What is a competitive rate for a merchant account?
Square takes 2%. Anyone have experience with providers that can go lower than 1%, or is it simply not an option?
Square takes 2%. Anyone have experience with providers that can go lower than 1%, or is it simply not an option?
I saw an interview with Jack once where he mentioned cool reporting without going into details. It seems possible that the value of Squares should also include the cost/fees of POS systems (minus cost of your ipad/iphone/ipod that connects to your Square).
Square is perfect for mobile business like landscapers, plumbers, artists, etc. But for businesses with a brick & mortar location, they're missing a lot of the things so they won't be replacing pos system as is.
Some of the standard point-of-sale features that Square is missing I don't ever see them getting in to. Things like cash management, re-ordering inventory, employee time clocks... that's what store owners are looking for in a pos system.
The iPad app is OK for more simple businesses, which is why they always show it in a coffee shop and not a retail store. If they offered a payments API I think they would be able to break into this market not by replacing the POS, but by replacing the credit card terminal.
Despite being a tool for the buyer more than the seller, the new app definitely incentivizes businesses to become part of the Square ecosystem.
It's not possible to go below 1% because interchange is higher than that... more details on that (what interchange is, why it exists, etc): http://feefighters.com/page/ebook_download?force_download=tr...