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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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I asked for a similar request today, since we too are needing t fill in business lost to Harvey and the floods in Houston. Paypal is reaching out to their customers in the area just as banks and other institutions. I was hoping Square would at least consider helping their long time clients through a catastrophoc flooding event like Harvey (or Irma)

 

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Square

Hi @AEServices and @EndCab

 

Our thoughts are with you both during this difficult time as your businesses regain stability. I have forwarded your concerns to the Capital team, so please be on the lookout for an email from a Capital member.  

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Endcab,

I have been in touch with Capital support and man, let me tell you things are worse that I ever thought. Amd I was tryng to knid of take up for them after I received my first email, they truly seemed to care, they said they requested that someone contact me and that they were going to expedite my request for a exception to the loan request and since I shared how completely frustrated I was and how I had to know something by today so if it didnt go through I could try other options  and they person that sent my request to Capital CSR was sincere and even told me that t hey felt certain that something could be done to help a client like myself. Then I got to the CSR and like you , I was so disappointed thatthe CSR didnt even attempt to look into any type of an exception, they simply requoted the regular policy to me like i was a 5 year old and siad but dont worry, just lkeep paying away and before you know it , iI will have another loan opportunity in my mailbox. So picture this, we are struggling here in Houston, city devastated, our area devastated, not sleeping, stores just nnow starting t come back up here and there. but for the most part, e are behind and needing cash, we dont have many options, we see the competetors to Square offering t heir clients exceptions, but nothing offered from Square so I hae to out of desparation reach out to them and I am aassured they will look into anything that they can do th=o help a valuaed customer, and then I get Ms Janet, who I have to say, she was nice and said that she was happy that we were OK and not injured but then talked down to us like some school marm. To make matters worse, the discussion that I had to post in was talking about Square hostng an open house for their clients and laughing and talking about what they were going to eat and drink and then here we are suffering through the nations worse disaster and we  are promised to be considered for an exception and may a lifesaving loan a could of percentages early, but fid out they didnt even look into it, in fact t he talk down to it. Then it gets better, when I did post a few things about my disappointment and the way i felt , now i hear that the offer made to square merchants in the FEMA identified zip codes were offered  some benefit but it is over now but if I like they will offer me a couole of eeks of xomething and they were offering $2000 in free processing, which that is something of course I can get $5000 by using one of theri competitors any day, without haveing to be suffering as a victim in a storm ravarged merto area. And to top it all off, I fing out tht the offer that expired on the 18th, was never sent to me, me that is in the FEMA desinated zip codes that I was told they contacted, in both my business and my home but now I find out that something is wrong with me or our business or our association, or our I hate to even think what other disciminatory cosiderations went into who got the offer and who did not, but I can tell you that I sure did not. Of course in my business, we face discrimination daily because of the perception f our business. We offer offender education for offenders who may have receied a DWI or other drug and.or alcohol offense and  many time we have a high minority attendance, although we offer service to every socio-economical level in society from CEO, Drs and professionals, elected officials, to pro ball players, to homeless people who live under a bridge, so dicrimination, unfortunately, raises its ugly head on a regular basis and you tell me why we didnt receive the same merchat offer than all those others that Ms Janet told me about. We didn't seem to make the cut.

