Anyone using "The Square" for Credit Card sales??
 

"The Square" is a card reader for credit cards that plugs into iPhone, Android, and iPad devices for point of sale transactions via an app. Is anyone using this product as a seller?

www.square.ca

I saw and used the product as a buyer at MACNA last fall. It's a pretty cool idea. The website says no monthly fees, no sign up fees, no activation fees, no inactivity fees, no cancellation fees, etc. They are only charging 2.5-3.75%, and they provide the device and app for free.

If used with an iPad, you can get a compatible stand and compatible printer for making receipts; even a cash drawer and bar code scanner. Cool.

So, the million dollar question...what are the CONS of the device?? :D

http://blog.yellowdoggdesigns.com/wp...are-reader.jpg

http://wpuploads.appadvice.com/wp-co...ds-642x825.jpg

http://www.blogcdn.com/www.tuaw.com/...and-reader.png

In response to my own question... :lol:

PCMag has a great review for the product, but if you read user reviews there are a lot of complaints. The main complaint is from Square withholding funds for transactions over $2000. Another complaint is that there is no customer support phone number, just an email that apparently goes unanswered.

This isn't looking quite as good as it was an hour ago...

http://www.pcmag.com/article2/0,2817...p#disqus-start



I see there are some other devices...

PayPal Here
Intuit GoPayment (Apple devices only)

Im buying one of these things so I can go back to robbing people .Now we are a cashless society its been tough lately , it embarrassing to jump out at someone and demand all their money and they ask if you take credit or debit cuz that's all they have . But in all seriousness I would rather do cash or email bank transfer as that's free through my bank , I don't think it will take long for someone to crack the app and steal funds from transactions , I don't trust the security of someones personal phone .

This is something I was concerned about as well. I have bank and credit card apps on my phone though, so I guess I'm not that concerned. ;)

According to reviews, I haven't come across any security issues.

The business who installed my furnace used this, neat idea and worked well. Only thing I remember him saying monthly fee was high but I don't remember now.

I looked into one of those units for our business (dental office), but the high interest charge was too much.
It depends on how much you're going to be putting through. It can really add up.
I was able to find credit card charges at 1.5% through Global Payments, I think. (we've since sold the business)
Shop around if you can.

One of the local reef stores uses this as they are a home based business. Its also what they use at MACNA for the coral sellers there. Works like a hot damn but I understand they might charge slightly higher fees.

I thought 2.75% was a low rate...? Of the ones I've looked at there is no monthly fee. There aren't too many available in Canada yet, and of those ones many are only Apple compatible, not Android.

2.75% per swipe is actually pretty good. I have talked to some retailers that pay way more to use MC or Visa machines and there is a monthly fee on top of that as well. A lot of places will not accept Amex because there fee is HUGE!! Not to mention that any fee charged would be a right off for the service.

Read their contract carefully! Not only are you giving square access to your bank account to deposit funds, but also to withdrawl.

No different then any other CC companys

This thing is hilarious. Reminds me of something a drug dealer would use

2.75%-3.5%??? When most major credit cards only charge 1-3% per transaction. And it all depends what type of card is being used. Those that pull out their travel points cards or high cashback cards are charging you the higher percentage. Cash is always king. At the good lfs that is, when I pay in cash I always get a better price.

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So this thing is a credit card reader? And they charge up to 3.75% per swipe? The credit card company also charges merchants a percentage per transaction, no? So now if I'm a merchant I'm paying both the credit card company and this square company. Could end up being close to 10% per transaction/swipe. Someone's making a bunch of money.... at the expense of the merchant and ultimately the customer. I think I'd rather take a personal cheque. Maybe old school & take a bit more time, but in most cases there is a recourse if the cheque bounces.

The first time I used one of these was at a food truck. I was super nervous I would end up paying $40,000 for those gyros or whatever it was I ate that day but as far as I can tell it all worked out OK in the end. :)

Second time I used one I bought a kiteboard off a fellow who runs a kiteboarding school pretty much anywhere where the wind blows so basically out of his car, I guess.

Oh I think the dude at Reef Wonderland uses something similar too. I remember now I had to use his ipad to pay for an urchin. :lol:

Anyhow, from a buyers perspective once you get past the whole "OMG it's just some dude with a phone" thing, it seems like a neat idea to me. I can't speak from experience about the vendor's perspective of things, but it seems to me that they are becoming more and more widely used in any case.

no not that, it will be the 3.75 as the visa fees are built into that, so the visa/mc/ect swipe fees plus square's fees add up to 3.75 which is high, when I worked t the store the visa charges were .75% up to 100.00, 1.2% 100 to 1000.00 and higher for larger amount. thats why a car dealership doesn't like it when you go in and buy a truck on your credit card :mrgreen:. don't forget you can negotiate your rates also, this fee also includes the card reader and maintenance.

Steve

Aha, now I know why the Toyota salesperson was very happy to take my personal cheque. Of course the credit limit on my credit card would not have come close to the purchase price anyhow... & who pays cash for an automobile these days? But I digress..... seems the square is here to stay.

I bought my truck on my card, then paid off the card the next day, I wanted the aero plan miles :mrgreen:

Steve

Yup, put my the entire cost of my home reno on my card and then went to Cuba with the travel points.