Who uses a Point Of Sale system outside "business"... personal use?
02-23-2016, 12:38 PM
#1
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Who uses a Point Of Sale system outside "business"... personal use?
I've been tasked with starting up Officers Social Club at work... need a way to collect dues for direct deposit into bank account, but want to completely bypass actual "checks". I think it would be great to have one of the Square type readers that let you use debit cards or whatever.
I'm gonna do about $8k/yr in money for this thing and I see that Square (still the standard?) charges 2.75% per transaction... and while $220 a year isn't all that much overhead, it's still 4 bays for 2 hours at Top Golf for a lunch outing.
Our bank account is at Navy Federal, so lots of guys will just transfer funds over, but a card reader looks like almost mandatory nowadays... what are my options for which service to go through? Anybody use one for purely personal reasons, like buy/sell via CL or at garage sales? I think one for personal use would be like mobile Paypal (who also has an app and reader system)... cool? Yes? No? Drawbacks?
What advice have you?
-Sammy
I'm gonna do about $8k/yr in money for this thing and I see that Square (still the standard?) charges 2.75% per transaction... and while $220 a year isn't all that much overhead, it's still 4 bays for 2 hours at Top Golf for a lunch outing.
Our bank account is at Navy Federal, so lots of guys will just transfer funds over, but a card reader looks like almost mandatory nowadays... what are my options for which service to go through? Anybody use one for purely personal reasons, like buy/sell via CL or at garage sales? I think one for personal use would be like mobile Paypal (who also has an app and reader system)... cool? Yes? No? Drawbacks?
What advice have you?
-Sammy
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02-23-2016, 12:48 PM
#3
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This homeless guy in Detroit uses Square to accept panhandling donations via credit card: Homeless man takes credit card donations on cellphone | www.wsbtv.com
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02-23-2016, 12:57 PM
#5
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At $8k/yr, you're not going to do significantly better than 2.75%. Add the fee onto their end in the form of a price increase or go to the ATM once a month with a stack of checks.
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02-23-2016, 02:31 PM
#6
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Navy Federal has always treated me good... branches never busy, counter-chicks pretty hot, website easy to use, phone-app designed by a genius... had 6 car loans, 2 boat loans, 2 bike loans... no problems.
Just signed up for a Square account... all good so far.
Just signed up for a Square account... all good so far.
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02-23-2016, 04:13 PM
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Also, somebody missed out on $27.50... there's a referral program for Square for free processing of $1000 if you sign somebody up.
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02-24-2016, 08:51 AM
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Because the paypal TOS would forbid using gifts for this type of thing? It is a payment for a service, not a gift. 8k a year, they would start looking into it and probably suspend the account.
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