Reply
Established Contributor
Posts: 676
Registered: ‎06-06-2012
0

anyone use square?

Any feedback about processing fees, ease of use for Square?

 

 

Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
0

Re: anyone use square?

Are you using it for retail or telephone/online?

 

I think Square is pretty simple, but does have somewhat high fee for telephone/online transaction.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Contributor
Posts: 676
Registered: ‎06-06-2012
0

Re: anyone use square?

It would be used for both. Just a small side business, atm we use amazon for credit card processing. Too many horror stories about processing companies. Not suer how/who square works through and if they have alot of hidden fees or if it's a battle to get your money like it is with some processors I've heard of.

 

 

Established Contributor
Posts: 937
Registered: ‎07-24-2012
0

Re: anyone use square?

I just started using it last week. Previously had PayPal as my processor (ugh that really sucked getting the actual cash from them but wasn't that bad fee wise). I don't run a lot of cards but I had a client who was in need of paying on AMEX vs typical ACH that I prefer. Big charge, nearly $95,000 and I must say it went flawlessly. Cash in bank the next day before noon less the fees (and yes, that was a whopping $2,600 fee so they must like me now after my first swipe). 

No additional fees besides the 2.75% on each swipe. If you are a non swiper it's a bit more at 3.5% +.15 cents I believe. The card reader is a breeze to use and you can carry in your pocket. Software worked great on my iPhone. Web site works well and I am a Mac user. 

Good luck - I don't think you can go wrong with Square. 

Established Contributor
Posts: 676
Registered: ‎06-06-2012
0

Re: anyone use square?

In your account the next day? Wow. How long was paypal taking for you?

 

How does square know where to send the money and does it go through an intermediary system or bank?

 

 

 

Contributor
Posts: 92
Registered: ‎06-05-2009
0

Re: anyone use square?

I can also say any transaction M-F before 6pm I get the money overnight. Its a great service the fee is more then most other companies but the ease of use is unbeatable. I've charged up to $24,000  several times already with no issues. 

 

P.S. I HATE Paypal I saw it mentioned somewhere around here.

NFCU Flagship Rewards Visa Signature $5,000
NFCU NavCheck LOC $10,000
Chase INK Cash $5,000
Chase Freedom $1,500
Bank of America Cash reward 123 $5,000
Barclays Arrival World MC $3,000
Valued Contributor
Posts: 2,505
Registered: ‎11-11-2010
0

Re: anyone use square?

[ Edited ]

The advantage of Square is there is no other fee associated with it (no statement fee, equipment fee, etc). Perfect for small business.

 

Square now has $275 fixed monthly plan (0% swipe fee). Limitations are no more than $400 per transaction and $250K annual revenue. If you run more than $10,000 per month it is a fantasitc plan.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Established Contributor
Posts: 676
Registered: ‎06-06-2012
0

Re: anyone use square?

Yeah, it just seems so great for small busineses. Reasonable fees, quick payment, and no hidden fees.

 

I've dealt with processors who delay payments for potential chargebacks, come up with ludicrous fees, etc. Square just sounds like a dream compared to the usual system for a small business.

 

 

Epic Contributor
Posts: 24,084
Registered: ‎10-23-2007
0

Re: anyone use square?

I love Square but I did have some issues early on when I ran several transactions that totaled over $18k, I ended up with about $8k locked down for a bit... Eventually I got ironed hand and it was released to account next day.  I'm shocked they had no delay on AMEX but I assume that was an AMEX fix not a Square! I bet that sent Square people running for the phone to call amex.

Anyway never had issues before... I recently got PayPal and like it but it takes 2-4 days usually depending on day to get PayPal money to checking so that might be to much if I had to have money quicker, Square is VERY quick and almost ALWAYS in my account next day if ran before a certain time.

Let me state just in case confusion - PayPal is not HOLDING the money, it's just a matter of how fast PayPal transfers into bank, still have not figured out WHY they can't do it same day into account considering all other things are basically but no hold.

Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
80 Cards and Counting :smileytongue:
New Contributor
Posts: 72
Registered: ‎03-19-2011
0

Re: anyone use square?


scenery_guy wrote:

I just started using it last week. Previously had PayPal as my processor (ugh that really sucked getting the actual cash from them but wasn't that bad fee wise). I don't run a lot of cards but I had a client who was in need of paying on AMEX vs typical ACH that I prefer. Big charge, nearly $95,000 and I must say it went flawlessly. Cash in bank the next day before noon less the fees (and yes, that was a whopping $2,600 fee so they must like me now after my first swipe). 

No additional fees besides the 2.75% on each swipe. If you are a non swiper it's a bit more at 3.5% +.15 cents I believe. The card reader is a breeze to use and you can carry in your pocket. Software worked great on my iPhone. Web site works well and I am a Mac user. 

Good luck - I don't think you can go wrong with Square. 


I used to use Paypal, but the inability to resolve a problem in a proper and efficient manner (account still restricted 4 years later!) made me swear that company (along with ebay) off for eternity...

EQ FICO 695 (4/26/2012)
TU FAKO CK 723
Lender Pulls (for mortgage) 12/03/2012 - 698 EQ, 729 TU, 721 EX
Business Cards: Discover Business Miles and US Bank FlexPerks Cash Rewards
Personal Cards: Capital One, Chase Freedom, Chase Amazon, Wells Fargo Rewards, Amex Zync NPSL, Target, Chevron/Texaco Store Card and VISA, CareCredit
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.