Solved: Square loans eligibility for Invoice customer.

RocketCrete

Does anyone know if a Square Invoice user will ever be eligible for a Square loan? I am hoping it's my length of time with Square that is the only hold up. I have only been in Business for 4 months but have over 90k in credit card processing. I do not have daily sales as I'm a service company but my average sale is $8,000. And always have at least one a week wanting to pay with a credit card. Will volume keep me from obtaining eligibility even though the selling price is high? I have tried calling Square Loans 3 times to ask this question but I keep getting hung up on before I can reach an actual person to ask.

Candlestore

@RocketCrete ;

As I see this is your first post in the Sellers forum let me welcome you.

As I am just another business using Square to process Credit Card sales I am only taking guesses here.

At your Rate of Credit card processing you might be eligible in the future. I believe Square method for Loans to be offered are based on Credit Card sales volume and amounts. Meaning if you have $0.00 for a week of Credit Card sales you may not be offered a loan for a time frame. But then the next week you do $16000 in Credit card sales you might get a Nice offer. The biggest thing holding you back right now is as you guessed, the short time with Square (4 months). I think you need to be with Square for at least 6 months with steady reliable Credit Card processing track record, no charge backs as this can lemgthy this time too.

The best advice I can give is keep doing what your doing and see what happens after you are with Square 6 months. Square loan repayments are taken from your Credit Card sales based on the Offer they give you. I was getting offers every week for different amounts based on the previous weeks Credit Card processing sales I had. Square also tries to have their loans paid back with in 18 months, most businesses do it faster. Biggest down fall of a Square loan is that a % of your CC sales are used to pay the loan back. So the monthly payment amount could be very high when you have a great month. The Nice thing about the Square loans is there is no paperwork to send in since they see what your earning from CC sales revenue.

Hope this helps.

Keith
Owner
Pocono Candle

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Square Support Number 855-700-6000.
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Twpchair

Hello, and welcome to Square! @RocketCrete is correct Square like most POS that offers loan you need to be a customer for 6mths. The way you processing cards vs invoices shouldn't be an issue at all! You just need to build a relationship and history with square and the processing volume you are doing is great. The look for consistency in processing. Daily sales are important at least try to get as many as you can in week vs 15 sales all on one day at the end of the month type thing. If you bill your customers at a certain time maybe you could break it up and bill some on the 1st, 15th, 30th. I do very little invoices I am retail furniture store downtown so I swipe cards daily and send very little in invoices. Good luck with your business and just hold out a few more months and an offer should pop up after 6mths or so.

View Best Answer >

Candlestore

@RocketCrete ;

As I see this is your first post in the Sellers forum let me welcome you.

As I am just another business using Square to process Credit Card sales I am only taking guesses here.

At your Rate of Credit card processing you might be eligible in the future. I believe Square method for Loans to be offered are based on Credit Card sales volume and amounts. Meaning if you have $0.00 for a week of Credit Card sales you may not be offered a loan for a time frame. But then the next week you do $16000 in Credit card sales you might get a Nice offer. The biggest thing holding you back right now is as you guessed, the short time with Square (4 months). I think you need to be with Square for at least 6 months with steady reliable Credit Card processing track record, no charge backs as this can lemgthy this time too.

The best advice I can give is keep doing what your doing and see what happens after you are with Square 6 months. Square loan repayments are taken from your Credit Card sales based on the Offer they give you. I was getting offers every week for different amounts based on the previous weeks Credit Card processing sales I had. Square also tries to have their loans paid back with in 18 months, most businesses do it faster. Biggest down fall of a Square loan is that a % of your CC sales are used to pay the loan back. So the monthly payment amount could be very high when you have a great month. The Nice thing about the Square loans is there is no paperwork to send in since they see what your earning from CC sales revenue.

Hope this helps.

Keith
Owner
Pocono Candle

Mark as Best Answer if this Helped you solve an issue or give it a thumbs up if you like the answer.
Square Support Number 855-700-6000.
Make Sure App and OS is up to date on your Device.

RocketCrete

Thank you sir. I appreciate the quick reply! Square does get a lot of things right even if they do have a few quirks in some areas. I don't need the loan now but it would be nice to have it as an option for cash flow and marketing purposes

Candlestore

@RocketCrete ;

You are welcome and after the first six months you may start getting loan offers, which you can just check the details and reject or not take the offer untill it is wanted for advertising or other purposes. Glad I could help.

Keith
Owner
Pocono Candle

Mark as Best Answer if this Helped you solve an issue or give it a thumbs up if you like the answer.
Square Support Number 855-700-6000.
Make Sure App and OS is up to date on your Device.

Twpchair

Hello, and welcome to Square! @RocketCrete is correct Square like most POS that offers loan you need to be a customer for 6mths. The way you processing cards vs invoices shouldn't be an issue at all! You just need to build a relationship and history with square and the processing volume you are doing is great. The look for consistency in processing. Daily sales are important at least try to get as many as you can in week vs 15 sales all on one day at the end of the month type thing. If you bill your customers at a certain time maybe you could break it up and bill some on the 1st, 15th, 30th. I do very little invoices I am retail furniture store downtown so I swipe cards daily and send very little in invoices. Good luck with your business and just hold out a few more months and an offer should pop up after 6mths or so.