Credit Card Processing - Flat Rate!

[drpcfix]

Square just announced this, if you are doing more than $275/month in FEES - just pay that to square and you get 0% transaction fees.

https://squareup.com/pricing

We are going to seriously consider it.. we already have card swipers, but if it saves money.. gotta hand it to them

[FremontPC]

May want to check out Gravity Payments too:

"Overall, we charge between .3% and .5% over interchange. The average amount charged over interchange is about 1.00%. Therefore, in many cases, we can save half to two-thirds of the costs that pay for the actual credit and debit processing."

[TenYardFight]

It's not really a flat rate when they cap you at just over 20k per month. You have to be doing 10k to have fees that high, so there's a small window of benefit.

[drpcfix]

Oh.. I just read the rest.. that sucks.

[altrenda]

For a mobile tech, thats 5 $200 credit card charges every day to hit the cap.

Since not everyone pays by credit card, that would be a nice problem to have.

[SprinterTech-WI]

Originally Posted by altrenda

For a mobile tech, thats 5 $200 credit card charges every day to hit the cap.

Since not everyone pays by credit card, that would be a nice problem to have.

I doubt many mobile's are running that high.... those of us who have shops do way more than that ( we're up to about $1500/day) but the problem with squares new system is it caps it at $400 transactions.... not cool!!!

[300DDR]

Originally Posted by SprinterTech-WI

the problem with squares new system is it caps it at $400 transactions.... not cool!!!

Haha, I was excited when I read the first post, then worried on this post. But, it looks like you can still accept payments over $400, just need to pay 2.75% on that. Same for "over $250,000." Unless I'm misunderstand your replies or Square's wording.

From square's website: https://squareup.com/pricing/per-month:

Pay once a month to process all swiped transactions
at 0% per swipe within the following limits: up to
$400 per any single transaction and up to $250,000
in total transactions per year—or approximately
$21,000 per month. Swiped transactions over these
limits simply cost 2.75% per swipe.

I was actually just looking into changing to another processor instead of square, but all the fees every other company has are just ridiculous. Although taking a look at Gravity Payments now. Is it really that cheap FremontPC? Do you use them?

[altrenda]

Originally Posted by SprinterTech-WI

I doubt many mobile's are running that high.... those of us who have shops do way more than that ( we're up to about $1500/day) but the problem with squares new system is it caps it at $400 transactions.... not cool!!!

Not sure why a shop would be interested in processing payments on a phone. I imagine you are using a more robust POS. The main attraction of Square is to take credit cards anywhere.

Maybe if you were using Square Register on an iPad, but the $400 limit would make it not suitable for all businesses.