Square

[Chad Hughes]

I just wanted to share with my fellow retailers what I have found to be a very helpful tool in regard to processing credit card payments. I recently registered with Square www.squareup.com.

If you have a Iphone, Ipad or android smart phone you're ready to start processing credit card payments. Up until this point I had to take payments trhough PayPal, other than checks and cash. The system works sort of like PayPal as it is linked directly to your checking account. For 2.75% you can take a credit card payment and it's deposited in to the designated account. The really cool part about this is it's mobile. Simply plug the little reader in to the earphone jack and you're ready to start processing payments.

The system tracks your sales, sends text or email receipts to your customers and will process refunds within 60 days if needed, fee and all. I thought it was pretty slick. I love it!

http://blog.techiewarehouse.com/wp-content/uploads/2011/02/square-up-card-reader4.jpg

[vera]

Thank u for sharing Chad !

[Jennie]

be cheaper to just buy cc machine.. go through chase bank.. cheapest fees available. I believe last statement was 1.89 % depending on type of card taken..
machines run abt 300 and up but you can get one free with right deal! 5.00 monthly service charge

[ericatdallas]

I can totally see someone hacking that device to use to steal credit card and ATM card info.

[jball1125]

Thats pretty cool for people who sell stuff on the street like flea markets etc. Would have to prove itself against hackers though.

[Chad Hughes]

Jennie,

Do you have any details or a web site that I could check this out? I need a wireless (WIFI) unit. I don't have a phone line to connect to. I've checked several on-line sources and the equipment plus the % per and a fee per transaction plus a monthly.... It just seemed like a pain. Square is as simple as setting up a PayPal account.


be cheaper to just buy cc machine.. go through chase bank.. cheapest fees available. I believe last statement was 1.89 % depending on type of card taken..
machines run abt 300 and up but you can get one free with right deal! 5.00 monthly service charge

This works exactly like the machines you use at any retail store. I guess any of them could be hacked.


I can totally see someone hacking that device to use to steal credit card and ATM card info.

Or if you don't have a phone line. I always have my mobile phone on me. The security on this is the same as the units that operate on WIFI at retailers everywhere.


Thats pretty cool for people who sell stuff on the street like flea markets etc. Would have to prove itself against hackers though.

[dbfzurowski]

Nice

[jssquared]

Very cool! I know this existed but did not know it was so affordable. Thanks for the info!

John

[Jennie]

Chad, Its Chase Merchant Services/ Chase Paymentech..1-888-886-8869
pulled that off a statement.. when I get to my machine today and if the number is different..I'll edit my post for you. otherwise have them direct you to a sales associate.
Here you will find products and service offered
http://www.chasepaymentech.com/
I only accept Visa and Master..discover and AE have higher fees and not many people use those anyway..FYI
1-800-354-8893

[Chad Hughes]

Jennie,

Thanks for the info! I'm in court all day today (jury duty, day 6) but I'll give this a look at lunch.

Thanks again!


Sent from my iPhone using Tapatalk

[ericatdallas]

This works exactly like the machines you use at any retail store. I guess any of them could be hacked.



Or if you don't have a phone line. I always have my mobile phone on me. The security on this is the same as the units that operate on WIFI at retailers everywhere.

Oh, it's not the Wifi I'm worried about... I would imagine it's actually more secure than wifi at retailers as the wireless data is encrypted using the mobile carriers data encryption plus whatever the device itself uses to send the data to the website.

However, I was thinking someone could use the scanner to copy credit card information and store it on their iPhone. I suppose that's no more of a vulnerability than handing your card to a waiter/waitress at a restaurant and having them copy it if that's what they choose to do. The only difference is it would be faster and less obvious that a merchant is doing it if they have it on their iPhone.

[inmisawa]

Apple uses iPhones in their stores to do all their transactions. This looks like it's pretty much the same. You run a security risk no matter what you do, it's just a matter of the integrity of the merchant. I have full confidence in Chad's integrity.

[Chad Hughes]

Thanks Anthony!

It's not really in my best interest to knowingly put any customer at risk. None of the information taken at the point of sales is stored on the mobile unit. It's interfacing directly with Square just as Chase or any other service does. The standard land line terminals do not store data either.

I just spoke with Chase and based on historical averages, I could save $110 annually through Chase. This does not include the terminal which I would need since I don't use one now. It would eliminate the ability for me to provide electronic receipts to my customers. It would allow the processing of debit cards which Square does not do. Only the four major credit cards.

It's a bit of a toss up in my opinion. I guess by going with Chase, the terminal would pay for itself in three years then I would see the savings.

Thanks for all the great input!!


Sent from my iPhone using Tapatalk

[Jennie]

def. Chad, one is more at risk using PayPal!

[gills]

I saw the square in a trade mag. I own a landscape company. I looked into it and they transfer the first $1000.00 to your account then the rest in 30 days. Some of our jobs that people pay with credit cards are fairly large amounts at times. I would not have any money for 30 days but paid my suppliers and labor already. They us your money on large transactions and still charge a fee. I stayed with my terminal at office. Check to see if it is the same for you and hope your not doing large transactions with it.

[Chad Hughes]

Gills,

Good point!

[gills]

Your welcome. Looks neat but if you get large transactions you can get stiffed. Large transactions for me equals tons of materials and labor. My regular company releases funds within 2 days I believe. I pay for everything so we owe very little. People holding your money for 30 days and you have several jobs at once can hurt.