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Is Square Right For Your Business?

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Tom DeSimone
Based in New York’s Hudson Valley, Tom has written for Merchant Maverick since 2013. His work is cited by publications including TechCrunch, Washington Business Journal, and Bank Advisor. He currently serves as Product Manager.

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43 Comments

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    Mina Cruzado

    We are a small business that does appox. $6000. 00 to $8000.00 a month in credit cards. Would square work for us? We currently have BOA Merchant service and they are at 3.6%. Your input would be appreciated.

    Mina

      Jessica Dinsmore

      Hi Mina!

      As long as your business doesn’t fall on the prohibited business list, yes, Square will probably be a good fit. We’d suggest you do some comparison shopping because you might actually be able to get a decent rate from another merchant account provider like Dharma or Payment Depot or CDG, at that volume.

        CBD Terpenes

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        CBD shop in thе UK. Doeѕ anyone hhave any experience ⲟf running a CBD аnd
        marijuana shop іn thе UK? I would be grateful fоr any relevantt іnformation and simіlarly,
        I am searching fⲟr posѕible partners whߋ wish to assist.

        I have aϲtually registered ѡith Vape Life
        Maց, CBD Life Mag, Alll Vapee Stores ɑnd Aⅼl CBD Stores aѕ affiliate partners.

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          Emily Hale

          Hi and thanks for your question. Check out The Best CBD Oil Merchant Account Providers as you’ll find some great options. Best of luck!

            Glen Jewett

            Tom, I am a small town wood turner who is stating a small business selling my art, I have placed pieces in three store fronts on a consignment basis and want to do a website! Would square be right for my business to receive payments from both avenues of revenue?

              This comment refers to an earlier version of this post and may be outdated.

              Jessica Dinsmore

              Hi Glen,

              Congrats on starting your business! Typically speaking, consignment is entirely dependent on the shop owners. You may be better off setting up a PayPal account to get paid by the shop owners but again it depends on the shop owner and their knowledge of technology and how they’re used to paying people out. As far as online sales — Square or Paypal would definitely be good options. Paypal is just for payments, so you’d still have to set up a website. While with Square you’d get a free Weebly shop. Sounds like you have lot’s to consider! Best of luck!

                This comment refers to an earlier version of this post and may be outdated.

                Steve

                Hello,

                I am in the process of opening a remote IT support business. We will be accepting payments via credit/debit cards over the phone only. We haven’t accepted any business as of yet since we are still setting up shop. I’ve looked around and have been told my business is considered “high risk” because of a “few bad apples” in the industry as well as a higher percentage of chargebacks. Am I doomed to using high risk merchants with higher rates and fees or is there a way to accept payments with a reputable vendor such as Square?

                  This comment refers to an earlier version of this post and may be outdated.

                  Jessica Dinsmore

                  Hi Steve,

                  Square has a prohibition against “high risk products and services” and if you’re already being told that you’re in a high risk industry, that’s likely the case. You could certainly reach out to Square and plead your case though! Typically speaking, remote tech support companies are considered high-risk. I think you’ll find this blog post “Are You A High-Risk Merchant?” to be quite insightful. If Square won’t have you, I’d suggest looking at Durango, or any of our top rated high-risk providers.

                    This comment refers to an earlier version of this post and may be outdated.

                    Christy

                    My husband recently started his own software consulting business and a customer asked if he accepted credit cards. He would use a credit card processing company only infrequently, and for transactions, generally, of $3000-$5000 dollars. It sounds like Square would not be a good fit? Also, would this be considered an unstable business because of transaction size and the fact that it is a new business? It appears that if the account was canceled, he would forfeit any payment(s) in the account?

                      This comment refers to an earlier version of this post and may be outdated.

                      Jessica Dinsmore

                      Hi Christy,

                      If Square decides to terminate the account, the funds will be held for the standard 180 days (6 months) and then released to the business owner. Some consulting businesses do seem to work with Square, but we have seen other cases where the account is suddenly closed. Unfortunately we don’t have a lot of data to say what sets one business apart from another, but the fact that he only processes occasionally and for large amounts *could* be a red flag, though that alone is not automatically a problem. Sending invoices is less of an issue than swiping a card with a mobile reader, though, especially because he can lay out the terms of the agreement in the invoice.

