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I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!
Was your offer higher? Do you have your bank account connected in the loans tab to “generate a better offer”?
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January 2nd 2024 and 80% of 9th loan currently re-paid. All metrics in green and had a record sales year in 2023 while exceeding previous years sales in every single month of 2023. Customer numbers and individual sales are all way up as well. Never waited this long for another loan offer, especially when we’ve been doing this well. I know many have been complaining about square capital (square loans) in 2023.. I’m not sure what has happened or if it’s just the economy and bank systems tightening their restrictions, but there is definitely an issue. I understand that Square is a billion dollar company, but for the amount of money that I and others give to square, they have terrible customer service and support. I am now in speaking with Clover Processing and am probably going to move forward with them if I don’t receive another loan offer very soon. Clover’s business loan process seems to be much simpler with clear cut requirements and easier access. I’ve been with Square for over 10 years and we’ve been as perfect of a partner as possible with not a single refund or complaint of any kind in all of that time, it’s terrible that we would have to leave, but for the sake of our business, we may need to
move on.
Did you ever get an offer?
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I saw someone say they were splitting their processing between square & clover in order to be considered for a loan with clover, however am terrified to show any decrease in sales via square bc I’m utilizing another pos platform 😅
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I wish I had answers, but I’m in the same boat. I’ve been with square for about 12 years and the loans has helped my salon business in every way. I’m at 86% paid and no new offers in sight…I check twice a day but lately it seems like I have to be paid in full before any offers come… so I guess that’s their algorithm for most. Hopefully they are reading our comments and complaints I hope they know for those that’s been with square for over 10 years has invested a lot into them to keep them up and running…
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Did you ever get an offer?
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Not yet... still waiting ....
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I’m also a Salon owner at 81% currently and have received offers twice a yr for the last five years. Did they offer you anything yet?
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Any offer? I'm at 78% and could really use a new offer!
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I’m at 61% and that’s when my last offer came in. I’ve paid my current loan back 4x as fast as the minimum. I’ll post here when I get one but nothing as of today.
In viewing the feeds in the seller community there seems to be a growing concern regarding squares inability to provide answers regarding square capital. They post the same generic answer for any discussion pertaining to loan offers. I had looked into clover prior and opted to stay with square, however if other companies can offer better incentives for businesses, then square needs to play ball or be prepared to lose customers in droves.
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I do half a million yearly with Square in processing and i'm at 82% and no offer. It's not looking good for Square! Not supporting even your biggest clients is unbelievable.
They just laid off over 1,000 people. Available Capital has probably been restricted to stemming losses accrued from their other product lines.
I'm sure Square would love to be back to business as usual and offering reasonable loan terms to their clients but the truth is that tech companies are hemorrhaging money.
Please Require Customers to pick time/date at checkout for Square online. Thanks!
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Same boat - 89% as of today and had over 7 loans in the past offered at 70-75%. Hoping at 90% I will get offer. I spent over 45 minutes on the phone waiting for real person in loans department for the same , we don't know response. I'm hoping soon.
Did you get a loan offer?
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I haven’t received anything yet
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All of these comments are scaring me. Have any of you received their loan?
I received one in yesterday and was approved immediately… I was 100% completed… I didn’t connect any checking accounts and so yes they are still giving them out..
YAYYYYY!! THIS CALMED ME DOWN
Yes, square is still doing loans. It has seemed to be a higher percentage paid back compared to the past of 70-75% range. Most are around 80% to completely paid off. Hopefully, you have received yours by now. Good luck!
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