Surely you have some good news for me. I have received and accepted two previous small offers. All went well. I currently have another offer, but I won't accept it. I have "outgrown" it in my opinion. I do not know how they qualify you or the factors as I can't get specifics on how. What I do know is since my launch of this location in March of 2019, I process an average of $13,000 a month. My offer currently is $5500 at 14.5%. Now... their disclaimer states that it's based on an estimated repayment of 1 year with a maximum term of 18 months. To me, those numbers just don't add up. Based on my last 3 months, I would have the $5500 paid back in less than 90 days.
Here is kinda why I am perturbed by this... I have two business associates that run identical companies in different markets. One market processes about half of what I do and his offer was $12,500. The other market processes about the same (sometimes I am a little higher and sometimes they are) and that location offer was $25,000. Due to this, I am currently looking at other processors... Stripe for example. Anyhow, Square doesn't corner the market with this, almost all payment processors have partnered with financial institutions and offer capital loans just as Square does. 😉
