Yup. And now another reason I'm glad I went with Salesvu instead of Square Register for our POS and cc clearing.
Now when have they ever done THAT???
(Let's not forget that they also put good ol' uncle Howie on the board.)
Keith Eckert said:
Just saw that Starbucks is going to start using Square and is investing $25 million in the company. Hope they don't corrupt a good thing.
I'm not too concerned about Starbucks/Square. If they decide to go the proprietary route a la the clover, then I would have already recouped our investment and still have a merchant account with our legacy provider.
We now use Square with our CSM setup a la Jack. Took us awhile to implement but now that it's rolling, I'm rather pleased. Yes, it does add several steps to the transaction compared to the integrated method on CSM - but the savings are worth the trouble.
I'm a simpleton when it comes to merchant accounts. Our "fee" is 1.57%, which is quite a good rate. The complexity comes with all the swipes, charges, fees, etc. So I simply take our monthly statement, add up all the fees the cc has subtracted and divide in the gross cc sales processed. There has never been a month when the fees have been less than 4%, usually around 6-8%, and sometimes as much as 9%.
Presume that you process $2500/mo in cc transactions, under our current merchant account, we will be charged between $100 to $225 for that month in fees. Square will charge $68.75 (presuming only swiped transactions). That's $31.25 to $156.25 in your pocket per month to pay other more important items, like dairy, paper, coffee or simply mad money for the owner.
Consider that a new iPod now costs $200 and you will have paid back your investment in Square within two months.
LOVE SQUARE! Now that they received a cash infusion from Starbucks....more features, more sophistication, and more oomph is in the pipeline.
Jay, how is your Square fee 1.57%? I thought Square was a straight 2.75%?
I wondered the same thing...... I'd like to use my standard register and just do the Square on my phone in place of the cc slider.
Bambi Clark said:
Is it possible to use square if you have no pos system? We just use a regular cash register.
Nathan- Sorry for the confusion. The 1.57% is actually the "fee" from our legacy merchant account. Our Square account charges a flat rate of 2.75% for swiped transactions.
Amy - you most certainly can use your standard register and Square. Just think of Square as a traditional, stand alone credit card machine.
Jay, thanks, that's what I thought. My plan is also to use Square like a stand-alone CC processor, just like traditionally what was done years ago. I think I mentioned in a previous post I stand to save around $2,000/year in CC fees.