Thinking of leaving square - lack of loan information

[toffeeman]

I'm sorry, but what is going on with square loans? We are exponentially increasing our revenue, have a solid 100% reputation with square, pay off our loans within 1-2 months of previous loans, and have 0 chargebacks. Everything is 'good.'
We haven't received an offer in over a month. We are considering changing. Square is unreliable when it comes to capital loans. We need a company that we can rely on. Any suggestions?
Thanks.

[Sammie_C]

Hi @toffeeman, I want to first welcome you to the Square Community. 

I definitely understand your frustration, but unfortunately the information we have is limited when it comes to eligibility with our Loans.

I am going to go ahead and tag in a few of our Square Loans specialists on this and see if they may have any insight that they can share. @marielmt and @Abby_M, do you two have any wisdom or helpful tips for this Seller?

Also, feel free for any other Square Sellers to chime in with their experience or suggestions, as well.

[toffeeman]

I can see that I will not get an answer. We will be moving over to shopify sometime this month - as they loan system is more reliable. We don't want to be using square if we cannot rely on them for capital.

[Twpchair]

Hello, I help out here a lot and it has been a long dry summer, and I won't sugarcoat it one bit. In the last 2 weeks, it has been every day multiple people who are receiving offers from the upper 60s paid off. It is finally kicking out the old normal amount of loans or pre-COVID. If or how long it lasts going off of the past 2 years (yes, it's been rough for the last two summers), then about this time it kicks in again. Your numbers, your growth, no negatives should have picked you off. I know you already know there are no guarantees if or when, but honestly, the longest I've seen myself in years is 2 weeks after completely paying off. Other than that, there was an issue with their accounts, and I wasn't aware of it. Have you called in and gotten past customer service to a loan specialist? I am not saying that there are any issues, as I have no access to any information. All I'm saying, as a Square customer myself, I would be calling and getting to a specialist. You and only you know what is best for your business, so I don't have to go over some loyalty speech. Just as a customer myself in a retail furniture store, I get those same sales reps from all the POS systems who guarantee me a 50k loan in the first 30 days. Others have on here as well. All I did was Google their policy and jumped on Facebook and Reddit, and after 5 comments, I was done. As @Minion stated, I have a LOC with my little credit union. I'm not sure where or how you feel about that, but that gives me the option to access funds when I need them and not when the algorithm picks me off. Good luck, and I wish you the best of luck and huge success. I truly mean that

[Minion · Accepted solution]

Hi @toffeeman 

The Square loans and the uncertainty of when an offer may or may not come in is definitely frustrating, but if you are with Square for only the loans, then I can definitely see where you are coming from. 

Have you looked into using your business bank,for a loan or a line of credit?  You say you are paying your loans off within 1-2 months, so that means your business is definitely thriving (good for you!).  I think I may be worth checking into your local bank to see what they offer. Obviously the set back with that, is they are going to do a hard pull on your personal credit, want many different documents from personal and business. but the rates and terms may be more favorable to you and your business.. Then you can use Square just as you were, and not have to worry about an offer of if/when it may come. 

Just giving a suggestion from one seller to another 

[Prnutrition]

The lack of information is definitely frustrating. I am at 92% paid back, all green and processing daily. I’ve called and emailed several times and can never get an actual answer! They just say “your account looks good!” I’m very aggravated with this process. 

[Twpchair]

I’m not going to lie to you it’s been a long Slow summer but the good news is the last 2 week has been amazing finally. Each day just posting on the loan threads a good dozen going out. The range is bouncing to from 60s and 70s to paid off. Of course today being the first day back it’s usually late wed to Thursday before things pick up again. I understand that each and everyone of us has todo what is best for our businesses. My only advice would be remember reps will promise  you the moon to get your business, you WILL start from the bottom (experienced that) and the grass isn’t always greener. I usually tell people look at facebook and Reddit and look at their loan boards before you. Make any big decisions. I wish you all the best and huge success which ever way you go.

[Twpchair]

Any news?

[Twpchair]

Any updates?

