Question About payment methods

[2old2change]

My understanding is a store that accepts credit cards is charged Percentage by the issuing cc. On top of that, the store has to pay rent on the credit card machine/reader and pay an additional charge per transaction. I know a few years ago amex was charging like 6% and that is why a lot of stores dont accept amex. Now with square from what I've read is they just charge a flat 3% for all transactions on any card but I think there is an additional charge for amex. What I dont understand is why if square is charging only 3% and not charging for the machine, why isn't everyone using it? Like I said, I've not come across anything negative about it..

(Hello! this is Pauls daughter, p.s. I only claim that every once in a while! lol) That was correct in the past and still is for more of a retail store location. For mobile businesses and service industry they come out with something new every day! Online and Mobile pay is the newest. This eliminates the cost of having to Lease actual machines.

Not everyone uses "square" for a few reasons. It does work for some businesses and while I don't dislike it, I don't have a lot good things about it either. Basically when your volume goes up and the more transactions you run, the LESS I like it. There is a daily limit on it, takes longer to get your money funded to your account than other proccessers, although they have done work on it, the security is way behind the times. I can tell you, in regards to the %tages, MOST (not saying all) have a rate they quote you and then depending on the card used (Debit, Credit, Rewards, Corporate) there are additional fees, because VS and MC will charge the processor 1.54% - 3.10% I am always happy to help you guys! I want Pops to use whats best for him too, even if its not me, and things are always changing.

 

[Dugdug]

thx everyone. Sounds like square is the way to go