I had a representative from a company I've never heard of before called "Punchy". They are very similar to Square, free reader, but take a smaller processing fee. They have a website and I found multiple articles about them on the web. When I went to sign up for a free reader they asked for my SS# which made me suspicious. Does anyone use this company?
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I got a similar salesman coming to me at Ann Arbor last week. All the stuff he said sounded good, however I have never heard of the company before, and I believe you would always have to give your social security number at a minimum, and possibly banking info (providing they do direct deposit of funds). Just isn't worth the risk in my eyes to hand that sort of info out to a company I know nothing about that doesn't have a proven track record- I will take paying the extra quarter of a percent in order to feel secure.
Over the course of a year, just how much would you actually save by changing? $50? Is it worth it to go with an unknown just because you might save a few bucks?
Thanks for your replies. I think I'll hang back and stick with Square for right now. I get an uneasy feeling about them. Your right there very well may be hidden fees. Sounded too good to be true.
Never heard of them but be careful on the rate. It looks like .75% PLUS the bank interchange rate which could be as much as 3% on "non-qualified" (i.e., vanity cards, etc.) transactions.
beware of fast talking salesmen, remember he came to you, you didn't go to him. He could be working out of his car for all you know.