If you spend time online browsing e-commerce sites, you can’t avoid seeing Square’s new ads. Available for iPhone, iPad and Android, Square is a new service that allows anyone, anywhere to accept credit card payments without first applying for a merchant account. Of course, as you would expect, each such technology offers advantages and disadvantages.
First, the Benefits
For the very small business that rarely uses credit card technology, Square provides access to another payment method. Processing fees are flat, 2.75% for swiped transactions and 3.5% + $0.15 for entered transactions. There’s no contract, and once your account is set up, you’re ready to start playing anywhere you have a signal. Registration is free and so is the square card reader and app.
Now the Cons
For any but the smallest business, Square is too expensive to use and too prone to employee issues because the card reader is so small it’s easy to lose it.
Prices are too high for large-scale purchases; right now the average discount rates are about 1.79%, and Online payment gateways while that difference doesn’t seem like much, it actually is when thousands are involved. Just look at the math: $10,000 x 0.0179 + $25 (average monthly fee) = $204. The same $10,000 x 0.0275 = $275. It’s easy to see how using Square for standard business can get very expensive.
Another challenge for larger businesses setting up a Square account is that the company won’t spend more than $1,000 in the first month as you build your credibility. Who has time to wait for that? You can ask the company to expedite your payments, but with a merchant account you don’t have to worry about such things.
watershopbd.game.blog 