New Square Loan in 2024

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!

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Thanks

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Square Champion

You're welcome! Did you get it all straight? 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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@Jjpainting YOYO scroll up and see the other's comments from users about Pipe and payments. They have different experiences and it might help you much better. Good luck!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Did you figure out the payment process? Update please! 

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🚨🚨I finally got an offer from square just now ‼️ it is a very low amount (a few thousand) I’m very happy just to see it moving along. I’m hoping it gets approved and I can pay off quickly and get a larger one. Waiting for an approval now 🙏🙏 

 

(Been paid off since June 28th) I hope it gets approved!!!! 

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Congrats!!!! 🎉 About time ha  

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Congratulations! I hope it gets approved! They’re definitely a lifesaver sometimes.  Crossing my fingers to get one too!

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Thats fantastic news 

congratulations 🎈 

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 Thank you God! I along with the rest of the community am happy for you. 

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So happy for you! I know you’ve been waiting a long time!

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Hopefully it gets approved 🙏

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Update for me: i’m sitting at 87% paid, with only a few thousand left to finish out my $30,000 loan. I’ve had 15 loans with Square, and my sales have decreased over the past few months. I’m thinking my decrease in sales might be why I’m not getting an offer. But I’m still making enough to pay for a good loan amount. Prayerfully Square will look at my account and give me an offer soon. Lately my account updates have been skipping days. I’m not really sure what’s going on.

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I’m sitting at 82% on my 12th loan. Wind storm blew a giant hole in my roof in my main coffee shop building, so I reached out to see if I could ask about why it’s taking longer than usual. Texted chat and they said to email the loan link. I did and was surprised that about 12 hours later, got the generic/not personal reply. 
My coffee shop has a few slower days, then bigger ones, so my monthly sales are still the same. 
With the costs going up with Squares processing, the loans were a big incentive to keep using them, as it just comes out every day and makes life easier. 
I guess because I am personable with all of my customers, knowing without them, I don’t have my business, it’s time to find a processor who feels the same about me. 
Happy Saturday to you all! 

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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 allllllll

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Let us know if you find another processor you like! I'm curious too. 

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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 allllll

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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 alllll

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Even though sales have been slower overall how has the year been? If they go by the overall health of your business like it is stated along with new vs return customers, and a HUGE one people need to really try hard to watch this one is returns. It costs money, time, and humans to do this, and the other is disputes!!! I have a zero-return policy and store credit only. I do an in-store warranty on new furniture as our manufacturer just replaces it. Again, too costly for them to return a couch, repair it, and ship it back. The next load coming in or close by drops off. I know in the winter I get nervous that is our slowest time after Christmas and depending on the winter it can be dead slow in mid-Michigan! I have received offers in January and February and thought that you dear lord. So I believe imo they understand or there's more important or all other factors are good. Previous history etc. Most businesses have a slow period in a year. Watch and look at your other metrics and try to stay away from the 2 rough ones. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Finally got my approval yesterday after back and forth with more info every day since Monday. 🙏🏻

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Congratulations 🎉🎉 I’m still waiting on 85% hopefully this upcoming week I’ll get consider 

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Good luck to you!!!! Hopefully, things will start to loosen up a bit, and lenders will relax and we can get back to taking care of business!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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