[Resolved] Square Loans Payment Reporting

[Regina_B]

We’re investigating an issue related to Square Loans payment reporting that has been impacting some sellers with loans through Square Loans who use our Business Banking card. 

For affected sellers, loan payments made through daily card sales are being displayed in their Square Loans Dashboards as a single "Pending Square Loans Payment." We can confirm that this is solely a reporting issue and that loan payments made through sellers’ daily card sales are being applied to their loan balances as usual. 

Our engineering team is working to resolve the issue and we will post updates here as soon as additional updates are available. There’s no action needed on your part at this time. We understand that this is not ideal and we apologize for any inconvenience. 

This does not impact the Square Loans repayment rate, which will continue to be applied to your daily card sales until your loan is paid in full.

[wapteach]

Hi! I paid my 2nd loan in full 2 weeks ago and have increased sales and new clients. Any tips from those who have gotten new loans? I am hoping for one this week. Thanks!

[Katiegironda]

Just to be patient. I checked it like 10 times a day.

I am not accepting this offer because it’s half of what I got last time. Our sales have been down in preparation for an annual sale we have 3x a year that takes in 50grand in 48 hours so hopefully they offer more afterwards. 

[piratetaxi]

Yeah we are 86% and I'm right there with you on checking it constantly. We are looking at expanding a little as soon as possible because it's tourist season. Any day now, hopefully...

[browsbyandrea]

As of May 27th my Capital payments aren’t being automatically taken out of my deposit account or sales. When I go to my dashboard it lists every transaction until that day. There is a gray colored transaction at the top of the list of blue previous deductions that says “now” for the date and has a large amount that doesn’t coincide with my minimum due (which isn’t due until July 31st) or my balance. Im assuming it’s what they were supposed to have removed in the time that nothing has been removed, but why the bulk sum? I’m at 48% complete on the loan and I enjoy the opportunities the Capital loan program has given my business so I would like to keep up to date so I can be eligible in the future. 

[ashc]

Hi @browsbyandrea!
 

We actually don't have access to account specifics from our online forums but have you tried to reach out to Capital directly via email or by calling us? 

[browsbyandrea]

I haven’t, this was my first step here. I will go ahead and email them directly. 

[ashc]

@browsbyandrea Ah okay! Yeah that would be best so they can take a closer look here. 

[browsbyandrea]

@ashc Has anyone else been experiencing this problem? I’m wondering if it’s connected to the fact that I’ve gotten the square card so things are a little different there? Like is the pending payment a sort of escrow account that they’re all going into until I deposit?

[ashc]

@browsbyandrea I wish I even had the answer to that but we just don't have the insight into Capital here. Anything specific like that would have to be answered by them directly.

[katieand]

Hi @browsbyandrea - I can confirm that the issue you're seeing is the same identified in this thread. Click through to see the best answer, but your loan repayment is still being applied. This issue is just affecting reporting in your dashboard and our engineers are investigating the issue. Let us know if you have any other questions. 

[Fabiola7878]

I got my new capital loan offer at 80% but since i got the card it has my payment pending for weeks and i saw its affecting alot of us getting new loans ..im at 92% 

[katieand]

Hi @Fabiola7878  - I've moved your message over to this thread. Pending payments are a known issue being investigated by our engineering team. This issue is solely in reporting and does not affect eligibility. 

[piratetaxi]

I drive Taxi.  am currently @86% and have not recieved a new loan offer.  I am worried it is because of the fact I have my capital loan in a "pending" payment status since 5-27 and I can not see the individual payments.  I could use the offer right now as it will allow me to get another cab onto the road and allow me to process even more.  But since I can not seem to find any actual requirements anywhere I do not know what area to work on to improve my options of getting a second loan offer.  maybe I am paying it off too quickly?  At my current rate I should have it paid off in 3 weeks.

[katieand]

Hi @piratetaxi - I moved your post over to this thread because it looks like you're being affected by this known issue. All Capital payments are being processed, but reporting is not accurate in your dashboard. Take a look at the best answer on Page 1 for more information and let us know if you have any other questions. Our engineering team is investigating this issue as we write. 

[piratetaxi]

It doesn't answer the question though about being in that pending status and affecting loan offers.  I understand that the updating issue is not associated to having a square card.  it is only affecting updating on the dashboard.  but is it ALSO affecting loan offers?  I knotice people have recieved offers from 50% and up with the largest pecentage between the 80-84%  Hence why I asked in a thread where everyone else was asking about loan offers and needing them etc.  Since this isn't about dealing with a reporting issues with the dashboard.  so if it could be moved back to the more relevant thread that would be great since someone out there may have more experience instead of being in a thread about reporting issues on the dashboard.

[katieand]

Hi @piratetaxi - This issue does not affect your eligibility, as your payments are still being recorded and processed. You can see your capital payments breakdown in your Deposits tab. 

We don't have insight into eligibility in the Community unfortunately and I recommend reaching out to our Capital team directly if you have further account questions. 

[fluffycuts]

Since 5/29 my capital payment is just pending in grey the money is coming out daily as it should but it is just totaling up and is pending per grayed out under the capital loan tab. not being applied to the loan just sitting there. any ideas?

[TakeNBakePizza]

@katieand 

I am also having this issue and I am concerned since "daily payments" is part of the possible qualifications for renewals.

[AWaller14]

I’m also having this issue. Any resolutions yet? 

[TakeNBakePizza]

@AWaller14 

I got an email from the Capital department and they said the techs are aware of the issue and are trying to fix it and that is only on the reporting side on our end - the payments are still being credited daily.