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Need Additional Square Capital

I wanted to check about additional Square Capital. We have paid off our 4th loan from you and have yet to receive an additional Capital offer. We weren't in dire need of an additional loan, and we were willing to wait until another offer was made in the future, but that was before Irma hit our state. Many people here do not have power or even considering buying anything except the bare essentials. We are open for business now, but could really use a lifeline to hold us over until things get back to normal here.

 

We have been a loyal Square user for 3.5 years now and have recommended your service to many people. During our time with you, we have not had a single chargeback. We average 500 transactions a month with only a 3.5% return rate. All 4 previous Capital plans were paid off without a single issue.

 

As I said, we have been loyal to you, and we are hoping you can help us out during this trying time down here.

 

 

P.S. I sent this email to Square Customer Service who replied back the following:

 

"At this time, another offer is not available for your account. We can't guarantee that another offer will be extended before the current plan is complete or immediately upon completion. Also, there isn't a set completion percentage where another offer is automatically extended. Just know that your account is continually re-evaluated to determine if you’re eligible to receive another loan."

 

Since my last Square Capital plan was already paid in full, and we do not currently have an existing loan, it's obvious they didn't actually review our account - which is disappointing. 

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Were haven't been offered another loan since  March. And weve been paid off for months. It's so stressful waiting and hoping. 

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You may want to check out this article. It goes over how Square is branching out with their Capital loans by offering it to businesses that do not actually use Square for their credit card processing.

 

As assumed by others on here, it appears they are not doing as many loans to their current users so they can make offers to non-Square merchants to try and get them on board.

 

As I've said, I don't have a problem with whatever they're doing. They have to run their company in a way that works out best for them. I just wish they would be more forthcoming with the reasons why changes were made, so at least we know what to expect and can plan our business accordingly.

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Thanks for sharing.

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Square

Hi @EndCab,

 

Thanks for sharing this article!

 

I want to clarify that extending Square Capital to Sellers outside of Square does not change our review process for Square Sellers. We are reviewing each business for eligibilityregularly. If a business becomes eligible for another loan, the loan offers will appear in the Square Dashboard.

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Just letting other Square sellers know to have faith! We received new capital loan offers today and were approved pretty quickly.  Thank you to everyone at Square, it is great to work with you!

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Happy for you but if I don't have an offer in the next day or 2 my company will be going under.

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Hi! Happy to hear you got your loan! If you don’t mind me asking, how long was it between paying off your old loan to getting you new offer? Thx!

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Thanks! The offers appeared in our dashboard pretty much at the instant we were 84% paid off on our first capital loan. We applied for one and were approved very quickly. Funds appeared within a day or two as promised. Thanks to the Square Capital Team we will continue to focus on growing our business. We love what we do!

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Beta Member

Can I ask what percentage toubwere at when given an offer? I'm currently on my 3rd loan and am 94% paid off. Sales are up and steady increase of customers with nothing.

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Beta Member

Sorry, I just saw it was at 84%

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You may not receive one at all! I kept waiting as I was paying mine off as well. Even paid it off a little early in hopes of getting another offer sooner. 

 

 

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I was offered a second loan after waiting 8 months but was denied due to [Personal Information Redacted]. What are [Personal Information Redacted]

 

It is so difficult to get in touch with customer service and get any answers.

 

 

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Square

Hi @StayC! This is Regina from the Square Capital team. I’m sorry to hear that your request for a loan through Square Capital was declined. I am posting to let you know that a memeber of our team will be reaching out to you with more information via email. Have a great day!

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Can you help others too!? Ones that have been waiting for months?

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What ever happened about the [Personal Information Redacted]? I have the same and called they said I have two payments totaling [Personal Information Redacted] from earlier in the year I sent two refunds but something happened I guess. But square also said that they both got paid up next day, so if they are taken care of them why am I declined for [Personal Information Redacted]. And from a mere [Personal Information Redacted], why? 

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My '[Personal Information Redacted] was for [Personal Information Redacted] ! For my Square hardware payment. Which was taken care of immediately and is now paid off completely. I really don't understand the logic in that because I had no issues paying back my first Square Capital Loan whatsoever. Its very disheartening to receive an offer after months of waiting only to be denied for some nonrelated issue. Plus, it was [Personal Information Redacted] !! 

 

I am very sorry for all of you in the same situation and hopefully things will change. And congratulations to all of you that are not having any problems at all.

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I've got [Personal Information Redacted] too, have you resolved this in your case?

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I dont understand why my account has NOT been reviewed. I am tempted to go to a different company and wish we would know what is the issue with a capital re-loan. I have experienced huge growth and am 99% paid off in 4 months. I want to be able to expand. My comfort level along with my payroll and other things are with square but the lack of communcation makes me feel that we can no longer depend on  Square 

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Square

Hi @sunshine75! Thanks for your post.

 

I will be reaching out to you directly regarding your inquiry, so please keep an eye out for an email from Square Capital. Thanks! 

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@Regina_B I too have wondered about why I have not received an offer from square and yet no one never reached out to me.

 

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Square

Hey @MSJOY, thanks for your post!

 

I understand that you have not received any additional Square Capital offers. At this time, Square Capital is offered by invitation only. However, be rest assured that we are constantly reviewing your account for eligibility. 

 

Offers are based on a variety of factors including payment processing volume, account history, and payment frequency. To learn more about how you may become eligible for a loan through Square Capital please browse the Seller Community or visit our Town Square blog.

 

Sending you positive vibes! 

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