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Has anyone ever gotten an offer with any of the eligibility factors say “needs work”?

I had a brick and mortar restaurant last year 2022/ 2023 and in October 2023 we had a family emergency that required us to close our restaurant and sublease it. So our sales took a dip since we are only working through online sales only. We are still processing way over the 10k required to be eligible for a square offer. I just feel like we are never going to be offered one because they keep comparing our sales to the previous year. Which is why we’re at”needs work”  I'm at 74% paid on previous loans have had several loans in the past, no chargebacks always paid loans off before required time. I contacted square several times to ask if that will hurt my chances all to which i get the generic message that square algorithm is so unique and they cannot say if it will or will not. It’s so frustrating, been looking for another PoS system but I just don’t want to leave square just yet cause I have hope! Anyone else experience this? 

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Super Seller

HI @Healthyketo 

 

If i were to guess, I would think that until the "eligibility" aligns with the correct amount of loan % paid back I would think that you won't be offered a loan until those are met.  

 

 

I have to ask though, what is that is wrong with Square that you would be looking into a different POS system? 

If it is mainly due to the loan eligibility issues, maybe we could brainstorm some ideas on your business.  It's always nice to get different ideas from other people.  This may drum up some more sales for you to try to get your loan repaid faster and your eligibility to "good".  Heck you may not even need additional funding!

 

What type of business do you currently have now and what type of products do you sell?

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.
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Super Seller

Hey @Healthyketo !

 

I'm kind of in the same boat as you. Mid year last year my landlord and I couldn't come to an agreement on a lease and I had to close my brick and mortar. I've been working online sales and random popups just to keep the ball rolling. I have an active loan that I'm sloooooooooooowly chipping away at, and I know that compared to last year's sales I won't be eligible any time soon regardless of what my payback percentage is.

 

I agree with @Minion that it's time to think outside the box to generate revenue for the business. Due to my finances, I'm in no position to try to reopen my restaurant, but I am still working the coffee roasting side of my biz, and I'm working on opening a small roasterie so there will be a physical space soon. I've been rattling around the idea of setting up a Founders Club like a lot of microbreweries do. Custs pay in an amount and get various perks and freebies throughout the year. It gives me some financial cushion and they get deals and special recognition.

 

Another thought I've had is to continue to sponsor some of the groups I've sponsored in the past, but up the ante by asking for a favor in return: let me set up a popup shop at their next event. Anything to be able to generate revenue and keep my name fresh in their memories.

 

Have you thought about setting up a cooking channel on YouTube? Talk about your recipes, show how they're made, then offer a link on your webstore to buy the raw ingredients so your custs can cook along with you at home? I'm getting close to launching that for my coffee biz. Yeah, I know shipping raw will require overnight deliveries and a bit of dry ice, but if someone's that interested in your biz and what you're doing, they'll pay it.

 

And always, keep posting away on social media. Keep your brand fresh in people's minds. Talk about where you are, what your next steps are, random insights on the restaurant industry, good jokes, whatever.

 

Hang in there, and be ready to eat some ramen for a while. 🙂 It will get better, and in the long run I think, like @Minion said, you may end up better off!

Ryan Wanner
Golden Pine Coffee Roasters
Colorado Springs, CO, USA

Super Seller: I know stuff.
Beta Tester: I break stuff.
he/him/hey you/coffee guy/whatever.

Happy Selling!
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