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

It is hard trying to get how it was and how it is now. For those that don't jump on often or follow up with about a good year and a half now, it's not the same. The percentage on average is higher than previously and the amount of the loan. It's been averaging close to the previous offer or lower. Not for all of course as everyone is different. Of course, you see a few here and there in the '70s receive an offer the same who get a decent amount of an increase. The days of say me I could almost guarantee an offer between 70-75% like clockwork! The last few have been 91%, 84% 69% 88%. I didn't have any decrease all within 1-3k the same amount except 1 was 6 or 8k higher. Prior to these, my last offer was 32k. I am still on the average to surpass the last year's sales. The new norm is there is no new norm, unfortunately. I just tell people to keep processing daily and keep both returns and refunds to a minimum! Good luck to you and everyone waiting. 

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I expect an offer between 75 and 80% not to must to ask

 

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I actually did receive an offer yesterday night. Way lower, about 50 percent less, but I think part of that was my own doing. I do events for a university here in Louisiana. They are a Net30, so it takes a little while to get invoices paid through them. They have e-payable's for third party vendors, where they load the balance for us to swipe as a non physical card. Problem was they were paying in batches, and instead of individually swiping for each event, about 64 over this past year, I combined them in to probably about 20 swipes. I feel as this has greatly affected my offer, due to the drop in daily processing. Please don’t make my mistake! But yes, the fact that it didn’t update for 48 hours after the previous days should mean that you have a loan offer incoming.

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Congratulations! 
I am realizing there is no method to the madness, it’s a crapshoot. 
I just saw in another group, someone got a new offer at only 52.% paid. 
Where I live, more people are using cash instead of card and I think it’s time to find a processor who looks out for me, my business and my future, that I can count on when, I, need them. 
Congrats again!! Have a great weekend! 

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Congratulations! I am sorry it's lower than expected but you are correct about daily swiping vs not. That's one of the metrics. I'm retail furniture and I process daily. If 90.00 or 900.00 a swipe is a swipe and they each add up at the end of the day. Hopefully, the next offer will go up! I don't know if the algorithm picks up how your business processes I hope it will or maybe that's something that should be addressed to square. You are not alone and a big market for venues and events. The same goes for contractors who send out invoices and how fast the customer pays. Congratulations on at least getting one and thanks for the update and details about it.

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Hi Twpchair! You helped me back when my loan was over 80% and I wasn’t getting anything, I ended up being offered at 88%! I’m currently at 67% paid off now, are we seeing earlier offer percentages these days? Last November I was offered my highest loan ever at 62%! Just wasn’t sure what it was looking like. 

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What’s algorithm? What’s it for and what’s it mean? 

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Hello everyone I’m at 68 and just got an offer for 58,700 I this is my 6th loan . My last one was 40,000 but since I moved location sales been great . 

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Good to hear! What's your revenue looking like to get 40-50k offers if you don't mind me asking?

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About 50-60k a month 

no worries I been opened for a little over 2 years now with square . …. Food industry 

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Ok so you're about double with loans about double. we've been between 25-35k monthly. About 2 years ago my cousin said he gets 100k offers and I thought I once read 'up to 30%' of yearly sales but my offers are far from that!

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Congratulations!!!!! You are one of rare ones! One in thousand! Great to hear and hopefully you will bring good luck to everyone else! Also, great job on the increase in sales. Great year for you!

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My dashboard eligibility factors haven't updated since December 1st, is everyone's like that currently or just me? Not sure I've ever seen it not update for days, but wasn't sure if it was a system-wide thing going on or not! 

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Mine is updating daily at around 11:45 am each day...

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Mine does to like clockwork between 1-2 pm eastern time. I’m open now until January in Michigan 7 days a week but our winter hours mostly all retail or gift shops close Monday and Tuesday. Depending on the weather for the winter we close 1 day but bad winters we have 2 days a week and yes my metrics dip and 1-2 days later back up again. 

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No, you can call tech support or let me tag in someone who can help you find out why. You have been open and processing cards correct? If not with the holidays and being closed or no cards vs cash throws off the metrics as it doesn't know hours or closed days. @Sammie_C can you help here? About 5 days no updates? Also, another 3-4 above multiple loans not the system said no account found or not eligible no file found and they all have current loans now. I'll tag you. Thank you so much! 

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Community Team

Hi @FirstLook!

 

Great question - I’d be happy to explain.

 

The information shown on your eligibility page is usually refreshed in real time. You can see the last date and time your loan eligibility was evaluated under “Eligibility factors.” However, if you have not processed payments through your Square account recently, the data may not be updated until you process payments again. If you become eligible, you’ll be notified directly on your Square Dashboard and via email.

 

Hope that helps, please feel free to reach out to us directly if you have any other questions!

marielmt
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

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I found this thread a few months ago after expecting a loan to come through around 60-70%. Currently I'm at 99% paid on my 15th Square loan. Everything has been green until this week when I got a processing volume needs work notice.  (I was closed 5 days last week for Thanksgiving.) This waiting game is brutal and at this point I am not even expecting one anymore, but I don't know that my retail biz will survive without the much needed capital for new inventory. Extremely frustrating! 

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Square Champion

Unfortunately, hun the algorithm or metrics doesn't recognize days off or closed for holidays. Mine dips in the winter from open 7 days to closed on Sunday and Monday. Usually in a day or 2, it kicks right back up to all Green.

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Just wanted to say, I've truly appreciated your knowledge and insight while reading through all the comments. Thank you for always being responsive and encouraging. Fingers crossed that the floodgates open soon for all of those waiting! 

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Square Champion

Thank you so much! It’s rough especially this time of the year or emergency situations happens. One a month ago running a restaurant a lady posted down to one oven the other 2 went 2 weeks apart and was desperate for one at 95% paid off. I just hoped every day to see her post I finally got it! 97% paid off was her lucky number. I asked her if she could do any sale on something that was working good and not to costly to boost sales and kick in the algorithm hopping. She could do beverages and coffees free Friday and Saturday only with any purchase and jumped her up in the % and kicked in that algorithm. This is why I stay here and help out and offer any advice that might help to trigger it or not but it is better than nothing and going off the numbers a big boost helps. I do appreciate your kind words though and I hope you have a great Holiday season and an even better winter!

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