Hi @Prime-dumpster. First, I’m sorry to read about your issues here. It’s never easy when you expect something and it is denied, I understand.
It doesn’t help now, but I would imagine (I’m NOT Square so am just guessing here) that eventually Square will work out whatever issues exist between them and Visa, Mastercard, etc. Square’s “sudden” change of policy last year was obviously prompted by the well known crackdown that the card-issuing companies undertook because of rampant violation of their surcharging policies. As you probably know, they don’t allow surcharges on debit cards or prepaid cards under any circumstances, and it seems they put Square (and others) on notice. But, that’s not your question, is it? Sorry.
Square Loans has been very closed-mouth about whether or not they will lift any red flags they have on sellers who were charging surcharges. Again, I’m guessing, but most likely since Square is the customer of MC/Visa, etc, and not us, because we use Square’s merchant account and not our own, Square is being very cautious here, for good reason since we all could lose card privileges if Square does. As such, I would be surprised if they are willing to say “when” or even “if” they are ready to move past this. Yes, I know that leaves sellers like you in a lurch, but it is best to accept the facts as we know them now.
Should you move on? That, of course, is entirely your call. I will caution you that moving to another card processor will effectively restart the clock on your loan eligibility with them. Also, in my experience, it is usually not a good idea to change card processors solely on the basis of loan availability. I have known a few sellers who moved to competitors and then found that they were still waiting to build up history and card volume in order to qualify. One I know still, after a year of switching, has not received a loan offer. I’m not trying to dissuade you here, only to set reasonable expectations. You might be better off reaching out to your local bank’s loan department and trying your luck there. Though I do quality for Square Loan offers and receive them regularly, I reached out to my bank recently and obtained a line of credit that is actually better and more flexible for me all around. But, that’s me and my situation, and I don’t know yours. In my case, I needed something that allowed me to take what I needed, and repay it at a rate that was much less than the daily repayment I would have had here.
I have heard of no one here who has been denied a loan for this reason and then had that denial lifted. But, humans being what we are, people don’t often come back to say thank you. Maybe it has happened. Maybe it hasn’t. In the end, you have to make your best decision and hope for the best.
Sorry this has been as unhelpful as it probably has seemed. But it’s the best I can do. Regardless, I do wish you well and hope you can find what you need and are looking for.
