Chip and I just came across two in the low 60s. The last few weeks have been higher, posting in the 59-70% range. But they are paying off in 3-6 months, and offers are increasing. I have received three offers since March or April, my highest yet, but my sales are up every week compared to the previous month, and year-to-date, it’s nearing 50% from 42% (I checked), which is an increase. Swiping heavily and sales volume is up. When the Mods clearly tell you the three key areas, it's important to listen. Swipes, volume, and new customers, along with your prior history and years using Square. It's been a crazy year, and we will surpass pre-COVID numbers. IMO, something needs to be done differently for those with businesses that usually get paid in cash, checks, etc. Some businesses are heavy card users, and others are doing great overall but with fewer swipes. Personally, I haven't seen anyone post “I received a huge offer once I connected my bank!” That's just my observation out of millions of users versus those who post—take it for what it is.
It's not the best method for loans involving certain types of businesses, and yours is one of them. I've noticed that barbers and beauticians often fall into this category as well, though not all of them, generally speaking. Retail and restaurants are a different story. You would think that after so many years in business, they would understand cash flow and checks, but that would require human judgment or adjustments to the algorithm. This is a significant segment in the United States, especially as more people bypass college for blue-collar jobs that pay just as well or more — jobs like plumbers, electricians, mechanics, and so on. For decades, the idea of getting young kids into trades has been declining, but that's changing.
