Over the years I have always looked for upgrades, better service, better pricing, etc re: credit cards. AND no, this is not an advertisement for either, it's an FYI.
I was part of the test for Paypal's similar program to the Square before they introduced it to everyone. (yes I had the SAIL too...but that proved to be way too limiting and according to Verifone they did that on purpose to get you hooked so you would purchase into a larger program with them, per the phone conversation I had with them..ugh canceled THAT).
Always on a quest for better, easier record management, processing time you name it.
I now have both Paypal Here (Paypal) and Square.
I use Paypal first and foremost and these are the reasons:
1. Better percentage: 2.7% Paypal / 2.75% Square
2. Paypal: 1% back on the associated debit card purchases. So, I can actually "add" more funds to my paypal account, use the card for purchases like gas for the barge and what have you, and make back 1% of what I pay in the initial credit card processing fees. That means, my percentage is lowered to 1.7% if I am diligent about using the card.
3. Square does have a program where you pay a flat fee per month (by the month) that is beneficial if your sales are over X amount.
4. Funds availability. Square for me is 2-3 days in my account. Paypal is 2-3 minutes. Paypal has free transfer of funds into my regular bank account.
5. Square has a POS attached to Ipad devices, Paypal has one that I haven't had the opportunity to try since I don't have an Ipad yet but allows limited information entry if using a smartphone just like the Square does.
6. When I wish to look up a transaction - in my regular Paypal online account all transactions are listed with the purchasers name.
7. Paypal is attached to my online shop. It makes it very easy for me to compare between the two to see my crossover repeat customers, it's all in one place.
8. Paypal accounts can be attached to Outright - a "gathering" online service that gathers information from various accounts and gives you a weekly update as to how your business is doing, categorizes transactions and what have you. I haven't looked into the Square since it dumps directly into my bank account and sometimes it's just too much information out there for big brother.
9. A biggie - connectivity. Many of you may have experienced what I call the Saturday 10-2 "blackout" as I have with the Square. It's a real pain waiting to get the transaction to process,because everyone and their brother is doing the same at shows across the nation. When I have a line trailing out my booth with cash/cards in hand this can be difficult at best. Paypal, I have only had 1 experience to date at one show that simply had poor connectivity regardless of either device.
10. There is much more that I can get into, Square by far has had Starbucks dump a fortune into their service, so the possibility of creating coupons/cents off, what have you is in place along with the customer being able to pull up what businesses in the area are using the same service so they can easily shop there and what have you. So, there is the possibility of a loyalty program that I wish Paypal would have, but with the development of the POS that may be in the future. And, paypal does have POS 3rd parties that can be used, but at a fee, that I don't agree with, so I am waiting as this develops to see where they go.
11. I keep both just in case, as when I do have poor connectivity, it's a matter of one working better than the other.
12. Both will send out additional swipe thru devices free of charge, usually with a period of time between each request. I always have 2 back-ups of each as I never know when one may get wonky.
13. Trick if a card is simply not being read and you don't wish to pay the additional fee for typing in the information. Take a piece of saran wrap, cover the card on both sides and hold it taunt, swipe it thru. It has worked every time for me, and others when this occurs.
14. While I realize there are still people with the belief that credit cards are a scourge or the fees are too much, etc. Here are the facts, credit card purchases on average make up 66% of my sales. The relief on my potential customers faces when they start shopping is - great I am just about out of money, I used up my checks and now I don't have to worry about having to choose between purchasing from you and lunch. We are fast becoming a cashless society, and I barely carry on me more than $50 when I can use my cards instead, have it all recorded and be done with it.
So, what do you think?
