This is my first time posting in the Square Community, although I've been reading discussions for quite a while to stay up to date on trends and learn from other business owners.
Square since 2024. We process approximately 30% of our revenue through credit cards, with the remaining payments coming through bank drafts and e-transfers.
This is currently my third Square Loan, and I've had a very positive experience so far; as a business owner, I don't know how long we will need to use the Square loans- I like it because we do not need to take investment money and not lose any ownership.
- Credit card processing increased from approximately $150,000 ( 2024- 2025) annually to $351,000 annually.
- Overall gross sales across all payment types increased by approximately 60%.
- Our average monthly credit card volume has increased from about $24,000 to over $38,000 in the last 30 days.
- Most of our client payments are received during the second half of the month, so June is already trending ahead of previous months.
- During our summer season, credit card processing last summer $50,000K – this summer $85K during peak summer months.
Our current Square Loan was for $35,400 and is approximately 69% paid off. Historically, we've received loan offers when repayment has been between roughly 53% and 73% completed, although I know every business is different. I think it is multiple data points, not just the %. if you are increasing revenue, and your payment velocity is decreasing at a certain %, would play a part.
One thing I'm particularly excited with our increased revenue and customer base. Our customers are recurring customers. The remaining balance of the loan will be paid off in the next 2-3 weeks ( we know the payments are coming in). Not sure when we will receive an offer, I know it will be soon. I will keep you posted.
I'm looking forward to learning from everyone here and hearing about other businesses' growth experiences with Square.
Thank you!
