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!

[Jjpainting]

Nope. Not I. I spoke to them. They said as soon as square verifies my new account that I linked up with them, I’ll have the funds deposited the same day (if square verifies it at a reasonable time that is).  But that can be anytime between today and Monday. I’ll keep you posted

[Tyconcrete]

Hopefully  it tonight or tomorrow 

[Bliss-B]

Gutted, was hoping this would be available in the UK but nope. Oh well good luck to everyone else 😊

[Twpchair]

Hold tight and hopefully, it works there if not some other companies that do. This looks like the first round of reports and updates! 

[nyallblacks]

They didn't offer me anything. It takes into consideration your current square loan. Was everyone that was offered a loan, fully paid off on the Square loan?

[Healthyketo]

It gave me an offer for $4600 fully paid off with square for going on 3 months 

[jackiebee12]

how long did it take to assess you?

[Jjpainting]

I’m only 2 months into my square loan, but my last loan dropped by about 65% and I’m 40% paid in two months. Still was offered a line of credit by them at 10% daily payback of my card sale. I read about this company online. They are not actual lenders. But an intermediary between investors lending to businesses in exchange for the loan rate.  

[PFS36]

Do you think pipe is legit?

[Jjpainting]

seems to be from what I read. Been around for 5 years and strictly deal with businesses who use square and stripe. 

[PFS36]

Interesting.  I think I saw where Keto got a loan.

[Healthyketo]

It was an offer I thought it was an instant response so I’m just waiting for them to review 

[Jjpainting]

I was just wondering, when you linked your pipe account with square manually to verify, did you receive an email saying the expected completion date is 09/23?  I remember prior to square using plaid, when I had to manually get a chase account verified, they sent the penny transfer and got it back by the following morning.  Square still hasn’t even sent the verifying transfer for me yet which I thought was weird. 

[Healthyketo]

I didn’t receive any emails other than I needed to send address verification for the business. Also since I bank with square for business I chose to have it deposited directly into square. Still under review. Hopefully it gets approved today 🙏

[Jjpainting]

You are probably going through the same thing as me. Does it say pending on your activity page?  If so, you have to do what I did. Go on the home page and click on reconfigure for advance payments and follow directions.  I spoke to them at pipe and when it says you’re offered credit then your approved. But they need to see that your square account is linked to them so they can take out the 10%. 

So once square verifies it, then you can instantly send one dollar to pipe to expedite it and you will have money same day. But it’s the square verification that is taking a while. 

[Twpchair]

Any news??? In the last 2 weeks, I think I saw 1 person post an offer and acceptance in less than an hour. The rest 1-3 business days. There's nothing normal lately! I wonder and just a guess here if all these new/different offers coming in fast this week have anything to do with it taking longer for just square approval?

[Healthyketo]

Nothing yet unfortunately with square. Did apply at pipe but still in review. Hopefully something moves today. 🙏

[Koleen1234]

I just received a loan with Pipe 4600. They are offering. Still waiting on square 

[Healthyketo]

Did you get funded already? I got an offer for $4600 to but waiting on configuration not sure what that is

[Koleen1234]

Still waiting on that part to. The rep told me i should be funded no later than Monday 

[Jjpainting]

I actually got the official email from Pipe stating that I was now fully approved. Different from when I signed up a couple days ago. And I talked to jay there and he said I’m all set. The 1 cent transfer did go through for me with square and he sent me a screenshot of it showing that it did. But still says pending on squares end. As soon as it clears and I send $1 transfer for verification, then I’m 100% all set. I had to send them some business info earlier today as well as the last 3 months of square bank statements cause on there end it was only showing like a third of the revenue in actually do. But that’s all cleared up and I’m fully approved 👍