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Square Capital Redacts Small Business Loan Offers In Lieu of COVID-19


Square Payments Boo Boo. Maybe Try A Better Processor???

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(YorkPedia Editorial):- Kemah, Apr 3, 2020 (Issuewire.com) – While the Nation’s small businesses are partially struggling, their longtime payment partner is tightening the reins on their Capital Loan requirements.

But why? Most small business partners with Square on their Square Capital Forum

The only valid answers from the company so far have been that they are continuously monitoring the situation and they are providing support resources as needed. 

Support resources thus far for COVID-19 impacted small businesses have been: 

  • Subscription fee reimbursements
  • Gift card sales encouragements
  • Adding the ability for small biz owners to ask for donations
  • Sending invoices, etc..

However, on Square’s small business forum, there seems to be an abundance of unhappy Square Capital customers. Many of these customers testified that they had an existing loan offer and it all the sudden disappeared and others also stated that they were close to another offer and it has yet to be offered. 

My wife’s company is in this same boat. She is currently 84% percent paid off their existing loan. No new offers have been made and the pressure is getting deeper and deeper daily. Her company has had 5-7 accounts cancel since the COVID-19 outbreak, yet they are still profitable. 

In terms of Square’s perspective, I can almost empathize knowing that millions of businesses are completely shut down. Except for the fact that millions of other businesses are still running normally and could use the capital!

I’ve been monitoring the seller forum comments daily and it’s truly sad that Square has taken such a high road instead of connecting with each individual seller. These Square Sellers ARE NOT HAPPY AT ALL! They are all literally claiming to leave and find a new payment platform that doesn’t discriminate! 

Supposedly, after all this new legislation is passed, Square may loosen their reigns? 

We would love and appreciate if a Square representative would reply to this, thank you. We’ll be syndicating as much as needed to get the word out! 

Source :Rethink Local

This Press Release was originally published by IssueWire. Read the original article here.


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