Has anyone experienced the cash flow management products? And how do you feel about them?

[QuincyA]

Hello all! ☮️ and prosperity to you. My name is Quincy. I’m a barber studio owner in the Henderson nv area. I wanted to introduce myself and ask if anyone had the opportunity to explore some of the cash flow management products i.e square credit card, or loans? How did it or didn’t it work out for you? Would you recommend it and why? Thank you for your time. 

[maxpete]

Welcome to the Seller Community @QuincyA!

Tagging some members in the community who might be able to share their insights with you!

@Minion, @Hairbywhitneyjo, @ianssoph, & @BodyInBalance 

[ianssoph]

Welcome @QuincyA! I have used the square capital feature. I own a busy salon in Arkansas. I’ve been with square for about 8 years+. The capital loans are great to boost your inventory, and the repayment is seamlessly easy since they take your repayment daily. The only downside is if your business becomes reliant on a loan, most other owners complain that there is no set algorithm and they do not know when they will be offered more capital. But if you just use it as a boost for inventory, etc and not for cash flow purposes it’s a great tool!

[QuincyA]

Nice! Yes that is what I had in mind. Have you had the ability to use the square credit card yet? I’m hopping to be sent an invite to use that and try that route instead of loans. 

[ianssoph]

I actually have not received an invite for the credit card yet! But I would definitely utilize it!

[Minion]

I think @ianssoph nailed it here.  The loan product offered is a good option, and is useful for inventory to fill a gap temporary if need be.  Using it however for cash flow you can become dependent on them and then its just a vicarious cycle that can be hard for a a business owner to get out of.  

The credit card seems like an okay product (haven't been invited for that either), running on the AMEX ecosystem . and a metal card probably like the Amex Prime one definitely would give the card a nice feel to it.  I still haven't found any information though on which credit bureau , business or personal that it would report to.

[tranguyen]

Glad to have you in the Community @QuincyA 👋! 

There was a great discussion about this recently in our Square Readers Book Club — you can check it out here!

[Doran]

As a salon pro I'll chime in with Square Loans were amazing for me when I wanted to grow the retail side of my business.  But, like everyone else said, it is easy to get stuck relying on them.  So now I use the Square Savings feature heavily.  I take a daily percentage of sales and save it for future projects, and end-of-year bonus, repairs, big inventory, or machinery I'm planning on bringing in the following year. This works great for me now that I'm established.  

I haven't tried the credit card out yet.