luck to you with both! I hope you get everything fixed and back at it full force!

[Twpchair]

I use my small local credit union to. A few years back, I got a line of credit, and I use it for emergencies only. They are so easy to work with. But I stay with Square. It's the easiest pos for me and my employees. Everything links great with my spreadsheets. The loans are a plus, and unfortunately,  it's not just square. All pos lenders are holding tight. But it is looking better with the Feds not raising rates. The market is staying steady. Hopefully,  things will pick up and loans going out quickly. Good luck to you on both with the credit union and square.

[Jjpainting]

How were your sales prior to the weekend?  Not sure if this helps at all, but my processing volume/frequency jumps back and forth at least a couple times a month from good to needs work and then back to good. For me it’s mainly cause being a painter, I only average around 15 card payments a month, so I only need a couple of my customers to choose to not pay by card to make this happen. Then once it goes to needs work, I’ll only need one large transaction and I’ll know I’ll be green again, but it takes a day or two for it to go back to green. All I’m saying is that you just may need to wait till today for it to turn back to “good”

[PFS36]

Good morning! Our sales were great last weekend, too. Although this month has been a majority of cash, I'm at 8500 on cards. I think the system is flawed because we're only open Thursday through Saturday and it has me processing cards on Wednesday and Sunday.  I don't know what's going on with it.

[Twpchair]

Right now, I'm ok with metrics, but in the winter close 2 days, and I noticed after the 1st day closed that I was about 1 day behind on my metrics as well. I was one who received an offer with metrics, not all green. Daily card volume was red, and I still received it. I believe after a bit of no cards Mon and Tues on a regular basis it must pick that off. I saw last week 1 got an offer and a response why the drop in sales for 2 days. They said they are closed those days and funds available in 15 minutes they said

[PFS36]

Although an offer would help cushion our new opening,  I guess we're just going to chip away at it out of pocket. We're waiting on our Health Inspection and ready to open.  If Square would just reads these posts, they could understand their customer base a little better. 

[Twpchair]

I see others post the same thing 🤔 is it just the same thing over and over that says need works? I haven't seen anything in the back that said working on metrics and fixed type thing? The best luck most people say is at the very bottom when you scroll down it has that smile face or frown and say, "Did this help you? And they hit the frown and you can leave a comment and just about all of them said some called them in 1-2 days and asked what was problem and told them all my metrics are way off according to my sales. The next day, all back to green. It's worth a shot.