- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Quick Question - Traditional CC processing vs smartphone processing
Posted on 8/9/13 at 7:39 am
Posted on 8/9/13 at 7:39 am
Had a quick question for the MT board.
I am working on a presentation and was trying to find some stats on how much (if at all) use of traditional merchant credit card processing has dropped since the introduction of smartphone readers, like Square, SumUp, etc. It has to be happening, with the way the new companies can undercut the traditional way of doing thing. Has anyone read anything in regards to this? I've searched around and was not able to find much, so any help would be appreciated.
Thanks!
I am working on a presentation and was trying to find some stats on how much (if at all) use of traditional merchant credit card processing has dropped since the introduction of smartphone readers, like Square, SumUp, etc. It has to be happening, with the way the new companies can undercut the traditional way of doing thing. Has anyone read anything in regards to this? I've searched around and was not able to find much, so any help would be appreciated.
Thanks!
2
Posted on 8/9/13 at 8:25 am to TigerRob20
Not a clue, but I will say that I'm a very satisfied Square user.
Posted on 8/9/13 at 8:28 am to foshizzle
square is nice, but it's a bad deal in the end. The flat 2.75% is nice until you realize visa and mastercard charge 1.5% to merchants like me while you only get a deal on AMEX cards which are 2.95% for me. I guess if you're not a high volume business it's fine, but no way would any business topping $1M in sales be better off with square.
Considering that my breakdown at my businesses is 85% visa and mastercard and 15% amex,discover,fuelman,wright express, etc. I would say visa and mastercard are probably the bulk of CC for most businesses as the average consumer either can't qualify for an amex or doesn't want to pay a bill in full each month. Square is only beneficial on Amex cards, on the rest you're paying a 1%+ premium
Considering that my breakdown at my businesses is 85% visa and mastercard and 15% amex,discover,fuelman,wright express, etc. I would say visa and mastercard are probably the bulk of CC for most businesses as the average consumer either can't qualify for an amex or doesn't want to pay a bill in full each month. Square is only beneficial on Amex cards, on the rest you're paying a 1%+ premium
This post was edited on 8/9/13 at 8:31 am
Posted on 8/9/13 at 8:31 am to TigerRob20
If imagine the traditional processors didnt have a significant drop off but that square picked up an underutilized market.
For instance, we use square for our tailgate for people to pay dues. Most people I know using square are running previously cash businesses: musicians, artists, flea market people, etc.
For instance, we use square for our tailgate for people to pay dues. Most people I know using square are running previously cash businesses: musicians, artists, flea market people, etc.
Posted on 8/9/13 at 8:47 am to Golfer
quote:
If imagine the traditional processors didnt have a significant drop off but that square picked up an underutilized market.
For instance, we use square for our tailgate for people to pay dues. Most people I know using square are running previously cash businesses: musicians, artists, flea market people, etc.
You might be right about that. I was just always under the impression that there were a lot of hidden fees with traditional merchant processing companies, such as purchasing or leasing the machine. However, I do think there is some sort of balance between the two, whereas you might be better off without Square if you have a ton of processing to do.
Thanks for the responses, I appreciate it.
Posted on 8/9/13 at 8:56 am to TigerRob20
quote:
You might be right about that. I was just always under the impression that there were a lot of hidden fees with traditional merchant processing companies, such as purchasing or leasing the machine. However, I do think there is some sort of balance between the two, whereas you might be better off without Square if you have a ton of processing to do. Thanks for the responses, I appreciate it
Hidden fees? I think I see signs at sams club that their merchant accounts start at $50/month for leasing the terminal, I personally process enough to where Im not charged but Im with a small private bank. The swipe fees are high on tradtional merchant accounts .25/swipe which in my industry sucks if somebody fills say 3 gallons of gas I actually lose money between swipe fee + percentage. Im not sure if there is a swipe fee with square.
Overall credit cards sucks to merchants but not much you can do, if i stopped taking CC or charged a surcharge id lose entirely too much business so that is not an option. I've seen some people try the surcharge and im like WTF I won't be back here. We're a cashless society now, just buy credit card company stocks, they're cash cows.
Posted on 8/9/13 at 8:57 am to ThaBigFella
quote:
I've seen some people try the surcharge and im like WTF I won't be back here.
Me too, I hate when I see that. I thought this was against the merchant agreement, and you could report them, correct? You may know better than me. I am no expert on this, was just looking for a little information haha
Page 1 of 1
Back to top
Follow TigerDroppings for LSU Football News