Personal Finance

Clover VS Sqaure? Do you have a preference?

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  • May 30th, 2021 1:21 pm
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[OP]
Deal Addict
Oct 17, 2010
1965 posts
334 upvotes

Clover VS Sqaure? Do you have a preference?

I was looking at these newer generation credit/debit machines which are essentially POS now.

Sqaure seems to be the most inexpsnive for hardware but clover seems to have better hardware.

Does anyone here have experience with both?
5 replies
Newbie
Nov 29, 2020
75 posts
100 upvotes
I would suggest using Square/clover for just it's POS function, and an aquirer (Global payments, chase merchant services etc.) for your payments. This way you can save more than 1% on each card transaction, which is a huge amount.
Member
Feb 18, 2014
309 posts
76 upvotes
lololololllll wrote: I would suggest using Square/clover for just it's POS function, and an aquirer (Global payments, chase merchant services etc.) for your payments. This way you can save more than 1% on each card transaction, which is a huge amount.
Clover is a First Data product. This means that it's a POS and you also have the ability to negotiate the rates.
Deal Fanatic
Dec 12, 2009
5562 posts
3051 upvotes
Toronto
lololololllll wrote: I would suggest using Square/clover for just it's POS function, and an aquirer (Global payments, chase merchant services etc.) for your payments. This way you can save more than 1% on each card transaction, which is a huge amount.
Sorry for the noob questions.
So you are saying to use Square/Clover for the hardware and an acquirer for processing?
Don't the acquirer have monthly fees?

I don't expect high volumes. Wouldn't it make sense to just start off with Square/Clover to determine what volumes would be expected?
Are there transaction limits that might affect the choice of who to go with? I'm thinking that for me $3G might be a limit.
Are there differences in limits for debit & credit transactions?
Newbie
Nov 29, 2020
75 posts
100 upvotes
ROYinTO wrote: Sorry for the noob questions.
So you are saying to use Square/Clover for the hardware and an acquirer for processing?
Don't the acquirer have monthly fees?

I don't expect high volumes. Wouldn't it make sense to just start off with Square/Clover to determine what volumes would be expected?
Are there transaction limits that might affect the choice of who to go with? I'm thinking that for me $3G might be a limit.
Are there differences in limits for debit & credit transactions?
Ok, I was under the impression that your business would be dealing with high volumes. If that's not the case, then definitely go for Clover or Square, whichever one suits you best, as the opportunity cost is too low to go to an aquirer. As the person above said, clover's rates are negotiable.

However, when you get to multiple hundreds of thousands per year in gross sales, you can leverage your power to negotiate better rates with an aquirer. The fees should be around 25-50$ per month for a card machine, and aim for a rate of 0.15% + interchange and assessment fees. You can also try to eliminate the security/PCI fees. These fixed fees are high for a low-volume business, so in your case you should stick with clover or square.

For the transaction limits on clover/square/aquirer, there are none, for both debit and credit.

In my personal opinion, Square is better than Clover, as it has built-in payment processing, and it's just easy to use. But then again, you can negotiate with clover for their rates.

Hope this helps.
Deal Fanatic
Dec 12, 2009
5562 posts
3051 upvotes
Toronto
lololololllll wrote: Ok, I was under the impression that your business would be dealing with high volumes.
...
In my personal opinion, Square is better than Clover, ...
Hope this helps.
The OP likely has different volumes, I bud in on the thread.

Very helpful, thank you.

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