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!

[Twpchair]

Congratulations and thank you for the update! So just about one week from the offer to deposit. I'm sure that will vary a bit on what day of the week you receive an offer. 2. Not a ton of documents they needed. Seemed pretty easy to use and upload information going off your post. Just trying to get a better feel for the next group of offers or if it is a new daily thing. I am 100% sure imo 😆 that you guys were the test. Batch and see how and make sure no bugs along the way. The only thing I saw was the the waiting on Square to verify the account. Hopefully, they can work on that going forward and speed it up. Honestly, compared to a big bank it's about that long if not longer if the board has to approve it. We might be looking at the future here for loans???? 

[Jjpainting]

Unfortunately that has been squares policy thing for manual bank verifications for years. I read posts from 3 years ago saying up to 4 business days. Square send me an email saying it would be end of Monday but it was first thing the previous Saturday morning.  They sent and received the 1 cent the following day so it should have been verified that day. The guy at pipe showed the screenshot of the penny verification.  

Now let’s hope this doesn’t mess with my square offers. If it does there’s nothing I can do, pipe came through at a much needed time for me. So that was awesome they worked with square. I wish they offered like 10-15% of your yearly revenue, but I’m sure being my first loan with them, they will only increase as they see me paying them off. 

I also think I just landed a large $11k job (probably 7-9 days of work) which is gonna be a big help.  Job isn’t for another 3 weeks but I’ll have a deposit coming this week and rest upon completion. So two good things since my lovely car accident lol 

[Jjpainting]

Also being that my last loan was so much lower, the trend seems to be that the next loan comes earlier (60-70% paid off) and is larger.  I’m over 40% paid in 9 weeks. So it won’t be long until I get a feel for squares offers.  I’m thinking that the offers won’t change, i just hope the loan application doesn’t get like denied due to this you know?  I have no problem with 25% of my card sales being taken out for loans. Especially being that pipe loan won’t take long to pay off. And if I get an offer from square to get me through the winter, I’ll be in great shape from there on out 

[Twpchair]

That is the worst part waiting for the weekend to end! Then kick back up on Monday! Hopefully, those waiting where you are which seems just about everyone but Jjpainting hopefully tonight or tomorrow morning it's deposited! From everything I've read 📖 it's the initial setup that takes the longest. I couldn't believe the amount of 3rd companies out there that work with different pos and multiple types of lending or financing. Good luck to you all!

[Twpchair]

They do! I normally slow down as well as people don't know what or which way we are going. But this year I haven't so far. I know when I see Christmas in the other stores get ready. Well, it has been and last Sunday I filled up half the store smh all week bag and bag. On Saturday 90% of sales were Christmas items already! They said it's so depressing Christmas just makes them feel good! Happy day to you then and if that works for you awesome!

[Twpchair]

I'm looking through everything and have read through their loan agreement and from what I take as im reading through it. It shouldn't go against your square loans. They (Pipe) take into consideration as a 3rd party lender what your offers range from. I guess the way I took it was you getting a credit card, a new truck they use your debt-to-income ratio, and that is why we are seeing 4k to 4,600.00 max so far. Will that adjust im guessing so as the 2 companies intertwined with each other more. It is a start a huge bridge to get businesses funding instantly (I pay mine off immediately at my credit union) and use it for emergencies or inventory at a deal I can't pass up on. All of the above is just reading others' reviews and going off of Pipes's website. I don't work for either company. Their customers are happy that BB is a good standing with them. I guess we will see! I really hope people start posting here especially now! Their example, the documents needed, to letting 3rd parties into their accounts have to be done manually anything that might help others. This was rolled out pretty quietly and it looks like us will have to keep everyone updated! Thank you for explaining everything along the way! 

[nikikostrova]

I am at 81% and still no offer.  I've had 16 loans with square.  Sales are up, everything is in the green.  It's only been 6 months since this loan was taken out.  I normally get an offer by now and don't understand why I haven't yet.  Has anyone gotten any offers recently?

[Twpchair]

Yes, there are 2 under your comment. It was pretty rough on here for a bit but there are more people posting now I just received an offer. Hopefully, it will be soon! I will be honest with you there are a good handful completely paid off and waiting and others pop in at 69% and received one. Good luck and keep us posted! 

