MCA = Merchant Cash Advance....
Some MCA providers require incorporation in order to get advances. Also, some have 15K minimum per month in processing volumes. Square was certainly the easiest and simplest to apply for...
I am so disappointed to read this response. I have been asking for support on this very issue for WEEKS. As my loan repayment comes to a close, I have been considering switching to PayPal as they are continuing to offer capital loans. I had no response from your team via email. I spoke to someone on messenger who told me to continue to pay off my loan and to keep my eyes peeled for a new offer. I've been waiting and waiting and waiting, as it's not a simple task to switch all ecommerce over to another platform. But it looks like that's what I'll be doing tomorrow, and my guess is -- you are going to lose a lot of customers because of it. I repaid my loan months ahead of schedule, sales are up over 200% from last year, and it's just unfathomable that you are not continuing to offer this. It's also shocking that this information isn't well presented within our capital dashboards. It should be noted that the program IS CLOSED. You need to update your message and be transparent across the board. I'll be closing my account tomorrow and heading to PayPal!
You are absolutely correct and well spoken in sharing your views on Square and how they absolutely turned their backs on their sellers. I still CAN NOT believe they so deceptively lead sellers that were still producing revenue and in good standing to believe Square Capital was still going to be offered. The way a business handles this kind of treatment is to go elsewhere.
I wish you all the best in moving your business forward 😊
Wouldn't it make sense to update your information on Square Capital across the board? From the homepage where you're selling the idea of Square Capital to potential new merchants, to our Square Capital dashboard -- transparency is everything, especially during the 'new normal' that we are all going through. I can't imagine I'm the only one small business who during this pandemic was counting on/strongly hoping for an infusion via Square Capital. I can't imagine I'm the only one who due this -- worked hard to remain in good standing, increased processing through Square despite higher fees, and paid off current capital early. I am not arguing with your decision (pointless anyway) I'm more so arguing with your lack of communication. Had someone answered my first email (sent May 4th), I would have promptly moved over to PayPal. Instead your team kept me (and others) in limbo for weeks. The good news is that my loan is paid off, and now there is no reason I need to keep my account here! I will be heading to a new company, and I hope that those who can will also move to other processors. The best way to send a message is with your $$$.
Thank you for your response but this does not answer the question at hand. Will we see Square Capital loans return in the near future? I understand you are willing to work with those who are unable to repay their loans, but those of us who are still operating normally would like to do so with the available capital in our business.
Thank you for your time.
See your comments hits the nail Square on the head. They are doing something to help the ones that cant meet repayments minimums, BUT LOOK AT THE NOTHING they have offered the ones still processing revenue.... in fact we have been treated profoundly UNFAIR.
IT DOES NOT HAVE TO BE LIKE THIS.