Entrepreneurship & Small Business

Anyone using/familiar with Square for credit/debit processing?

  • Last Updated:
  • Jul 11th, 2016 10:13 pm
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[OP]
Member
Feb 23, 2015
347 posts
13 upvotes
Mississauga, ON

Anyone using/familiar with Square for credit/debit processing?

Any problems with it?
Their terminals are not the same type you see in a typical store. I am not clear if it is mobile.

They have a special...
$500 in credit card transactions for the first 180 days*. Afterwards, you pay the standard 2.65% per swipe for all major credit cards

https://squareup.com/signup/ca?signup_t ... ser_signup
11 replies
Member
Oct 17, 2012
398 posts
223 upvotes
Vancouver
The coffee stand at my train station uses it.
It's not really a "terminal". It's like a credit card reader plugged into an iPhone. Emails you a receipt lol. I like paying there?
Deal Addict
User avatar
Mar 23, 2008
3844 posts
327 upvotes
Toronto
I use it. No issues. Fast daily deposits.
Newbie
Oct 8, 2010
94 posts
15 upvotes
It's a great device. If you have a retail store front, you can purchase an iPad with the stand. No need to sign a contract or have a hard hit on your credit so give it a go!
I wish they somehow could accept debit too at some point. I have been very happy with it.
Deal Expert
User avatar
Mar 18, 2005
18312 posts
1775 upvotes
Niagara Falls
I use it for a home business andove it. The rates are a little higher than tradition processors but you aren't required to sign a lease with Square.
Penalty Box
Dec 27, 2013
8003 posts
3915 upvotes
Toronto
do you need to have a registered business to sing up for square? or a business bank account (do they even check that?).. could you get your deposits done to your personal chequing account if you just give them your persona chequing account number?
[OP]
Member
Feb 23, 2015
347 posts
13 upvotes
Mississauga, ON
Other than rates, any downside to it compared to other systems?
I noticed their terminal is different from others
Deal Expert
User avatar
Mar 18, 2005
18312 posts
1775 upvotes
Niagara Falls
BizDeveloper wrote:
Jul 10th, 2016 6:30 pm
Other than rates, any downside to it compared to other systems?
I noticed their terminal is different from others
Well you need your own netowrk connection afaik, at least you do with the square adapter that plugs into your phone. Other POS systems usually come with their own connection to a cell network that you don't have to pay extra for.
Deal Fanatic
User avatar
Nov 18, 2002
6946 posts
579 upvotes
Toronto
BizDeveloper wrote:
Jul 10th, 2016 6:30 pm
Other than rates, any downside to it compared to other systems?
I noticed their terminal is different from others
Yes, no phone support aand...

Their swipe reader is well a basic swipe reader meaning you take on a lot more burden in case of charge backs and fraud. They don't appear to have launched a pin compatible one so be weary of running large transactions through it. They offer very limited charge back protection.

Did I mention no real support?
Newbie
Oct 8, 2010
94 posts
15 upvotes
You can use your personal bank account and I don't think they verify business. It's almost like setting up an ebay paypal account.
My transactions are usually around $4000-$15,000.
The app will record your Geo Coordinates when you swipe the card. This is good if you're at a client's home and swipe their card, there is proof where the transaction took place. In the notes, I also include the serial number of the product purchased and take photos of it inside the home. I have called square to negotiate rates and it seems even if I have half a million in sales they won't budge. They may budge if you have high volume but low price points. There are reps that get a hold of you to learn more about the business to secure better rates.
The e-mail support is great but depending on what your business needs, having real time support may be very crucial for you.
Sr. Member
Oct 8, 2008
718 posts
66 upvotes
BizDeveloper wrote:
Jul 10th, 2016 6:30 pm
Other than rates, any downside to it compared to other systems?
I noticed their terminal is different from others
Yes:

- No Interac/debit card acceptance
- The hardware offered in Canada can only process magnetic stripe transactions. No chip or contactless. This means that you are fully liable for all transactions in which the cardholder's card is a chip card and you have now swiped it. (Square does have a new chip and contactless reader in the US, however it does not support PIN and does not work in Canada)
Jr. Member
User avatar
Aug 15, 2010
167 posts
20 upvotes
Nanaimo
My wife and I use Square to sell Native American Flutes at markets and I have used it to take credit card payments in my time management consulting business.

Simple, easy to use and no monthly fees. Helps in my wife's business since it is seasonal so we aren't paying terminal fees year round.
Garland Coulson, "Captain Time"

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