topic Re: Square Card Reader MS? in Credit Cards

Square Card Reader MS?

MrCollector — Tue, 29 Apr 2014 00:00:19 GMT

I buy custom items from a friend who uses Square as his payment system. I know there has been some resistance of mobile payment systems (especially from Amex) when it comes to counting for rewards points or toward your min spend. Anyone have any insight on how these transactions are treated (by Amex and others)?

Re: Square Card Reader MS?

Creditaddict — Tue, 29 Apr 2014 00:01:47 GMT

@MrCollector wrote:
I buy custom items from a friend who uses Square as his payment system. I know there has been some resistance of mobile payment systems (especially from Amex) when it comes to counting for rewards points or toward your min spend. Anyone have any insight on how these transactions are treated (by Amex and others)?

I don't think there have been any issues when it's clearly not your square account... the issues come from manufacturing spending through your own!

If your friend has a business account set up or even personal for that matter, it's a different address? it's not an issue.

Re: Square Card Reader MS?

Kenny — Tue, 29 Apr 2014 00:06:24 GMT

If the person is anywhere near to you as a relative or in your household, you better bet a FR is coming your way.

It's not smart or very profitable to use this as your method of MS if you're going to do that.

Re: Square Card Reader MS?

juggalo9er — Tue, 29 Apr 2014 00:10:54 GMT

@KennyRS wrote:
If the person is anywhere near to you as a relative or in your household, you better bet a FR is coming your way.

It's not smart or very profitable to use this as your method of MS if you're going to do that.
lets do the math on a common rewards cards aka the quicksilver. 150 swiped equals 2.25 cash back, minus .30 for the swipe fee.....looks like a free 1.95 to me

edit"""""damn vicodin

Re: Square Card Reader MS?

MrCollector — Tue, 29 Apr 2014 00:33:16 GMT

@KennyRS wrote:
If the person is anywhere near to you as a relative or in your household, you better bet a FR is coming your way.

It's not smart or very profitable to use this as your method of MS if you're going to do that.

Definitely not mine, but I've always just used my debit card when I pay him to avoid any issues. Would rather use my CCs instead, but I don't need any problems from them.

Re: Square Card Reader MS?

Creditaddict — Tue, 29 Apr 2014 00:40:18 GMT

@MrCollector wrote:
@KennyRS wrote:
If the person is anywhere near to you as a relative or in your household, you better bet a FR is coming your way.

It's not smart or very profitable to use this as your method of MS if you're going to do that.
Definitely not mine, but I've always just used my debit card when I pay him to avoid any issues. Would rather use my CCs instead, but I don't need any problems from them.

I wouldn't worry about it if he is doing his side of things legit with reporting his income and the square account is established and your accounts are fine... don't worry about it.

further more is it a business account or his personal account (what's the charge say?) you really will have no issues if it's business.

Re: Square Card Reader MS?

MrCollector — Tue, 29 Apr 2014 00:43:52 GMT

@Creditaddict wrote:
@MrCollector wrote:
@KennyRS wrote:
If the person is anywhere near to you as a relative or in your household, you better bet a FR is coming your way.

It's not smart or very profitable to use this as your method of MS if you're going to do that.
Definitely not mine, but I've always just used my debit card when I pay him to avoid any issues. Would rather use my CCs instead, but I don't need any problems from them.
I wouldn't worry about it if he is doing his side of things legit with reporting his income and the square account is established and your accounts are fine... don't worry about it.
further more is it a business account or his personal account (what's the charge say?) you really will have no issues if it's business.

Personal. He only makes a few things from time to time for a couple of his friends (3D-printed items).

Re: Square Card Reader MS?

Creditaddict — Tue, 29 Apr 2014 00:45:50 GMT

@MrCollector wrote:
@Creditaddict wrote:
@MrCollector wrote:
@KennyRS wrote:
If the person is anywhere near to you as a relative or in your household, you better bet a FR is coming your way.

It's not smart or very profitable to use this as your method of MS if you're going to do that.
Definitely not mine, but I've always just used my debit card when I pay him to avoid any issues. Would rather use my CCs instead, but I don't need any problems from them.
I wouldn't worry about it if he is doing his side of things legit with reporting his income and the square account is established and your accounts are fine... don't worry about it.
further more is it a business account or his personal account (what's the charge say?) you really will have no issues if it's business.
Personal. He only makes a few things from time to time for a couple of his friends (3D-printed items).

that doesn't sound that expensive... they are going to be more interested in LARGE purchases that look more like MFS ($500+)

I have used Square a lot... I wouldn't sweat it... even IF they do have issues, you are on the up and up so those issues would be quickly resolved and they would more likely happen to your friend to verify not you!

Re: Square Card Reader MS?

Kenny — Tue, 29 Apr 2014 00:49:26 GMT

Doesn't sound like MS if you're actually purchasing items. I mean if it's a legitimate purchase, then there's no question about it. You can easily explain that if need be.

Re: Square Card Reader MS?

OnTheRebound — Tue, 29 Apr 2014 05:29:22 GMT

My wife uses her Amex to pay her hair lady using Square all the time.

We also paid with Square at a couple of estate sales. Never a problem.

I like it. Beats carrying a bunch of cash.

