@SPPhotography1 First, congrats. Second, resist the very bad urge to switch processing companies over loans. I've watched people do that and it has never, ever, ever worked in their favors. To begin with, doing so starts the clock over and you have to build up processing history (usually 6-12 months, minimum). Besides that, loan offers will be smaller until you've had enough history to show what your sales and card processing trends are. And those two reasons are just the tip of the iceberg.
Three or four years ago, what you are experiencing happened to me. Since I've never been desperate for a Square Loan, and always use them to help me further a goal rather than an actual need, it didn't bother me to much. Yes, I thought it was odd that what had been a nearly instantaneous process was taking a few business days. But, as I recall, in 3 or 4 business days the funds appeared. Of course, Square doesn't start repayments until 3 business days AFTER the funds are disbursed, so like I said I wasn't worried.
Most likely, your loan got randomly picked to do a deeper dive just to be sure everything is ok with your account. Or it could be as simple as a technical snafu that is being resolved. I wouldn't worry to much as long as you haven't received any further communication alerting you to an issue. If you still haven't received anything by close of business tomorrow (the third business day), it might be wise to reach out directly to the Square Loan support folks.
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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