All I wanted was to get an small exception of renewing the loan at 69% instead of 75% where it has been offered that last several times, pay off the existing balance and save me a lot of heart ache, alot of sleepless nights as we continue battling back from this catastrophe, and in the mean time, restore some hope to merchants and build a lasting bond between Square and their clients that had been with them for many years. But No one can tell me why we were nt offered anything but I am afraid I know, I know by the way we were spken to when we inquired, Again, the person that took my post and forwarded it and spoke so kind and compassionate to me, but once it got to CSR, it seemed to take a bck seat to the open house because that was gong to be fun. and Lord knows we all need a little fun in our lives from time to time.. If you dont see me on this thread any more it may mean that I get booted off because I voiced my concerns, but I am frustrated and I feel that I was treated wrong, unfairly and thrown to the side, talked down to and now find that I was passed over from what they offered to everyone else in my area that was affected by the storm. Atleast thise wo they didnt want t o help, which was plain to see once I spoke with CSR, It is disappointing, so very disapointing. Well if Square doesn'y apreciate and value our business  guess I can go start asking others but I had hoped to be appreciated and shown that we were valued by what I had always told everyone s the best service for small business out there. I had brought a lot of my peers, my associates and my friends and family to square. I didnt claim any rewards by telling people so I got free processing, I was proud of Square and how they made me feel especially Square Capital, and it is just sad that they have become what t ey have become. Good luck, maybe your business is a better, uh how should I put this, maybe they hold a better olace in society or are the right type pf business or type of people or type of clients that Square wants to have as their customer, I used to think Square thought we were, but times change.

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OK, I have taken a deep breath, chanted goose frabba and slept on everything after a long emotional day where everywhere I turned, it seemed was a bad exerience. That being said, although I still don't agree with the way things were handled, I still think Square is a good company and overall, they are affordable, being and early and fairly young company, they are leading edge of their industry. I still have soe doubts as to why we were overlooked and I would imaagine that the company as a whole is good, but there may be pockets that tend to include some and not others, but I am fdefinitely not leaving Square. I would hope that they reconsider and offer some help but if they choose not to then so be it. It will not help to go out and tell everyone all about the issues again.

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Square

Hello @AEServices

 

Thank you for your patience as we continue to finetune our process. I wanted to let you know we are looking into this and we will be in touch directly. 

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Thank you. I was just hoping that they would allow an exception to the capital loans because of the devastation that we are dealing with and it is not like we can apply for another loan, we have to wait for an offer to be established. So when the rules which have been established and routinely offered to at 75% completion before are followed under these circumstances, I was hoping that square could at least say, OK here is a client that has been our customer for many years and since they are in a state of disaster recovery, maybe we can at least bring his request up to be considered for an early renewal and extend what would be extended in a few more weeks anyway, and maybe, just maybe be instrumental in helping them keep their doors open until the regular operations can be restored in that area. It assures continued procession fees for Square, it allows the business owner/Square client to get a little breathing room in their quest to catch up on a basic eleminiation of a week up to  a month to 8 weeks of business interruption and loss of revenue and reinforces that companies can trust Square to be there and help them in the hardest times by at least allowing them to apply for, not guaranteeing anything, but only an option to apply for an early renewal that sitting at 69% complete loan, be considered for an esrly renewal of a loan that is regularly offered at 75% completion.  So we are talking about a small difference and you give the person hope. No guarantees, no nothing other than allowing them to be considered. Give them a chance to ask annd be considered b looking at all of the factors and making a decision.

 

So if that is what you are referring to being looked into and getting back in touch directly, a chance to consider my Capital loan for an early renewal, that is fantastic. If you were referring to somethng else, then I think I have already been told that they are offering me the same offer that others got, but still no explanation as to why we were omitted or kicked out of the initial group that was on the list of companies that Square wanted to reach out to and offer help. And honestly, I don't believe I will ever be told why the decision was made to kick us off the list. Thank you all for what you are doing and since this is such an emotional and hard time for all of us in the Southeast Texas area, being removed from a list is the least of our worries at the moment and like I have said before, our daily survival is what we are working so hard at. I do greatly appreciate the free processing and the 2 week delay in Capital repayment and it will help in our daily business.

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Per LaDora's post...did they ever get in contact with either of you? And if so, what was the outcome?

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i feel for you guys. im thinking of taking my buisnessto paypal because i am at 97% piad on my 2nd loan and still no new capital offer and ive met all the elgebiligibility rquirments. if you guys get answers let me know. other wise im fising to switch to paypal.

