For very small business owners like myself, there is a new product out that will save us money and allow us to accept credit cards where we could not before. It is the greatest thing since sliced bread. Square is a small square dongle that plugs into your smart phone or device. Some supported devices are iPhone, iPad, and Android devices such as Motorola Droid and LG’s Ally. What makes this different from other credit card applications is its ease of use, its low fees and quick payment into your bank account. With this little square dongle plugged into your mobile device and an internet connection, small merchants like myself can now easily accept credit cards at places like art fairs, church bazaars and even garage sales.
To get started, download the application onto your smart device, fill out an application and wait for the dongle to arrive. Once you are approved, you can accept credit cards before the square device arrives by keying in the information for a sale. Oh, and this is all free including the card reader.
Why am I so excited? Not only is this scary simple to use, Square allows credit card payments anywhere that there is an internet connection. There is no hassle and their fees are the lowest that I have found. Square charges 2.75% + $.15 for each card swipe and 3.75% + $.15 if you key in the information. And better yet, the money is deposited into your bank account the next day. This may not sound like important stuff but it is. Paypal for instance changes 2.97% + $.30 for transaction and their Virtual Terminal cost is higher in addition to requiring a $30 monthly fee. Not to pick on PayPal, they are by far the lowest cost for credit card transactions that I have found prior to the advent of Square. Some credit cards charge merchants 4-6 % for each transaction in addition to a monthly fee and only release your money on only certain days of the month at their leisure.
Square was the brainchild of Jim McKelvey and is led by Jack Dorsey, one of the founders of Twitter. I am sold on Square. Simple, inexpensive and brilliant. All you need is a bank account and smart device and you too can accept credit card payments