Advice on debit/credit terminal
 

hello all
just wondering to my customers, should I get a debit/credit machine?
it cost approximatley minimally 60.00 per month and I just wanted to see the input to see if the cost is worth it?
is it inconvenient only to take only cash?
please let me know what you think
thanks in advance
Neal

As a customer, I prefer cash as it limits how much I can spend at the store I am at. If my intention is to spend 100 and I only have cash and that's all you accept, that is all I will spend.

As a business owner, debit/credit are great as now the customer is not limited by cash in their pocket. They can get into a whole lot of trouble visiting your store and seeing those corals or fish they just have to have.

Let people access your computer and do EMT s

I prefer debit and rarely carry cash. But that won't stop or dissuade me from shopping at cash only vendors. :P

I think it's cheaper to go the ipad ninja way, but I'm not 100% sure.

I would look into this. It is available in Canada and was what almost everyone at MACNA was using at their booths for sales. It worked like a hot damn!

https://squareup.com/ca?gclid=CMKo79...FQfhQgodNH0A8A

I use square. You can get it from future shop. Most transactions are cash but for the odd one its ok.

It's too bad it doesn't use debit tho at least that's how I read it I could be wrong

I would prefer to pay by cash since it helps to keep your cost down which you can it pass back on to your customers.

CASH is KING................but the square up would be handy for those who don't like to carry cash any more & would rather use there CC.

I don't get paid in cash so there is really no reason I would have any on me. To be honest if I saw something in a store I liked and then had to go make a special trip to my bank machine to buy it I would reconsider the purchase. Buying second hand goods is one thing but retail sales is another. I suppose some people may have some bad spending habits and cash would be great for them but for others it's an inconvenience. Just today in the business news they were stating that only 20% of all retail sales in Canada is cash, the rest is credit/debit and that 20% is getting smaller every year.

Thanks for all the input
I am going to try the Square method.
perhaps in the future I will get a POS terminal
however, there are 3 bank machines within a block of my place..so cash shouldn't be a problem.
I just wanted to have the ability for my customers to use a credit card.
thanks again
Neal

You can get the square online for free. No need to go to FS (I think they charge $10 but that gets credited back). :D

I have no experience with Squareup or any other debit/credit sales firms but 2.75% seems on the high end for fees. Costco advertises 1.72% on swiped credit cards and 6 cents per debit transaction with a $5 monthly fee that is waived for Costco Exec members. I don't know how many transactions you do in a month so maybe Squareup would work better for you at this point but I would still shop around.

Takes way to long for them to send you one so. Quick trip to Fs and as soon as you've activated it you get your $10 back so no hassles. Yes 2.75 is a little high but for the odd cc charge it's better value than an actual machine and contract. I'm happy and it takes two days to get to your bank. You can email a receipt etc and I love it. :biggrin:

.

went with Costco afterall.
should have it up and running by this weekend.

Rarely ever use cash myself. I find if I have cash in my wallet, I WILL spend it. If its the card, I think twice and weigh my auto debts coming out etc etc. Makes me think more about splurging or NOT splurging if I don't acctually know how much money I have.

better choice then that other setup, 2 days to get a recipt would kill a sale for me right there. and 2.75% a swipe is very high.

Steve

i use square, but im interested in seeing how the costco thing goes, keep us updated.

Cash is great, but taking debit and credit will allow you the sales when others can't afford the cash for up front, or if they don't have cash on them.

Look into costs... With my business I was only paying $8 per month, then from 1.5 - 2.2% per transaction. This was with PaymentTech through Scotia. Probably more now, but you can get it cheaper than $60/mth.

Just my 2 cents.

I'll go months without carrying any bills but last time I did get some cash was to bring to you, wasn't that bad. Did stop me from doing a impulse buy though.

And for a business thats exactly what they dont want.
Steve