Stuck between rock & hard place - is paying off early bad?

So we’re at 71% and typically have offers by now but I know things are changing. But with Christmas coming up normally we put our loans entirely into marketing to keep up with the bigger names in our space. 
Is paying off some early bad or will it actually push our percentage forward enough to possibly get considered?

this would be our 7th loan with Square and it’s gone incredibly smooth so far so we’re gracious regardless. Just trying to figure out best approach. 

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@thehealingplant Thanks for taking the time to post. 

 

If you’d like to submit full or partial payment for any outstanding balance, you can do so from your online Square Dashboard. There’s no penalty for early repayment.

 

Once the payment has been submitted, it can take seven days for your business to be re-evaluated for a new offer. This may seem like a long time, but we need to make sure your payment is confirmed. 

 

We have provided factors that are affecting your eligibility in the Square Dashboard to help you identify areas your business can focus on to potentially become eligible for another offer.

Your business may become eligible for a new offer when your existing plan is closer to being repaid. However, new offers are not automatically extended or guaranteed when a certain percentage of an existing loan is repaid.

 

Hope this helps!

Nancy__
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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It’s bad,you want get any offers if you pay a loan off early.The system depends on processing volume to determine amount to offer you.

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That's what I figured but I just wasn't sure tbh. We've always just kind of rolled along and it's always worked itself out with getting loan offers but we're stagnant right now and our competitors are spending more money than ever so it's just really kicking our tails. Wishing the best for all the small businesses out there 🙂

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Square Champion

have you thought about doing a customer based marketing campaign? ask them to share their favorite purchase from your store on their social media, and tag you. pick your top 5 to give gift cards to. 

My Girlfriend's Wardrobe est. 2012

Preston & jayne est. 2023


Downtown York Pa


Square user since 2012
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Community Team

Solution

@thehealingplant Thanks for taking the time to post. 

 

If you’d like to submit full or partial payment for any outstanding balance, you can do so from your online Square Dashboard. There’s no penalty for early repayment.

 

Once the payment has been submitted, it can take seven days for your business to be re-evaluated for a new offer. This may seem like a long time, but we need to make sure your payment is confirmed. 

 

We have provided factors that are affecting your eligibility in the Square Dashboard to help you identify areas your business can focus on to potentially become eligible for another offer.

Your business may become eligible for a new offer when your existing plan is closer to being repaid. However, new offers are not automatically extended or guaranteed when a certain percentage of an existing loan is repaid.

 

Hope this helps!

Nancy__
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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How soon after you got the loan did you have to start paying it off? 

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did you receive another offer yet? at what percentage ?

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Any new offers?

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