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The Square credit card payment....who has it?
- Thread starter visual800
- Start date
WildWestDesigns
Active Member
There was a horror story on here awhile back that I think was about Square.
Have to be careful with "free", sometimes it can be good, sometimes not.
EDIT: Found the thread: http://www.signs101.com/forums/showthread.php?107619-Changing-my-mind-about-SQUARE&highlight=square
It looks like there were some other concerns brought up about Square holding onto people's money. Which I think is the same concern that you have with PayPal.
Have to be careful with "free", sometimes it can be good, sometimes not.
EDIT: Found the thread: http://www.signs101.com/forums/showthread.php?107619-Changing-my-mind-about-SQUARE&highlight=square
It looks like there were some other concerns brought up about Square holding onto people's money. Which I think is the same concern that you have with PayPal.
rjssigns
Active Member
On another forum I belong to members are complaining about the charge backs. Many are getting scammed out of high dollar race parts. You absolutely positively have to have all your documentation in order or you're out of luck. Even with flawless documentation you may be out of luck.
Some of the business owners have resorted to multiple accounts. One linked with whatever merchant account you chose. While another is on standby to immediately shuffle transaction funds into the moment they clear. Merchant account processors can't take what isn't there. Seems to be the only way to get them to listen to your side.
Latest scam is to pay in full then initiate a chargeback claiming product was not not as advertised.
Here is the absolute truth: You can all claim your merchant account is "bulletproof". None of them are, period. If you think otherwise you are living in dreamland. I could quote chapter and verse from the racing website I belong too regarding all the various scams. Suffice to say ALL merchant accounts are vulnerable. PayPal is one of the worst for siding with the customer. This is fact.
New wave of rip offs coming folks. You are not immune. Believe it.
Some of the business owners have resorted to multiple accounts. One linked with whatever merchant account you chose. While another is on standby to immediately shuffle transaction funds into the moment they clear. Merchant account processors can't take what isn't there. Seems to be the only way to get them to listen to your side.
Latest scam is to pay in full then initiate a chargeback claiming product was not not as advertised.
Here is the absolute truth: You can all claim your merchant account is "bulletproof". None of them are, period. If you think otherwise you are living in dreamland. I could quote chapter and verse from the racing website I belong too regarding all the various scams. Suffice to say ALL merchant accounts are vulnerable. PayPal is one of the worst for siding with the customer. This is fact.
New wave of rip offs coming folks. You are not immune. Believe it.
laserman70
New Member
We have it and love it.
When you get it, update your business profile. It is free..
It will increase your limits so they will not hold back money..
we started and it was limited to 1000.00, they held 600.00 due to large amount..
We contacted them, they told us to update and now we have no issues..
When you get it, update your business profile. It is free..
It will increase your limits so they will not hold back money..
we started and it was limited to 1000.00, they held 600.00 due to large amount..
We contacted them, they told us to update and now we have no issues..
I haven't looked yet, but I'm about to re-evaluate it. So far it's been great (about 3 years or so), but with recently expanding into another area (the new area being signs and shirts) it may put me at the tipping point. There's a certain dollar amount, I believe it was $25k where it's cheaper than a point of sale/merchant account. After that point, it's close enough the convenience outweighs the cost, but above the next mark, I thin I figured it was around $40k per year, it costs a good bit more. It all depends on how much you put through it compared to cash, check and other payment methods. If you also have an actual merchant account you use for other payments and accounting the tipping point is lower, as you're already paying the maintenance and processing fees on another service.
Trip
Trip
TyrantDesigner
Art! Hot and fresh.
I signed up for both intuit and square and from my transactions ... I like intuit more. Their fraud protection is better than squares and the money processes easier. Plus the card swiper is a better quality. Rates are practically the same though.
Had 3 banks offer CC payments ... but after about $500 in equipment and setup fees ... the rates still weren't better than intuit, so even if I do encounter issues with p.o.s. customers ... I will still be better off money wise than if I went with a regular banking institution.
Had 3 banks offer CC payments ... but after about $500 in equipment and setup fees ... the rates still weren't better than intuit, so even if I do encounter issues with p.o.s. customers ... I will still be better off money wise than if I went with a regular banking institution.
dale911
President
High Fees
I have a square in case someone absolutely wants to pay while I'm on site, but the fees are super high. They keep almost 3%. That's $30 for every $1000. If you are doing 100k a year, that's 3k in fees, plus the transaction fee. I ended up getting a 30% partner in my sign business who also happens to sell CC processing. While I have an outstanding rate that is below what anyone is offered, He can set you up with a better rate than any of the competition if anyone is interested. The whole CC processing business is such a scam. They are taking money for doing nothing but routing money between banks electronically and making a ton of money doing it everyday. If you don't PM me about it, at least shop around and tell them what you are willing to pay. You should be under 2%. And also look out for the difference between swiped and non-swiped transactions. Thee is a huge difference in the fees charged. I used to own a business that was 95% telephone transactions so I had to negotiate a completely different setup due to almost none of our transactions not being swiped. Threaten to go somewhere else and they will change the rates. Square will not. My $.02 (or 3% + .030)
I have a square in case someone absolutely wants to pay while I'm on site, but the fees are super high. They keep almost 3%. That's $30 for every $1000. If you are doing 100k a year, that's 3k in fees, plus the transaction fee. I ended up getting a 30% partner in my sign business who also happens to sell CC processing. While I have an outstanding rate that is below what anyone is offered, He can set you up with a better rate than any of the competition if anyone is interested. The whole CC processing business is such a scam. They are taking money for doing nothing but routing money between banks electronically and making a ton of money doing it everyday. If you don't PM me about it, at least shop around and tell them what you are willing to pay. You should be under 2%. And also look out for the difference between swiped and non-swiped transactions. Thee is a huge difference in the fees charged. I used to own a business that was 95% telephone transactions so I had to negotiate a completely different setup due to almost none of our transactions not being swiped. Threaten to go somewhere else and they will change the rates. Square will not. My $.02 (or 3% + .030)
visual800
Active Member
thank you gentlemen! wild west your correct paypal will lock down $5000 on your account because of a damn $20 phone charger! I always keep my paypal account emptied to bout $20. as soon as the account gets over $20 I transfer it over to another account I assume I can do this with this square thingy also!
BobM
New Member
I use Square for a government customer making it much easier to deal with them. Square is like any other Credit Card, chargebacks are always a possibility, but that is a chance you take. Not different that getting a bad check, you have to chase to collect and usually wait a long time. Just part of doing business in this electronic world.
S
spmracing
Guest
I use Intuit / Quickbooks, Its $10.00 a month and a smaller percentage than both, but you can manually enter credit cards online through their site and run it like a real credit card from your computer / phone.
tattoo.dan
New Member
I have used square for a few years now with no problems...very convenient