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

 

you use navy federal and they havent lost your money yet?

probably the worst bank ive ever dealt with. and thats coming from a BOA member.

 

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

 

You most likely will not find any merchants cheaper then square with the amount you are collecting.

 

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.

 

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.

 

Most officers don't mind a 3% fee on top of officers dues in lieu of not having to go through the hassle of writing a check.

 

Writing checks is for old women.


Also, somebody missed out on $27.50... there's a referral program for Square for free processing of $1000 if you sign somebody up.

 

Why not PayPal gift transfers a 0%? Also you can set up automatic electronic transfers from any bank to any bank. I'd be surprised if everyone didn't have either Navy Federal or USAA...

 

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.