card readers


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2.7% for verified cards and 3.7% for unverified cards such as debit cards and credit cards with rewards. This is the standard in the industry as far as rates goes. The thing that square does that the rest don't is they wave the credit fee. Instead they can and will hold your money for up to thirty days if they think the transaction is suspicious. Also they really only do customer service via email which is automated.

I would sugest PayPal or Intuit. Both require a credit check but offer much better customer service.

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Anyone using CC readers for getting payment if so what are you using and how do you like it ?  I'd like to give my customers the option of paying me on the spot .

Depends on your business structure, volume, average sale and business history. There are lots of option and ways to not have to pay the crazy rates. 2.7 is high and is not industry standard. Verified is card present and unverified is hand keyed like over the phone, has nothing to do with debit or rewards. I have 7 different accounts all with mobile tied to pos all for different purposes and would never consider square or Paypal as a viable option.

Knowing a little more about your structure, volume, avg sale and history would be helpful.

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Don is right. It really depends On your setup, volume and how you choose to negotiate your rate. 2.7 is high, however I use square on an iphone for our market sales every weekend and its great. Customers think its really cool and feel safe using it. I always use the swiper unless its over the phone. If you need to seal the deal, sometimes the swiper comes in hand. I dont use it for any of my client projects because its pricy and my clients would rather give me that 2.7 percent. The first time we did more than 10k they held it for thirty days. After that, it shows up in three days. Anything under that is next day in the acct. accepting credit card is our last resort...

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Square is not for businesses, you have to expect holds because if your not a legit business you cant take credit cards. Square just skips the verification and takes the hit from chase for approving you. They are not a processor they are an aggregator. 99.5% of people that use it dont qualify for merchant services. It's a high risk for square because they are not a processor. This is why they hold your funds. V/MC won't verify transactions not signed in ink, your finger doesn't cut it. You mobile app should have air print ,if not you may never see your money if there is a charge back. Keep in mind your transactions are going though three companies ultimately chase bank.

If you want a legit pay as you go mobile I'd suggest b of a. They charge the same. Also get the terminal service for brick and mortar, this will allow you to negotiate your rates down real low. BUT you have to be a legit business to get a real merchant account.

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  • 1 year later...

Don't know if you ever made a decision. We use Square and love it. We used it for a year or so when taking our wood product to shows, and use it now in our cafe for our POS system, and when taking deliveries. No troubles so far. Our executive director has beem starting and running his own businesses since he was 19 (he's 51 now) and he loves it. And his personality is such that if he didn't like it we would dump it.

I don't know much about the technical, behind-the-scenes side, but it's user friendly, and they seem to be constantly improving.

Only downside is the reader doesn't always fit if you have a cover on your phone.

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  • 9 months later...

I used square for the Market I sold at last weekend.  It was amazingly easy to set up and test, all transactions I've performed have hit my bank account next business day.  Admittedly they have all been under $100.  They sent me a free card reader when I signed up for an account.  


The 2.7% seems high, but in all reality I would have lost several sales (at least $100 worth if not double that) if I did not have a easy to use credit card processor at the market.  


The only gripe I have about it is that it seemed to be temperamental with worn cards, but I was able to key the card in easily enough.


The 2.7% would be much harder to take on a more expensive sale, but I expect that those types of sales wouldn't be spur of the moment decisions by my customer and that the sale wouldn't be jeopardized by my telling the customer my preference for cash.

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