Re: Square Card Reader MS?

thebusymind — Tue, 29 Apr 2014 05:39:01 GMT

Well, wait... Not that I'm condoning this - there's plenty of other ways to meet your minimum spend w/o a Square reader - but how could the credit card company know that this was happening? Doest this just come through as a standard transaction?

Re: Square Card Reader MS?

Anonymous — Tue, 29 Apr 2014 14:55:26 GMT

my work cafeteria uses square, of course the trasanctions are jjust around $5 but usually 2 times a day, guess I probably have nothing to worry about

Re: Square Card Reader MS?

Jlu — Thu, 01 May 2014 03:49:52 GMT

I put $500 through my own Square account to help me meet the $2000/3mon spend for my AMEX PRG. Cost me less than $15 in merchant charge. The $500 minus ~$13 was in my checking account the next day. I waited a week and used that money to pay my AMEX bill.

My 25,000 MR points were deposited without issue last month,

If you plan to do this just keep the amount < $1000 as to not draw attention.

I plan to do this with my Citi TY Premier too.

Re: Square Card Reader MS?

MrCollector — Thu, 01 May 2014 04:19:56 GMT

@Jlu wrote:
I put $500 through my own Square account to help me meet the $2000/3mon spend for my AMEX PRG. Cost me less than $15 in merchant charge. The $500 minus ~$13 was in my checking account the next day. I waited a week and used that money to pay my AMEX bill.

My 25,000 MR points were deposited without issue last month,

If you plan to do this just keep the amount < $1000 as to not draw attention.

I plan to do this with my Citi TY Premier too.

Surprised amex didn't throw a fit about that. They're usually against Square from my experience. Maybe the low amount kept them at bay.

Re: Square Card Reader MS?

sexy_kitten7 — Tue, 06 May 2014 00:51:07 GMT

People! MS stands for manufactured spending! Clearly, not everyone is on the same page. Please google if you don't know what that means.

OP, I've heard that it's very easy to get shut down for Paypal and Square MS, so it's not recommended!

I'd stick to AP and GCs

Re: Square Card Reader MS?

Anonymous — Tue, 06 May 2014 01:42:34 GMT

@Jlu wrote:
I put $500 through my own Square account to help me meet the $2000/3mon spend for my AMEX PRG. Cost me less than $15 in merchant charge. The $500 minus ~$13 was in my checking account the next day. I waited a week and used that money to pay my AMEX bill.

My 25,000 MR points were deposited without issue last month,

If you plan to do this just keep the amount < $1000 as to not draw attention.

I plan to do this with my Citi TY Premier too.

But from an MS viewpoint, that's a big premium for convenience. Providing you don't live in a dead zone, you could buy a $500 Visa for $4.95, and cash it for $1 or less, for a total of $5.95. You paid a lot more with a bigger risk.

Re: Square Card Reader MS?

trumpet-205 — Tue, 06 May 2014 01:45:04 GMT

If you are going to use Sqaure for MS don't use your own Square account. You'll need a trustworthy friend, and don't do it so often.

Re: Square Card Reader MS?

Sooners2013 — Tue, 06 May 2014 05:53:25 GMT

When square first came out they were soley a secondary processor and one that was suspicious by many card issuers. But now square has really come into it's own and acts like a real processor. so simply having a charge on a merchant using square is nit alarm for your card issuer. No, yiu are not suppose to use a merchant account of your own. But I have charged almost 20,000 for a new roof with a mechany that used square. No problems ever. So I don't think solely because a charge is processed by square does it cause alarm.

Re: Square Card Reader MS?

Anonymous — Tue, 06 May 2014 22:09:05 GMT

I've shopped and dined at several places that uses square and never ran into any issues.

However, square is a bad idea for MS. It's much easier to just buy gift cards or other reloadable cards. Even loading money into a brokerage account and then withdrawing it after 90 days is a better option than square, though your brokerage will most likely shut you down if that's the only thing you're doing.

Square and paypal has a higher chance of freezing your accounts and withholding the money indefinitely.

Also, if you are doing MS using your friend's business account, you or your friend will have to pay the 2.5-3% merchant fee, which is more expensive than buying GCs. Your friend is also supposed to report that amount as his income, and therefore may have pay taxes on it. In the end, you (or your friend) may end up paying a lot more than whatever the sign-up bonuses are worth.

Re: Square Card Reader MS?

MrCollector — Tue, 06 May 2014 22:11:26 GMT

@Anonymous wrote:
I've shopped and dined at several places that uses square and never ran into any issues.

However, square is a bad idea for MS. It's much easier to just buy gift cards or other reloadable cards. Even loading money into a brokerage account and then withdrawing it after 90 days is a better option than square, though your brokerage will most likely shut you down if that's the only thing you're doing.

Square and paypal has a higher chance of freezing your accounts and withholding the money indefinitely.

Also, if you are doing MS using your friend's business account, you or your friend will have to pay the 2.5-3% merchant fee, which is more expensive than buying GCs. Your friend is also supposed to report that amount as his income, and therefore may have pay taxes on it. In the end, you (or your friend) may end up paying a lot more than whatever the sign-up bonuses are worth.

I was under the impression that gift cards wouldn't count toward min spend. Is that not the case?