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This is crazy. Were in the same boat. We need a square loan. We rely on these and I check my account over and over all day hoping an offer shows up. I'm so disappointed in Square. I'm considering going back to Paypal as they offer the same loans and alot more $$. So sad Bc I really loved square. But  I need a loan ever few months. I honestly think they stopped giving them at this point. This would be  my fourth and I always pay them of within 2-3 months and I usually get an offer at 75%-80%

 

 

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I too kept glancing at my dashboard. Nothing new. I suspect Square Capital and the Company as a whole are in financial trouble, since a similar write up was made in 2014 about Square. Mine is 82 per cent paid and I will change to another merchant as soon as its paid. Where there is smoke there is fire. Do not expect any new offers from Square. If they were offering they would be doing so to us that have been customers for years. 

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I am in need of a loan also stupid me paid off the last one early in hopes of getting another offer. As of today still no offers, very dissappointing to say the least. It is really frustrating , if I had known Paypal offer the loans as well I would have switched  to processing through Paypal. I have processed about [Personal Information Redacted] with Sqaure in the last 6 weeks. 

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4 years using Square and I am on my 3rd loan and I have currently paid back 85% and I do not have any new loan offers.  While I am not in a hurricane disaster area, I still am in great need of a loan.  I don't know why one hasn't been extended.  I inquired through email and I got that same ol' form letter response which is highly aggravating.

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I'm now 98%. No offer and no email responses for questions I sent 3 days ago. PayPal here I come! 

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I just want to make an updated comment on an earlier post I made. I did get an offer from square capital. I quit checking to see if I had a new offer and bam it came through. I requested a smaller amount because I could use it but don’t have to have it. Well that was on Sept. 28. They ask for license copy. Sent it on the 29th. Email said 1-3 days. Well it’s been 11 days and silence. Awful business practices. FWIW this is my 41st year in business.

 

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What kind of license ? I am so sorry to hear that 😞

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Oh it was just a government issued ID to make sure of my identity. I sent a commercial drivers license, an ID of the House of Representatives as a former member and a Sherriffs Dept. ID. I'm afraid one scared them off, but I promptly got a message they recieved it. 

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Square

Hi @nospinin

 

Thank you for raising this issue -- You should have received an update on the status of your account today. We appreciate your patience. 

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I agree. Their customer service is AWFUL. 

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FYI. PayPal has a little higher payback percentage and they will take payment out the day after a sale (which is highly aggravating but they are clear that as soon as you oat off the complete then your preapproval options are there in black and the payback %  and one time fee is more but it defntely know that you have another loan.. h

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Just to give an update on the original post:

 

I still have not received an offer from Square. I was told after the initial posting on here that I should get a loan from the government or FEMA. Neither option would work for us - FEMA only gives money if you are actually damaged from the storm, which we were not. Our business is impacted from other members of our community that did have damage and are unable to do business with us. The SBA is doing loans for businesses not physically damaged, but they do not just give you the loan. You still have to go through the approval process and meet their criteria.

 

However, the most important reason we don't go this route is because we shouldn't have to. As I stated in my first post, we have an impeccable record with Square and Square Capital. If we have a history with our business lender, and they will not do a loan when it is needed most, I'm not sure why we would consider you a reliable company to do business loans.

 

I have done a lot of reading since first posting, and I know it is stated many times that regulations prevent you from going into specifics about a loan decision. However, when anyone applies for a loan and is declined, they are always provided a reason why. I think any member that is posting on the forum would only ask that you let them know what the problem is with their standing with your company.

 

I also read an article on Motley Fool that Square has more money than they know what to do with. So, the many posts from members positing that Square is having money problems seems incorrect. It does make you wonder why Square has started turning against their members that have been loyal to the company if they are making plenty of money. [Information Redacted]

 

Ultimately, we will continue doing business with Square. We will not threaten to leave you or tell others to do so. We enjoy using your POS solutions more than any other bank we have had in the past. We will continue to recommend you to other businesses to replace their existing merchant account. We will also make use of additional features that you roll out that would assist our retail business.

 

I just wish you are a bit more loyal and forthcoming to your members that have been loyal and forthcoming with you.

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