New way to get paid

For those of you that don't know, Paypal has come out with a credit card reader for your smart phone. You will be able to swipe credit card, scan checks and accept paypal payments right from your phone. The credit card swiper for the phone will be free. It will also let you invoice customers and track cash payments through the app. Android and I-Phone versions are available. I was on the advanced sign up list, so I will be getting mine soon in the mail and will report back. The app is already available to download. Here is the link on Paypal's site.

Flat 2.7% transaction fee on Paypal and Swiped Credit Card transactions. It is a little higher on manually entered credit card numbers. I don't believe there is a charge for scanning in checks. I also don't know if checks clear instantly or if there is a waiting period.

I have SquareUp as well. So far, so good.

Originally Posted by thortek

Be careful with PayPal. If they decide they don't like your business model, they will put a hold on your funds. If you in ANY way violate their Terms of Service, they will hold your funds, sometimes indefinitely.

Please protect yourself and read everything before tying too much money up with Pay Pal.

Agreed. I've heard horror stories from friends and followed their advice in setting up a completely seperate bank account for PayPal only. Even then I draw funds down every chance it clears and put into the "real" account.

This is sage advise when dealing with any financial institution. Read the fine print when you sign on with any payment processor and you will see the same thing.

Originally Posted by thortek

Be careful with PayPal. If they decide they don't like your business model, they will put a hold on your funds. If you in ANY way violate their Terms of Service, they will hold your funds, sometimes indefinitely.

Please protect yourself and read everything before tying too much money up with Pay Pal.

George,

As far as I can figure, it is no difference from transferring your current Paypal deposits, there is no charge for a EFT to your bank or using their debit card. I believe the only time there is a charge is if you request them to print and mail a check.

Originally Posted by GeorgeB

Not bad, but what is the fee to send to your bank account.

I am with squareup.com right now, and they charge 3.5% for manually entered payments with a .15 transaction fee. The cheapest I have found yet, minus the offer your speaking of.

For swipes it is just 2.75%

Use Square myself and find it extremely easy to navigate and customers love it (particularly the fact they don't have to deal with paperwork and can have their receipts emailed or texted). However, if you are dealing with larger volume revenue, you may want to review your options and do your homework first before you commit to utilizing just them. I have read reviews on sites like www.cardpaymentoptions.com. I do not process most of my volume via Square, but it is useful for a charge here and there and I have not had a problem.

Here is the contact info for Square:

415-375-3176 (although it is apparently a voicemail system based on what I have read)
415-281-3976 Alternate number (found via businessweek.com)
901 Mission St.
Suite 210
San Francisco, CA 94103
www.squareup.com

Privacy department
110 5th Street
San Francisco, CA 94103

Executives:
Mr. Jack Dorsey
Co- Founder and Chief Executive Officer

Mr. Keith Rabois
Chief Operating Officer

Ms. Alyssa Cutright
Vice President of International

Also, as of today, here is the section in the terms which explains charge limits:
16b. Payout Schedule - Card-Not-Present Sales.
If you accrue more than $1,000 in card-not-present sales during any trailing seven day period, Square will defer depositing the amount in excess of $1,000 for 30 days. For accounts likely to exceed $1,000 in card-not-present sales per week, contact Square support to inquire about accelerating your payout schedule. Upon receiving this request, or once you exceed $1,000 in weekly card-not-present sales, Square will conduct a review of your Square Account to determine if you qualify for acceleration. Square will consider a variety of factors in making its decision, including but not limited to a proprietary set of rules, chargeback rates, transaction behavior, and other supplemental data about your business.

Definitely attempt to reach out to them if you find you will be utilizing them as a merchant processor frequently to have your account upgraded.

Cash is king!!
But it may come in handy if the customer is in a crunch and cant get cash.

In reading the terms it states transactions of 1000.00/ mo in card not present. Wouldn't that mean manually imputed credit cards? Sounds like a fraud protection to prevent frivolous charges and as as long as your swiping shouldn't be an issue.

Just do an on line Search on Prey Pal , and Run the other was as fast as You can
I don't know if it matters to You ? But they are 100 % AGAINST the Second Amendment
PayPal up to their usual Anti-American tricks
PayPal Complaints, PayPal Customer Service & eBay Suspension Complaints
PayPal - Horror Stories, Lawsuits, Reviews, PayPal Problems
PayPal Problems & PayPal Answers!
Use Square like others have suggested

For all of you that are using Squareup what kind of phone is best? I know it's android or iphone based but I what I mean is make/model. I have a blackberry now but that is not compatible.

Thanks all
Joe