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Square Capital Second Offer Requirements

Hi everyone,

 

I have been in business for over 10 years and many with Square. I had my first capital offer and paid it off fully more than a month ago and have started to increase and expand my business and now would be an ideal time to have capital infused into my business and my sales have done nothing but go up. I am making sure I do all my sales through Square now so all of my income is reflected through square as well and have full reciepts for everyone. Any advice as on how to get a second square capital loan as soon as possible? I have read all the articles and have contacted them and was told I have to just wait until the automated system determines my business qualifies for one. That is one of the reasons I am now doing all sales through square so they see 100% not just 30% and have a better picture of my daily sales and customers. I am growing at a great rate and the only thing holding me back from doubling or tripling my growing is capital for multiple business needs. Any adivce would be greatly appreciated, sometimes I take cash payments and havent been through square until now and now I make sure I do an invoice and recipt through square for documentation. Any guidance would be appreciated, I paid off the first one in about 7-8 months steady with payments from tranactions. Thanks in advance!

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There are many reasons why you havent been selected yet. i have copied and pasted part of a thread that may explain why.

Key Factors for Square Capital Eligibility

There are many factors that may positively and negatively affect your eligibility. Your Square sales volume is just one of many considerations used to determine a loan offer. There are multiple factors that go into loan eligibility but we evaluate accounts as a whole. What this means is that you are not guaranteed a loan even if you meet one or more factors, if you do not satisfy other eligibility considerations. Your account is evaluated on an individual basis for many factors, we highlighted a few of them here:

  • Square processing volume. In general, we look for businesses that have processed at least $10,000 or more in a year. So the more you process, the better.
  • Recent payments. How recently have you taken a payment? We look to see if you’re processing normally.
  • Your history with Square. We review your sales history to spot trends and understand how your business might grow in the future.
  • Your activity level. The number and frequency of payments through Square matters. If you consistently take a lot of payments each week, you’re more likely to get noticed.
  • Your customer mix. A good mix of new and returning customers shows us that you’re growing in different ways. You can use Square’s analytics tools to understand your customer base better.
  • A healthy, growing business. The size of your loan offer is shaped by your business’s growth.

Watch Out For These Factors

  • Chargeback history. A chargeback happens when a customer disputes a charge from your business and contacts the card issuer to reverse it. Swiping chip credit cards can increase your chargeback risk. Switch to a Square Contactless and Chip Reader or learn how to better monitor payment cards to prevent chargebacks.
  • Multiple Square accounts. If you have multiple Square accounts or locations with outstanding Capital loans, please make sure that they are all current with loan repayment.
  • Processing behavior. Depending on your type of business, we take gaps and slowed credit card processing into account. We look at various aspects of a business’s processing, including, but not limited to, transaction size, number of transactions, and whether transaction amount match your business type.
  • Failed debits. We understand that businesses have their ups and downs in terms of cash flow. If you’re subscribed to any additional Square software products including, but not limited to, Appointments, Payroll, or Customer Engagement, please be aware that failed debits from your subscriptions can affect your loan eligibility.

Not Your First Capital Plan?

We know your business is important to you and we don’t take that lightly. Loan offer details, as well as the timing of eligibility, may differ from your current loan through Square Capital, as each set of loan offers is unique and evaluated separately. If your current loan is almost paid in full, we’re actively evaluating your account for another loan through Square Capital. We want you to continue to grow!

Square Capital still uses the same criteria above to determine your eligibility for another loan offer. If you continue to consistently process and stay in good standing with Square, you may become eligible for a loan through Square Capital in the future.

Take a peek at Becoming Eligible for Another Loan Through Square Capital for more information about renewal offers!

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