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

[NickC]

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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[mike31154]

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.

[Delphinus]

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.

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.

[StirCrazy]

Originally Posted by mike31154

Could end up being close to 10% per transaction/swipe.

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 . don't forget you can negotiate your rates also, this fee also includes the card reader and maintenance.

Steve

[mike31154]

Originally Posted by StirCrazy

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 . 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.

[StirCrazy]

Originally Posted by mike31154

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

Steve

[Parker]

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