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Archive 2012 · Square Credit Card Reader
  
 
cbradio09
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p.1 #1 · p.1 #1 · Square Credit Card Reader


Anyone use it? Seemed pretty cool that they ship you the reader for free and then charge less than paypal in regards to fees 2.75%.

If you do use it or something similar, do you just eat the fees and call it a business loss or business expense ?

I signed up for it last night while procrastinating for my ~30 page lab report due today at 1530. Whoops.

Thanks,

Cam



Feb 09, 2012 at 02:58 PM
swoop
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p.1 #2 · p.1 #2 · Square Credit Card Reader


I Have it. Super simple to set up and use. Just plug it into your phone, load the app, swipe and done. Money is deposited in your bank the next day. Rarely use it but it's good to keep in the camera bag just in case. I've had previous run ins where someone wanted to buy a photo and figured the Square system would make it easy to charge them $XX amount on the spot and email the photo later.


Feb 09, 2012 at 03:03 PM
G-Gore
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p.1 #3 · p.1 #3 · Square Credit Card Reader


Just make sure you dont go over $1000 per month with your transactions. If u do then whole deposit schedule will be delayed.


Feb 09, 2012 at 03:11 PM
robn70
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p.1 #4 · p.1 #4 · Square Credit Card Reader


Intuit GoPayment is another option that is free. Plus it allows for $1200 a week if you want the freee plan like square is. The other good thing about the Intuit version is that it's more integrated with quickbooks if that is what you use for your accounting.

Just another option to look at.



Feb 09, 2012 at 03:18 PM
RichardLavigne
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p.1 #5 · p.1 #5 · Square Credit Card Reader


G-Gore wrote:
Just make sure you dont go over $1000 per month with your transactions. If u do then whole deposit schedule will be delayed.


not true... the default is set up that way... but you can change it.



Feb 09, 2012 at 03:34 PM
cbradio09
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p.1 #6 · p.1 #6 · Square Credit Card Reader


Upon a quick inspection it seems that the $1000 limit is for keyed transactions as opposed to swiped.


Feb 09, 2012 at 03:38 PM
msack
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p.1 #7 · p.1 #7 · Square Credit Card Reader


I have Square, and it works perfectly. I receive my money within 2 days. I have had no problem with transactions over $1000.


Feb 09, 2012 at 03:40 PM
engrider18
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p.1 #8 · p.1 #8 · Square Credit Card Reader


I really like it and you can't beat the convenience. I keep mine in a small mint tin to protect it and carry it with me. I don't use it often for wedding payments since the fee can get pretty high, but when I do the deposit is in my account next day just like a smaller payment. I believe they may have removed their restrictions because I never changed anything on my account.


Feb 09, 2012 at 03:42 PM
andyjh
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p.1 #9 · p.1 #9 · Square Credit Card Reader


Been using Square for a while. Easy to use and makes payment easy if you decide to meet a client for product pickup on the road. Way better than a desk based terminal that has to be used at your office location. Still relatively new technology, but clients are amazed when I run their card on my android phone.


Feb 09, 2012 at 03:43 PM
Trailboy
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p.1 #10 · p.1 #10 · Square Credit Card Reader


Not available in the UK unfortunately, and when it has been discussed before many have said that they would never type their credit pin numbers into someone else's phone.

Anyone ever had any objections to this?



Feb 09, 2012 at 04:56 PM
 

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cbradio09
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p.1 #11 · p.1 #11 · Square Credit Card Reader


Interesting point ^^^^^ never thought of that being an issue.


Feb 09, 2012 at 05:24 PM
swoop
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p.1 #12 · p.1 #12 · Square Credit Card Reader


Trailboy wrote:
Not available in the UK unfortunately, and when it has been discussed before many have said that they would never type their credit pin numbers into someone else's phone.

Anyone ever had any objections to this?


You can run it as credit and have them sign with their finger. No PIN necessary.



Feb 09, 2012 at 06:29 PM
Trailboy
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p.1 #13 · p.1 #13 · Square Credit Card Reader


Hmmm, maybe that's why it isn't available in the UK.




