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.
@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!
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.
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 🙂
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.
@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!
How soon after you got the loan did you have to start paying it off?
did you receive another offer yet? at what percentage ?
Any new offers?
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