[Twpchair]

Yes, offers are still going out daily. For the last 6/8 months, it's been a higher % paid back to paid off. A few pop in around the low 70s but if you scroll up most are in the 80s now and waiting. A couple above you I believe was 84% and 83% and received an offer. Hopefully soon if you are paying it back that fast. Good luck to you! Keep us posted with your next offer, especially at what % that helps others to see if or what its trending at. 

[Hotbear1]

Hummmmm I’ve learn one thing about square they really don’t care about the loyalty of there customers at all we are humans and there will be up’s and down days but square will punish you for slow days or days u take off shame on square no matter how fast you pay back ur loan they really don’t care at alll

[Fairestcape]

Loans appear to be calculated (and offered) based on payments made only through Square. Most of my customers (BIG companies) pay directly into my bank account, and while we invoice everyone through Square, about 90% do not pay through Square. When an invoice is paid outside of Square, we mark it as "paid" using "Other" as the payment method, but this result is (I believe) not factored into Sqaure's loan algorithm. Additionally, many consumer customers pay via Paypal (around half) and again... these transactions play no part in influencing Square's loan offers. We do get loan offers, and occasionally accept, but it is frustrating when an offer is made ("computer says yes") and a few days later the offer is withdrawn ("computer says no"). Trying to get hold of a human is like trying to speak to an alien on some planet in Andromeda.

[Twpchair]

Unfortunately, you are correct! Without the money going through Square to pay off a percentage in fees to cover the loan it appears to the algorithm that you do 10% of your sales only through Square. I see you aren't in the United States. I know each country is a tad different with how things operate and offer different products. Have you been asked to link your bank? Also, I know 1 and im sure there are multiple ones like Stripe that do your billing, inventory, booking, etc. They will directly pay to your bank but it's not instance at first. If you use Square to run all their cards and invoices as your POS it shows you and Square that all your invoices were and they are run through them. Your customers can still use their normal way of paying (except 1-2) here but that could be different there. I guess it's just how much you want to be offered loans and more of a regular basis or not. I don't know how much you make or if they offer at a certain dollar point a business Representative to you and he or she deals directly with you and I have a great one. He calls me often and no issues going on etc. I have called him and always picks up when I have terminals crash or cash register boom locked up. Tech support called in 10 minutes. It sounds like all this would help you. Good luck with all of it. I will tag a mod here and see if they can get some help with the account over there. I apologize for this being so long but I think you just need to get to the right person to help you out the best. 

[Ulmen406]

I recieved an offer via square at 82% on Friday, it says it’s waiting for approval. I’ve never waited this long for funds to be approved and deposited. Anyone else dealing with this?

[Mypeachfuzz24]

hello there, did you hear back from Square yet? and congrats on the offer!!

[Twpchair]

Was it later Friday? I'm usually a Saturday night offer and nothing moves on their end till Monday for me. Usually, Monday night deposits a couple of times it was Tuesday. Go to your current loan part where the circle of % paid back and see if that's changed to full again. Then right under it will be all your loans and see if your current one is paid and the new one added in for the total. The date should be a recent one. If so then you are just waiting for the processing. If nothing has changed I would call customer service and before the start reading the script tell them im not looking for a loan I have an offer from a week ago! They might have to push it through manually. if you call today and get it all done funds usually should hit overnight. If not you know it's coming Friday night or Monday the latest. But look at the first steps first. 

[Healthyketo]

Just received my funds from pipe. Thank you again to whomever it was who shared it with us. Could definitely put this to use. 

[Paulynne]

Glad I could help. 

[Mypeachfuzz24]

❤️❤️ so thankful for you!!!!!!!!

[heavenleebbq]

Thank you!!  We were successful through Pipe as well 

[Twpchair]

Congratulations 🎉 finally!!!! Now, come on Square, and pad that cushion!!! I think you're the last one I've been waiting for, unfortunately, Square is the one I want to see! Congratulations again!

[Twpchair]

Congratulations!!!!! I am so so happy for you! It's been a journey hopefully this kicks in something from square too! It looks like about 1 week exactly so far! It's 4:06 am and I could do the happy dance for you! Thank you for keeping us posted through everything!