I’m wondering this as well. Normally I always get a new loan offer before mine is paid off and it’s complete and nothing. Like every other loan it has been paid back in 3 or less months. I’ve tried asking them and I’m just told I don’t qualify.
@JP9 Same here. We will definitely be looking to change processors if Capital loans are not extended again right away. We never fell short paying during COVID and are early as always. This is very distressing considering the fees they make through our volume.
I reached out to you last week but haven’t heard back. If you haven’t done away with these completely, can you please look at my account and consider me for a new capital loan? A response would be a very human thing to do.
I am just going to point out that everyone here is in great standing and are completely honest about their situation and they are asking for a little help and the answer given is bs at best.
You do away with a program that so many people count on and don't even tell them.
I think you'll find that many of your customers will be looking elsewhere for ccrd processing and then you'll be with out a business.
It is a hard time right now and you can SEE and PROVE which business are making it work and bringing in money and could benefit by a little help....
"Good business since and smart lending"....
It's going to be good business sense to find another card processing company and quick....this one hangs you out as soon and they feel you're to big a burden.
Ya.. same for us. We've done a good biz as of late, this pause and lack of communication from Square made us realize that the loans were convenient but kind of expensive.. and during good times, a bit of a cash grab from them, can't blame them for taking the money when things were good and backing away when times are bad... BUT, my regular brick and mortar bank has been there every step of the way and we talked to them about their merchant bank.
I liked how simple Square was and it was a thing ahead of it's time but there are in fact a lot of other options now.. they know it too I'd guess.
These options are good for folks with less than standard books/credit, meaning kind of easy and quick. I'd say thanks to Square for what they were, but they too may be victims of our ever changing biz landscape.
I agree with you wholeheartedly. The worst part is that they continue to lie about it. When I called, they said that they had pulled back the loans substantially but are still giving them out and that when I’m eligible, I’ll be notified. But this is not true! They aren’t giving out loans at all. The least they could have done was notify us that the program was suspended so that we wouldn’t have false hope. Very disappointing.
IM SURE THAT THE RISK MANAGEMENT TEAM AT SQUARE FELT THAT WITH THE CORNA THING GOING ON THEY DIDN'T WANT TO TAKE ANY RISK, THAT BEING SAID THEY GLADLY TOOK NO RISK IN GIVING IT OUT WHEN IT WAS TO THERE ADVANTAGE.
NOW THEY GAVE NO WARNING OR DID THEY EVEN BE HONEST ABOUT IT AT ALL. THEY SHOULD HAVE BEEN BECAUSE THEY ARE GUARANTEED THAT THEY WILL BE PAID BY OUR SALES WONT THEY SO THEY WERE REALLY TAKING NO RISK TO BEGIN WITH NOW WERE THEY!
I’m taking five loans out from them I am 74% done with this loan and they will not do another loan I’ve asked after day trying to get through this pandemic but nothing