Another loan question/rant
So my business does about 250,000/year in cc sales with square. We invoice about 4x that but only accept cc on smaller amounts. Our average cc charge is $6800. My dashboard consistently shows all green, with the occasional “needs work” for cc frequency, that’s happened maybe 4-5 times over the last year.
I’ve been offered 4 loans in the last 12 months. All were accepted. Highest was 5500, lowest 3500. All were paid off in full through cc charges within 30 days. From what I have seen these offers are very low in comparison to what others are offered with similar cc processing
I keep about 10k in my checking account at all times
The other annoyance is that no other conventional bank recognizes square statements, so it’s impossible to get a loan through another bank.
I’ve been with square for about 8 years now and like their product overall. Just want to be able to utilize loans for quick cash.