TSB
General => General Discussion and ??? => Topic started by: Donnie on July 09, 2011, 08:47:29 PM
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This seems pretty reasonable.. Just signed up for the free card reader and downloaded the app.
Square presents: Fees (http://www.youtube.com/watch?v=eP_pI89U-OY#ws)
https://squareup.com/ (https://squareup.com/)
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I just signed up. Seems too easy. Whats the catch?
Looks like it was started by the Twitter founder?
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If you stop and think about it, totally brilliant. How fast can you tell your current blood sucking credit card processing co. to go piss up a rope.
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Very cool. I will sign up just to have it as an option. There are alot of payment gateways that are cheaper.
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I like the no monthly fee.
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and I thought my Credit union had good merchant rates :o
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We have been using it for about two months now and has worked flawlessly. The nice thing about it we have one we share. If someone goes to do a delivery they can talk it with them, charge the customer on the spot. We did a charity event last month and were able to walk down the street selling shirts and taking donations with credit cards. No papers to sign and receipt emailed directly to customer.
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2.75 is a lot. Sorry guys, it is. Even with "flat rate billing" from my company, it is 2.25. I am on a 3 tier right now and average less than that.
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Who do you use? Can you explain the tier thing?
You gotta admit though, that Square has some pretty cool features that are pretty attractive to the iPhone/Android generation.
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I think it's called first data. They are partnered with Sam's Club...so they can't get away with as much crap as some other guys because I think most of their business comes from Sam's and they don't want to tick them off.
the tiers work as Qualified, Mid-Qualified and Non-Qualified. Qualified transactions are your standard cards and debit cards. Mid is some rewards cards, trans where info is missing etc. Non is p-cards, keyed cards and really good rewards cards. The old company I was using was putting everything in this category and it was running about 3% average.
You want to be on tiered billing if you do a lot of swipes and consumer cards. The flat rate or B2B is better for p-cards, government cards, and taking a lot of rewards cards. First Data audits your account to see if you are on the right program. So far I like them a lot. They also have an office about 2 miles from me. So I can meet with the salespeople in person.
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I just received it in the mail on saturday.
I don't really do a lot of credit cards so I think it will be better than who I have now.
The sticking point I saw when reading was the limit is $1000.00 per week. That is what you receive....now you can have as much as you want in sales but are only guaranteed the $1000.00 per week then the rest of your sales within 30 days.
Has anyone experienced this yet? I'm small and really don't want my money tied up that long.
Did you call them to get etrms changed?
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I just received it in the mail on saturday.
I don't really do a lot of credit cards so I think it will be better than who I have now.
The sticking point I saw when reading was the limit is $1000.00 per week. That is what you receive....now you can have as much as you want in sales but are only guaranteed the $1000.00 per week then the rest of your sales within 30 days.
Has anyone experienced this yet? I'm small and really don't want my money tied up that long.
Did you call them to get etrms changed?
I read it as that limit is for NEW customers. I couldn't readily find what defined how long a customer is considered new.
I also couldn't find how long the deposit takes. When using PayPal, those deposits take up to a week. Ug.
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I guess it is where you stand in the "credit card" volume. 2.75 may seem like a lot if you are running a butt load of transactions but, if you are a small volume merchant, once you figure in the monthly fees and every other thing they nickel and dime you with, it is actually quite reasonable. Plus, I am quite taken with the versatility of this system.
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I think that is where it shines, is with the whole system, do us it wouldn't work and I would be better off with a traditional system. I also range anywhere from $5K-$20K in CCs per month. So a 5% difference is HUGE...about $250-$1,000 huge.
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My only question is if we still get stuck with paying the rewards?
I hate that s***. Everyone that every gloats about their damn rewards
gets told who pays it. This merchant side of credit needs to get regulated
real effing quick.
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Ha, are you serious? regulation only f*cks crap up. you will pay more personally now for use of your debit card, if you bank will even continue them. All over $.20 per swipe.
it's called charge a 2%processing fee if your state allows it, otherwise go with a check, money order or cash.
or, raise your prices a couple percent. problem solved.
Actually on second thought, lets also regulate the cotton industry, the plastics industry, and anything else we use on a daily basis.
Oh wait, they are regulating it if you are under 12 years old...how is THAT working out for you?
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Veering a bit off topic but look how the regulation on banks charging NSF paids worked out. Free checking is harder and harder to find.