                        This comment refers to an earlier version of this post and may be outdated.

                        Alisha

                        Thank you so much for the great article. It really helped me in understanding the basics.

                        I am a convenience store owner. We currently process high volume but low ticket transactions. Our average transaction is like $4 and we process around 2000 transactions. We accept payment face to face and usually via the pin or signature confirmation. We never had any charge backs or even any refunds.Do you think this qualify as low risk business.

                        Also, when I tried to contact the square sales rep, they gave me the rate of 2.5%+$0.10. I asked him for the advertised rate of 2.7% but they said they can’t give it to us because of our low average ticket size. But I think if we sign up with square online without any sales rep, we will get their advertised 2.7% rate. Do you think that if we don’t contact the sales rep again and just sign up online and get the rate of 2.7%, their is a risk they will realize it after the review of our business and shut us down?

                          This comment refers to an earlier version of this post and may be outdated.

                          Jessica Dinsmore

                          Hi Alisha,

                          You could try signing up online, as long as the free Square POS with mobile card reader or stand will meet your needs. If you need Square Register, you’ll be looking at the rate the rep quoted you.

                            This comment refers to an earlier version of this post and may be outdated.

                            joe wallen

                            I OWN A HEALTH FOOD STORE WHICH I HAVE HAD FOR MANY YEARS. RECENTLY MY MERCHANT PROCESSING FEES HAVE BECOME PROHIBITIVE AND I AM LOOKING FOR A LESS EXPENSIVE OPTION.
                            WOULD SQ BE ABLE TO SECURELY DO THAT WITH A NEXT DAY DEPOSIT TO MY BANK. WOULD I ALSO BE ABLE TO USE IT FOR ONLINE selling ?

                              This comment refers to an earlier version of this post and may be outdated.

                              Jessica Dinsmore

                              Hi Joe,

                              You should be fine selling health foods online via Square, but you may want to avoid any supplements. Things can get a bit tricky when you cross over into supplement territory. We can’t say for sure if Square is going to be more cost effective for your business, without knowing your processing volume, but if you average less than $5k/mo, I’d say it’s a good bet. I’d recommend checking out our Square Instant Deposit post for more info on how that works.

                                This comment refers to an earlier version of this post and may be outdated.

                                Scott Viehbeck

                                Hello I’m trying to get some basic information using Square. I’m an author looking to sell my books at book signings too.but will only use the reader at times here as my publisher will deal with the sale of my books. Would square allow me to work on this type of basis. I won’t continuously use the reader. And then their monthly fees.

                                  This comment refers to an earlier version of this post and may be outdated.

                                  Jessica Dinsmore

                                  Hi Scott,

                                  Square sounds perfect for your situation! There are no monthly fees or minimums to worry about and you could also use their online store to sell bookmarks and signed copies of books, etc. I hope that helps!

                                    This comment refers to an earlier version of this post and may be outdated.

                                    Gio Conesa

                                    I would recommend anyone and everyone to find an alt solution. The customer service is terrible. They cancled our account with out any notice and noone would speak with us. If y ou’re a small business, look elsewhere.

                                      This comment refers to an earlier version of this post and may be outdated.

                                      Ankit Agarwal

                                      Quick Question:
                                      I work for a company with a mobile workforce. We are looking for a mobile POS solution. The one thing i have noticed with square is that anyone can pair with the device as long as they have a square account… this leaves it open for the possibility of an employee to filter some of the transactions to their personal account as opposed to the company account. Is there any way around this? Are there any providers that allow for BYOD but also have the option of locking the device to the CC reader?

                                        This comment refers to an earlier version of this post and may be outdated.

                                        Jessica Dinsmore

                                        Hi Ankit,

                                        Unfortunately, we are not aware of any mPOS apps that lock to the card reader device. If you figure it out, please let us know.

                                          This comment refers to an earlier version of this post and may be outdated.

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