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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Square Champion

Okay, yeah that is one where you still would be an offer but lower is all. That means their last offer/loan was too big for processing to handle. So that's all good. Even slowing down we all have different times that are our slower seasons or like yourself and a few others that do construction or painting tend to have a much higher payout and the customer is writing a check or they use something else for their pos system to payout invoices. Unfortunately, a job is a job and money! You can't force them to use Square. You want that job you take what they want. I don't know imo going off of a good 90% the percentage is coming down if I was a gambler if you process like you have been I would be putting money down and thinking that this week or weekend? Again, I just went back through the last 3 pages, and the amount stated in the 80s is the majority of them now. 

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I wonder if anyone talks to a support agent and it helps with triggering an offer? 

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Square Champion

It's getting to one is the problem. You are calling a call center and unfortunately, you get the script that there is no guarantee of if or when you might receive one but keep processing.

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Ick. Even when they say to call the loan specialists. 😔 So frustrating and what a run around. 

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Square Champion

I have heard many fill out the form in the loan section on how we are doing with the smile and frown face. Leave a not-so-happy response and their phone number and someone did call them back so they said. I am not sure if that was luck or exactly what their issue was except for one who was processing some big numbers and no offers in a year after being completely paid off. She wasn't very happy and they called her back and found out there was a hold on the account regarding a high dollar customer. They worked with her for a couple of days and got everything working and the next day she got an offer. I don't think I would leave them a message like JD Wentworth 😆 it's my money and I want it now! But your volume of processing you are right there going off of everyone else posting lately but a handful. It's the one where your loan circle is click on scroll down past all the metrics to the very bottom. I guess it is worth a try you will either see one or not I guess.

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It was the very end of May around 65% I believe. I could of paid up sooner, however I did back off on my processing a bit during the summer months as I was doing large School orders and was paid by check for a couple of these. 

Since end of October I've been processing again like normal. Paying it off fast. 2 weeks ago I hit that 65% mark. Today I'm at 72%. 

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Square Champion

So, almost or close to 20% in 2 weeks? That is awesome processing first. But I would have thought that amount of processing would have triggered the system? That is why I believe I tend to be a Saturday offer person. I run sales and our busiest days are Thur -Sat. The amounts are doubled to triple say Wednesday and im guessing that is what or why it must trigger the system and generate an offer. I mean now you are right there with everyone but 2 posting the last 3 pages. 1 was 60% something and another just posted 91% everyone else is saying upper 70s -80s range 

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Correct! I would of thought it would of triggered it last night after going up another 5% from the previous couple of days. But I guess not. I wonder has anyone had an offer on one of their "slow days" ? 

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Square Champion

I have before after 12 years im not just a Saturday person but a lot tend to be. I have on a Monday and Tuesday before. Just like another posted this past week 1 of her metrics needed work but it was for a good mixture of customers' new and returning. The metrics are a good idea and good to know where you stand but it changes from needs work one day to the next depending on your day of processing. The big ones to stay away from are multiple returns and disputes! Because that brings in a human going back and forth with the card company and then banks. Having 1 here or there isn't going to hurt you but more than a few especially disputes can hold you up for a loan regardless of your %

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I'm in retail, so I do have a few returns. However, I don't have any disputes or charge backs and all metrics are good. 

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Square Champion

Unless you have 3/4 in a week or 2 span and the algorithm goes to pick it off it would catch that. But here there and in between is kinda expected in retail or especially online orders and sizes, descriptions, etc are hard to please people who physically can't see it or try it on. Another guy I believe just posted 86% I believe and offered 11/13 half of the previous offer already close to 30% paid off. 2nd business only uses 2 months out of the year and just received its first offer. Both baffle me. Oh, sorry you still  have to call customer service and when prompted hit technical support issues. 

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How do we get a human to look at our metrics? 

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Sorry 82% mark not 72%. 

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Same!

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I received my 7th loan offer on July 4th, still pending on July 11th.  Called square and they stated I turned everything in on the 8th and I should get a response no later than the next day.  It's been 11 days?  Normal?

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Square Champion

No, not normal at all. I don't know if the 4th with a Holiday had an affect or without going to the backend to see if there was a glitch that day 🤔 I can't remember honestly I'm sorry. I usually get notifications but they have been working on glitches and new updates. I would definitely call them I believe that the Mod pinned the number up top. They are going to give you a script read at first but stay firmly and ask to be transferred to someone who can help you. Your not asking for a loan you already did but nothing else happened since the 4th. The longest I waited was a Saturday night offer and in my bank Mon. 2-3 max when you accept and sign.

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Yeah, I've not ever had it take so long.   It was odd that they said I turned in all required docs on July 9th and I hadn't even received stating they needed any additional info.  So odd.   The last email I got from them is the "thanks for your application"...

I can never get a human on the phone.. So frustrating 

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Square Champion

Ughhhhh, I either missed it or misread it. I apologize. I didn't realize they were asking for information. I'm sorry. I thought it was just the normal offer and sign and boom deposit. Unfortunately I did look up in the loan section it took a minute but I believe from what I read and what you have said it's does say about 7-10 business days and add in the 4th of July the date you received it. I would certainly think by this Friday you should definitely know something about it? especially if they haven't asked you for anything else. A human definitely has it. I know it's hard as heck getting to just the right person who will help. I have heard others say they sent multiple emails, and finally, someone called them. I have heard others say when that random survey pops up and it allows you to leave a comment boom an hour later, someone called. Unfortunately, I don't have no secret numbers or work for Square. Please let me know what or when something happens. It will help in the future when this question comes across again. Hopefully,  someone will jump on that's been there and can give a better time frame or how their experience went. Good luck 

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I got it approved and deposited 🙂  

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I appreciate all your help!!!!  🙂

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What kind of documents did you have to turn in? I just uploaded my bank statement and articles of business

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