“Is Square Safe To Use Summary”

I usually take a $100 deposit per person and the balance is due 45 days prior to the departure date of the tour. My normal transactions after the initial deposit ranges from $1200 up to $3000 per person. A married couple transaction would be $2400 up to $6000 for a couple. When my payment in full date arrives, I could have several transactions in a single day totaling as much as $40,000.
Regardless, the dynamic calls into question how disruptive Square can truly be if it has to deal with so many roadblocks and gatekeepers. The financial space is entrenched precisely because there’s so much complexity and its legacy infrastructure hasn’t changed much in 50 years. If Square needed to kill the Square credit card, what other innovations will it have to kill in the future?
Here are a few of the most interesting Square statistics and Facts I was able to dig up. As always, be sure to check back in the future as I will be updating this post as new and updated stats become available.
The amount of a transaction may be reversed or charged back to your Square Account (a “Chargeback”) if the transaction (a) is disputed, (b) is reversed for any reason by the Network, our processor, or a Buyer or our financial institution, (c) was not authorized or we have any reason to believe that the transaction was not authorized, (d) is allegedly unlawful, suspicious, or in violation of the terms of this Agreement.”
The basic free reader from both companies only accepts magnetic strip credit and debit cards. Both offer a chip card reader, but it comes at an additional cost. Readers that also accept contactless payment methods are avaiable for a cost as well. 
square works with any android OR iphone. dont worry & just go for it, make sure that you use business name instead of the personal name, set a nice logo & do a couple of trial transactions. Good luck & don’t listen to the negative comments here
Every business that accepts credit card payments has a merchant category code (or MCC), a four-digit number that’s assigned to them by the acquiring bank or institution. The MCC is used to classify businesses into market segments that simplify IRS reporting.
Molly K. McLaughlin is a New York-based writer and editor with more than a decade of experience covering technology. She has tested and reviewed all sorts of software, mobile apps, and gadgets. Before launching her freelance business, she was an editor at PC Magazine, covering consumer electronics, followed by a stint at ConsumerSearch.com, a revie… See Full Bio
Prior to November 8, 2013 Square offered flat rate pricing of $275 per month with several limiting restrictions. Under this pricing model a business did not pay a percentage fee. Instead, it paid $275 per month to process up to $250,000 a year in swiped transactions. Any volume in excess of the $250,000 limit was billed at Square’s typical 2.75%. Square’s flat rate credit card processing only applied to swiped transactions less than $400. Transactions of $400 or more were billed at Square’s swiped rate of 2.75%, which was a charge in addition to the $275 flat rate. It’s also important to understand that Square’s flat rate of $275 did not cover keyed transactions. Keyed transactions were billed at Square’s typical rate of 3.50% plus $0.15, and these charges were in addition to the $275 flat fee. The restrictions that Square has imposed on its flat rate pricing caused many businesses to pay more than $275 a month. For example, keying in even as little as 10% of transaction volume resulted in a business paying a hefty 3.50% plus $0.15 surcharge in addition to the $275 for all keyed volume.
Just as a note, Square also does not allow firearm sales or adult items. Those (along with several other industries) are considered “high risk” transactions for various reasons, and many processors can’t/won’t support those purchases.
The advised me via a canned email form letter and when I attempted to discuss it with them I was met with similar canned responses. Their final canned reply after requesting help from a live human being was:
Some of the problems people mention are not unusual when you’re a new client, as they do have many anti-fraud procedures in place. With history, I’ve found they now don’t hold my processed funds, even after processing a refund.
TERRIBLE COMPANY…their cardreader never works which makes it nessesary to type in number. They charge more and then…. last week we used it for $2300.00 and they emailed to say the money would be held for 30 days. Now they are saying $2002.00 will be put in our account in the next 3 business days. This will be the last time we will use this company.
The worst and most complicated software to reconcile your books at the end of the month. I don’t know how they came up with such a complicated system.. Does my head in every time. Hours and Hours of work just to reconcile one month’s sales. What The….? Have to find something else. Shame…because the reader works quite well. Can’t believe I’ve waste my money on this system. Frustrated and Crying….:(
Unfortunately, our decision to deactivate your account is final. Due to the obligations of our agreements with card networks and other financial institutions, we cannot reverse this decision and are unable to provide additional details.
They are holding a LOT of money in my case and they are not even a bank. I have a merchant ID from my bank and these were bonafide purchases. Same story as the rest of you. I filed a claim with LA county courthouse. You can only do small claims or arbitration according to the contract you “sign” when you use Square, but I’m doing it for the principle. Furious! What are they doing with all this money? Seems like adding to their bottom line for the fiscal year end, earning interest, etc. I’m calling business reporters today as well. These holds are just absurd. Return the funds to either my buyers or to me – if you drop me, you have no right to the money for any length of time.
Firstly I cannot even begin to convey how royally pusses I am, I remember this person and our whole conversation, and Square puts it on my shoulders to explain what was purchased and who I am and my company. This customer never contacted me, and unfortunately this person did not ask for a receipt so I have no name or contact number. This person has not contacted me to resolve anything.
After the hold they requested forms and more forms which we delivered. Invoices, job detail, privileged information and even requesting confirmation from the customer and ID. This was all supplied and still after a Week and a half nothing has been done. We even initially had some verbal contact with the “Team” which than stopped discussing this and stopped trying to resolve this issue.
Yes Create Account with a Corporate Email Use your corporate email when creating your account to keep your business and personal info organized. Important alerts and updates are sent to this email address.
Yes Assign Permission Groups, Passcode, and Location After an employee is created, assign them to the appropriate permission group to restrict their access to parts of your Square Dashboard or the Square app.
Square said there was a chargeback for $900, kept it for 30 days, settled the dispute for my customer, took the money, despite swiped card, signature, description of merchandise taken, their email address for receipt. All of this without any verifiable information from customer or American Express. I rate the F, for fraud
Square probably isn’t the best way to get your buddy to pay you back for coffee or Insane Clown Posse tickets. That’s what an app like Venmo is for. Square is, however, an attractive, simple, and useful way for anyone from street vendors to mobile businesses to accept credit cards. The EMV card functionality just makes it even more futureproof. Thanks to its support for numerous devices, ease of use, and beautiful interface, it’s our Editors’ Choice for mobile credit card readers and POS software solutions. If you also want to accept payment via NFC, however, you’ll want to get the Square Contactless + Chip Card Reader, which is also an Editors’ Choice.
Many remain skittish about email receipts (possibility they can be easily forged). But the one I got today from a merchant using Squareup is likely to pose a special problem. While it is a visual receipt, not just a text-only email, it merely lists “item” without any details, and it does not detail which credit card was used (only the generic Visa). This can be a special problem for travelers who might have multiple cards for various reasons.
I have had nothing but problems with Squareup. In the last 2 weeks I have tried to process over $18,000 through their service. I am closing my account and will be using a different service. I can not afford to wait 8 days for a deposit!
Now, this is what I don’t get. I knew about their rules and requested for an increase in non-swipe amount due to the fact that I had over $3000.00 called in orders came in. Roberto who was the person I dealt with emailed me and said he had reviewed my account and now my non-swipe amount is now $2000.00. So, I was happy and took up to $2000.00 worth of non-swipe sales. Guess what? They emailed me and said they are holding the $1500.00 because I had exceeded my limited.

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