Feb 09, 2012 at 06:32 PM
deepbluejh
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p.1 #14 · p.1 #14 · Square Credit Card Reader


I dumped Authorize.net and standard CC processing for Square and have been happy so far. Swiped transactions are deposited next-day while keyed transactions are held for a bit before being deposited. Keep in mind keyed transactions have a higher fee rate (3.5%) vs swiped transactions (2.75%). An in person swipe is always better.


Feb 09, 2012 at 06:52 PM
jprezant
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p.1 #15 · p.1 #15 · Square Credit Card Reader


and on that note, I recall a discussion about how to deal with a signature space if they're not present. And from
what I remember you're supposed to have consent via email or something, and then write "see email" or something
like that on the sig line. Anyone remember something like that?



Feb 09, 2012 at 06:59 PM
lukeb
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p.1 #16 · p.1 #16 · Square Credit Card Reader


cbradio09 wrote:
Anyone use it? Seemed pretty cool that they ship you the reader for free and then charge less than paypal in regards to fees 2.75%.

If you do use it or something similar, do you just eat the fees and call it a business loss or business expense ?

I signed up for it last night while procrastinating for my ~30 page lab report due today at 1530. Whoops.

Thanks,

Cam


All credit card and bank/merchant fees can be deducted as a business expense.

Some merchants charge an additional fee to offset credit card processing fees.

We do. And, we don't accept rewards cards because its the merchant who pays the rewards the client gets.



Feb 09, 2012 at 07:11 PM
jprezant
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p.1 #17 · p.1 #17 · Square Credit Card Reader


lukeb wrote:
Some merchants charge an additional fee to offset credit card processing fees.



you're violating the user agreement terms for the credit card companies I believe



Feb 09, 2012 at 07:15 PM
sboerup
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p.1 #18 · p.1 #18 · Square Credit Card Reader


lukeb wrote:
All credit card and bank/merchant fees can be deducted as a business expense.


Yes. The transaction fees would be "cost of goods sold". Any monthly fees would be Bank Charges.

lukeb wrote:
Some merchants charge an additional fee to offset credit card processing fees.


Ya, this is illegal...if Visa/MC find out they can ban you from accepting their payments.

lukeb wrote:
We do. And, we don't accept rewards cards because its the merchant who pays the rewards the client gets.


I think the extra fees for accepting rewards cards is negligible. If the client wants to use their CC then I don't care what kind...it all falls under 2.9% for me anyway.

Love Authorize.net, it rules.



Feb 09, 2012 at 07:27 PM
deepbluejh
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p.1 #19 · p.1 #19 · Square Credit Card Reader


jprezant wrote:
and on that note, I recall a discussion about how to deal with a signature space if they're not present. And from
what I remember you're supposed to have consent via email or something, and then write "see email" or something
like that on the sig line. Anyone remember something like that?


Not quite. Here are the instructions from Square:

Phone, mail and online orders

We recommend using the card reader for all payments, but some sellers have the need for the manual entry feature when taking phone, mail or online orders. When you key-in credit card information rather than use the card reader, the fee is slightly higher (3.5% + 15 vs 2.75%). This is due to the greater risk involved with manually-entered payments, as the card and buyer do not have to be present for this type of payment to occur.

If you plan on using the manual entry feature, we recommend following these simple steps:

Follow these instructions on how to enter card information manually.
Verify the identity of your buyer.
Keep signatures on file for all cards, when possible.
Provide receipts to your clients for all payments.
Enter detailed descriptions for each payment.
Enter valid CVV, Expiration Date and Zip Code information (buyer's billing zip code.) Note: the CVV is the 3 digit number listed on the back of MasterCard and Visa cards, and the 4 digit number listed on the front of AmEx cards.
Store any tracking information with proof of delivery.
Write either "Internet Order" or "Phone Auth" on the signature screen to confirm this was not a card present payment.





Feb 09, 2012 at 08:00 PM
jprezant
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p.1 #20 · p.1 #20 · Square Credit Card Reader


ah, thats right. thanks man.


Feb 09, 2012 at 08:05 PM
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