While the government passed some "Feel Good" legislation, the banking industry just passed on the fees somewhere else. Now people who never had NSF's are stuck having to pay for checking accounts now. The consumer ALWAYS loose in the end. At least the politicians can feel good about themselves and voters will actually keep voting for them.
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I guess it is where you stand in the "credit card" volume. 2.75 may seem like a lot if you are running a butt load of transactions but, if you are a small volume merchant, once you figure in the monthly fees and every other thing they nickel and dime you with, it is actually quite reasonable. Plus, I am quite taken with the versatility of this system.
Agreed. I just signed up. I don't take much in the way of CCs so this is perfect. I've been using Intuit's merchant account which was pretty cheap, but they hit me up for $14 a month whether or not I use it. Also saves me from having to tote my laptop or pay for tethering to my iPhone.
As for turnaround on payment, I saw where they claim it'll be in your bank the next day.
Thanks for the post, Donnie.
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Well, I've been reading about this little device and the Square plan for a few months now, and if I already had one of them new-fangled smart-ass phones I'd be on this like
Pick your favorite:
White on Rice
Flies on Sh1t
Frogs on Flies.
Monthly fees and additional fees for those damn Vikings and their rewards ilk have kept me plastic free until now. But with clients finding me now from further and further away, credit card processing is becoming inevitable.
And, as mk162 pointed out, some states do not permit up-charging for credit. We have to post credit price, and then offer a cash discount.
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if I already had one of them new-fangled smart-ass phones
Frog,
Smart men deserve smart phones. ;)
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Of course, my fangled smart phone, a BlackBerry, doesn't work with Square. I need a NEW fangled smart phone. Or I can steal my wife's iPhone.
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I'm not talking about the %3 or whatever rate you pay. I'm talking about the "rewards" people get for
using their cards. AMEX is the worst. Runs us about $300 a month for making the CC company look
good. Eff that Ess.
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then don't take AMEX. problem solved. most people have other forms of payment, they just say no so that you will take that card.
look at aldi, cash or debit ONLY. That is how their prices are low and they keep margins up.
Nobody forces you to do anything, yet you want to complain that the government should make somebody else's services cheaper for you. How would you like it if they set shirt pricing from our vendors? You would see less stock, less color options, less styles, etc.
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Well, I've been reading about this little device and the Square plan for a few months now, and if I already had one of them new-fangled smart-ass phones I'd be on this like
Pick your favorite:
White on Rice
Flies on Sh1t
Frogs on Flies.
None of the above. I was on it like stink on a monkey.
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Hobo on a ham sandwich.
Bad acting in an Adam Sandler Movie.
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White on rice in a glass of milk on a paper plate in a snowstorm.
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A SQUARE? you mean Marry Jane, joint, fag (British term), blunt, weed etc. I don't know what you call them. I never touched the stuff. I heard about it though.
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By the way, SquareUp is not the only game in town.
http://payments.intuit.com/products/basic-payment-solutions/mobile-credit-card-processing.jsp (http://payments.intuit.com/products/basic-payment-solutions/mobile-credit-card-processing.jsp)
Intuit has a slightly lower rate and a high-volume plan if you run more than $1,000 a month in charges.
Yes, I know the high-volume plan has a monthly fee of $12.95 along with the lower percentage, but I ran some numbers and it's really close at $1,000 a month between the two companies using the high-volume plan (Intuit was about $2.00 more on that threshold). Bumping to $2,000 a month in charges using the high-volume plan was a savings of $8.00 with Intuit. Bumping to $5,000 a month in charges was a savings of right at $39.00.
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We got our square in the mail just a touch late (day after) we did a 3 day folk festival stint. Tested it with my personal card and it's probably the best functioning app I've used yet for the android. Very clean, quick, smart, professional. Top notch all around and while I'd much rather run the bulk of our sales (at the retail store) on our crazy low rate swiper @ 1.5% from BoA I wish to high holy hell I had this square bizness all the years I've been in bizness. It's perfect for mobile sales and 2.75% flat rate is quite reasonable.
I think eradication would be a better alternative to regulation in this case. We have too many clown industries right now, insisting they get paid for doing next to nothing, and only when forced by law into doing so (insurance anyone?) or paid exorbitantly for a small service (our cardholder rewarding friends in the credit processing industry). Time to clean house if you ask me.