[Prnutrition]

I’ve been paid off for a week, no new offer! Everything green 

[Twpchair]

Ugh, sorry to hear this. Let me ask you a few questions. The metrics are a great tool for us to use but they are not a guarantee of any loans. I wish the wording were better. Right now they are looking for daily swipes and the number of swipes. The number of new customers vs regular customers. All of these indicate a strong healthy growing business. Also, your past history with Square and loans. How long have you been with them?

[toffeeman]

Almost 2 years. I’ve had loans in the past. My swipes are daily and average around 30-50 per day. We are on Granville island so our customer base is mostly tourists. We are growing healthily.

[Twpchair]

I don't get it. I can give you the same old spiel, but you keep hitting everything. This is just my observation, and I watch closely. Maybe a mod could clarify this, but I’ve noticed since we merged the United States with other English-speaking countries, that Canadian, English, and Australian businesses seem to either be completely paid off or close to it. It might be just the ones that post here; not all do. I was wondering if there's a lag in the transition or something. With an algorithm, there’s no way to figure that out when an offer comes in at 69% and the next is paid off. We are all unique and process differently. But with 30-50 swipes per day in a tourist town, I don't work for Square—people like me are here to help with common questions and direct them to the right person for specific issues. Unfortunately, with the 'no guaranteed' part, I can't do much except wish you the best, and I hope everything works out for you. 

[Twpchair]

Any news yet?

[Twpchair]

How is your daily swipes are they increasing? The same with the volume or dollar amount? New vs returning customers and your past loan history and years with Square. 

[bsa77]

why does the swipe ? My sales are mainly invoices. My customers are often out of state

[Minion]

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@Prnutrition wrote:

I’ve been paid off for a week, no new offer! Everything green 

---

Was your final payment a manual one or was it through CC sales?  If the final payment (regardless of amount) was a manual one, then it will take up to 10 business days for the algorithm to kick back in. 

Other than that, like many others say and repeat on this forum there really isn't much anyone can do but to focus on the business, generating more sales, and just keeping everything going business as usual and eventually an offer should drop in. 

[Twpchair]

It's been a rough couple of weeks with offers, or at least for those who post here. The green metrics are great for us to see what we need to work on or compare with previous months; unfortunately, they do not indicate an offer. Did you pay off your loan with all sales (swipes) or manually make a payment? Right now, the key points to kicking in the algorithm to take a 2nd look at your account are: 1. Swiping those cards, the dollar amount (increased), new customer vs the returned—an excellent record of no chargeback, returns, etc, which all equal a good, healthy business that's growing, not just maintaining. Offers are going out daily and have increased. I know it doesn't seem like it here, but @VanKalkerFarms was right with the stats. I'm not sure what line of work you're in. I am a retail furniture store. I can run a 2-3 day blowout sale on floor models and boost my numbers by 30% and kick in that algorithm by doing that or by chance or just my turn (I believe it's the 1st option). Sales are up close to 40% over the quarter-to-year. My offers and many others have been in the low 60s- 90%. If you can try to kick in those 3 key areas and the rest is your past history with Square loans and years with them. Good luck to you and please let me how it's going. 

[toffeeman]

No updates. It's been over 2 months now. It's fine, we ordered clover this week and it's set to arrive in 7 - 10 business days. We are done with square. They don't deserve our business.

[bsa77]

I share your frustration. After years of maintaining an excellent reputation, achieving high sales volume, and experiencing consistent growth, it is disheartening to see no changes. I recognize that there is no formal application process, and evaluations are made without guarantees; however, I believe it is time to seek a more dependable company. I have placed my trust in Square, and while I am paying fees through their platform, I feel that a more predictable and goal-oriented system should not be too much to ask for. If I do not receive a loan offer soon, I will settle the loan and part ways, thus removing myself from the cycle of repaying a loan and waiting for another opportunity. how is  TOAST? CLOVER?

[Adalynn]

Hi @bsa77 !

Appreciate you taking the time to post.

We value you as a Square seller and have appreciated your time on our platform. We understand that a Square loan offer is important to your business and not being eligible can be frustrating.

Square accounts are reviewed on an ongoing basis. We can’t predict if or when your business may be eligible for an additional Square loan, however, we will continue to monitor your account for eligibility. 

Don’t hesitate to contact us directly if you have further questions or concerns.