Unfortunately Square Capital with the usual amount of not being upfront, ended the Square Capital Program, without warning, even retracting loan offers on the dashboards of sellers that were algorithm eligible. They yanked the ENTIRE program. Regardless if
You were in good standing
Still processing revenue ( in midst of covid)
New customer/ customer retention
No charge backs/failed debits
Several successful loans in the past
Paid back in full or at a high repayment percentage (80%-100% payed back)
I have been with Square since 2013 and the way they conducted themselves during this experience has ruined my confidence in our business to business relationship.
I wish you all the best in moving your business forward.
@ecantiques5 did you actually received Square ended the Capital program. Or did you read it somewhere. Yeah Square hasn't been upfront with their answers in regards to Capital. I'm very disappointed with them. When I am done with mine, I will be looking into Paypal.
Please see the highlighted area.
Square halted their in house Capital Loan program that we all had grown used to as a helpful business tool. They rolled out a sloppy PPP path through SBA late in the game and even reduced amounts aellers would have been eligible through a direct SBA ppp loan through any other path. Sellers were encouraged to apply in duplicate. Which resulted in violations of the PPP rules.
The fact that Square ended in house capital loans is sickening seller abandonment in my opinion.
At a time when vast numbers of Square sellers/ Capital loan recipients even though still producing revenue & algorithm eligible Square in a deceitful post fessed up to what sellers were left to be suspicious of for weeks.
See highlighted area.
It is really such a bummer. We are really just hoping that the program will be back up and running soon for those who are still going strong during the pandemic! Good luck to you!