Accepting Credit Cards

[EcoAuto]

really odd that this came out cause I was reading about it yesterday and was thinking "you know...I wonder if any autopians know about it"

lol the problem with the square app is that it's limited to 1000 usd of sales or something like that monthly? or something? (at least that's what I think I've read)

So I'm sure there are going to be something more geared towards larger volumes, but for now I think taking cash/cash equivs would still be best...

It's 1000k in 7days USD, anything after that will be held for 30days (that kind of sucks but haven't run into that problem yet either) When square first started it was max $100 per transaction and $700 a week. Square is always working on their infrastructure and who they process with. FYI, Square has only been around since Jan 09. They have come a long ways in such little time and will only get and grow better. Also cash is awesome or can be but most of my clients pay with credit card. Cash makes things easy but yes...we all know it sucks cuz that greedy uncle is watching!

 

[WAS]

If Square fired up Canadian operations, I'd get one in a heartbeat.

 

[gigondaz]

If you use a Credit Card machine in your shop, you might need to do a "settlement" each day.

This process ensures that total $$$ is confirmed and will be inserted into your account.

If you miss a few days and then do "settlement" it's still OK.



But if you miss for more than a week, you might not be alerted by the bank.

That $$ amount for that specific day might take more than 6mths to be finally entered into your account!!!!

 

[WAS]

If you use a Credit Card machine in your shop, you might need to do a "settlement" each day.

This process ensures that total $$$ is confirmed and will be inserted into your account.

If you miss a few days and then do "settlement" it's still OK.



But if you miss for more than a week, you might not be alerted by the bank.

That $$ amount for that specific day might take more than 6mths to be finally entered into your account!!!!

I'm told by my merchant account provider that:



Interac: Is taken out of the customer's bank account immediately and deposited with the merchant account provider, can be batch closed anytime.



Visa: Creates a temporary authorization of the total dollar amount on the customer's credit card account. This temporary authorization "locks" those funds, therefore reflecting on the customer's available credit balance they can spend on their Visa. Batches need to be closed (finalized) within 3 business days, where-after the temporary authorization is no longer guaranteed. If you batch close after the 3 business days, additional processing fees (the transaction becomes a "non-qualifying transaction" in the fee schedule) will be incurred.



Mastercard: Creates a temporary authorization of the total dollar amount on the customer's credit card account. This temporary authorization "locks" those funds, therefore reflecting on the customer's available credit balance they can spend on their Mastercard. Batches need to be closed (finalized) within 2 business days, where-after the temporary authorization is actually canceled, meaning your actual transaction is reversed and you incur fees for the original transaction, plus the reversal. If you batch close after the 2 business days, additional processing fees (the transaction becomes a brand new "non-qualifying transaction" in the fee schedule) will also be incurred on top.



Amex: I don't even bother with because their application form to be a merchant is absolutely absurd, their deposit wait times are long, and their fees are rediculous. Not to mention barely anyone carries an Amex card.