Square Fees

[bensurdi]

Just a heads up... it's a cool card reader and all... but we paid $25,000 in credit card fees for 2011!!!!!

We will be finding a new provider this year!

 

[steve frasier]

We got go payments as a recommendation from Becker. Been happy so far for the few times I have used it.

 

[Bucey]

That's a lot of swiping!

 

[Becker]

$900,000 in transactions with SQ alone huh.

 

[joeynbgky]

They sent me a 1099 to.

Sent from my T-Mobile G2 using Tapatalk

 

[Larry B]

Didnt Square just do a press release last month about cutting fees by the end of January?

 

[kingjoelking]

Just a heads up... it's a cool card reader and all... but we paid $25,000 in credit card fees for 2011!!!!!

We will be finding a new provider this year!

If you anybody is swiping more the $5k a month. They can get a much better rate from First Data. If not then the extra fees eat up the difference in savings.

Saying that you paid $25k in fees would mean you could have saved over half of that by going to First Data.

 

[idreadnought]

25,000 in fees off of square? Are you sure? with credit card transactions being used on 25% of my sales leaving 75% to other forms of payment. In this case my company would of grossed about 3.6 million to accrue $25,000 in swipe fees.

Good for you, now your right up there with Greg Cole and Ken Snow.

 

[renegade_cowboy]

Perhaps a proprietary card reader would best fit your needs.

 

[NobleCarpetCleaners]

You have that much cash flow and you opt'd to process with Sq Inc? Even before Hicks called to tell me about GoPay I had figured out that First Data was nothing but date rape. You for sure could have shaved 10k off that expense line item and kept it out of the pocket of a vulture.

 

[Ken Snow]

Our credit card fees for our cleaning divisions in 2011 $86,643. Total sales were $9,386,979 so about .92 % of sales. Do not have breakout of % paid by credit card but my guess would be 25% or so.

 

[Willy P]

Hence the reason I only take cheque or cash......

 

[floorguy]

like it fooking matters.....look how much you made....

it aint like they taking half....

 

[renegade_cowboy]

You're a two truck operation.. so what is that over a million dollars per truck per year?

 

[Blue Monarch]

Interesting to say the least.

 

[Willy P]

I smell...............a big pile of..........

 

[rwcarpet]

They sent me a 1099 to.

Sent from my T-Mobile G2 using Tapatalk

I just about pulled the trigger on SquareUp a few days ago, but spent an hour reading their "terms of endearment" (sic). I don't like what they do with your funds before you get them. They are deposited in various "FDIC Insured" savings accounts at many different banks (not to exceed $250,000), then paid out to you a few days later. What happens to your funds if the banks that have YOUR funds just happen to close up, as banks have done over the last few years??

Just sayin'. I'm going to look at GoPay.

 

[floorguy]

i dont know about new custys....

but mine is now 1 day....did ya read what i posted a few thins up???

2 swiped on a thur...funds there fri...

now larger amounts i dunno...but hey...

basiclly as i read it, it works kinda like paypal....and look how good they do

 

[Larry B]

I like the Debit card with gopayment it just works well instead of the direct deposit route.

 

[idreadnought]

I would love to pay 100k in swipe fees. Lets face it, credit card processing is a demanded form of payment. Besides, if I paid a 100k in swipe fees I might have a larger company than ken.

Square processing has cut my total credit card processing charges in half when you add up all the fees that my other service charged Pci compliance, monthly fee, statement fee combined.

 

[lance]

Take it easy on Ben.

"His" company only made $750,000 on gross credit card sales.

But I bet he had to give his uncle's company a big chunk of that. And I doubt his brother cleans for less than 100K a year.

 

[renegade_cowboy]

I did a Square transaction yesterday around 2:30 and they deposited it into my account around 7pm the same day.

How much cheaper is the Go Pay from intuit?

 

[rhyde]

We use costco @ 1.48% + .20 cents per, the key rate is 2.8? if I remember correctly?


http://www.costco.com/Browse/Productgro ... lang=en-US

 

[floorguy]

but is that a fixed unit???

 

[rwcarpet]

We use costco @ 1.48% + .20 cents per, the key rate is 2.8? if I remember correctly?


http://www.costco.com/Browse/Productgro ... lang=en-US

Does Costco offer cell phone card readers?? That 1.48% is a great rate. Squareup is at 2.75%, plus some extra fees if keyed in.

 

[rhyde]

We use costco @ 1.48% + .20 cents per, the key rate is 2.8? if I remember correctly?


http://www.costco.com/Browse/Productgro ... lang=en-US

Does Costco offer cell phone card readers?? That 1.48% is a great rate. Squareup is at 2.75%, plus some extra fees if keyed in.

No they don't but 80% of ours are run with the card at the shop, I'll have to check with the wife but we get either a discount off the key rate or it's the swipe rate if we enter the customers billing zipcode.

 

[rwcarpet]

We use costco @ 1.48% + .20 cents per, the key rate is 2.8? if I remember correctly?


http://www.costco.com/Browse/Productgro ... lang=en-US

Does Costco offer cell phone card readers?? That 1.48% is a great rate. Squareup is at 2.75%, plus some extra fees if keyed in.

No they don't but 80% of ours are run with the card at the shop, I'll have to check with the wife but we get either a discount off the key rate or it's the swipe rate if we enter the customers billing zipcode.

If I was to start the credit card business, I would want the cell phone card reader since all my work is done on the road.

 

[Ron Lippold]

check the rates at www.freecreditcardequipment.com.

 

[ruff]

They sent me a 1099 to.

Sent from my T-Mobile G2 using Tapatalk

I just about pulled the trigger on SquareUp a few days ago, but spent an hour reading their "terms of endearment" (sic). I don't like what they do with your funds before you get them. They are deposited in various "FDIC Insured" savings accounts at many different banks (not to exceed $250,000), then paid out to you a few days later. What happens to your funds if the banks that have YOUR funds just happen to close up, as banks have done over the last few years??

Just sayin'. I'm going to look at GoPay.

I don't know about their rate, however, what they do with the banks is actually to protect you.
Not that you're likely to, but if your deposits in one bank exceeds $ 250,000.00 you are not FDIC insured. That is why they are spreading it. So, at least give them credit for their good deeds.

 

[sam miller]

We use costco @ 1.48% + .20 cents per, the key rate is 2.8? if I remember correctly?


http://www.costco.com/Browse/Productgro ... lang=en-US

Love costco for me smart phone or call it in to my wife and done 2 to days to post account.

You run it over the web myvirtualmerchant.com get an account its easy and doesnt take that long.

Have to have a smart phone or someone connected to a computer no equipment.