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For the first time, I've actually seen the Square and Intuit in use.  I'm a techie.  I love gadgets, but I also like to do my homework.  There are actually a whole bunch of theses processors, not just these 2.  Here is a link to a website that reviews and compares each one.  It's very interesting.  Hmmmm... Intersting.  I want one.  I just don't know which one.

http://credit-card-processing-review.toptenreviews.com/mobile-credi...

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Overall I think Square is a great invention, but this is my one serious quibble with them .... that they give Squares to anyone without checking your credit. The power to take money out of a credit card can be really bad in the wrong hands. It should only be granted to those who can prove they are responsible, legitimate businesses. Now I think about this whenever a waiter disappears with my credit card for a few minutes. Does he have a Square in his pocket? Of course I don't mind handing my credit card to a festival artist using a Square. I just question the future survival of a company that is pursuing rapid growth at the expense of being careful.
Square does run a credit check. That's why you give your ss#. They also verify your bank acct, of course.
But that contradicts what Maija said, who has actually looked at her credit report recently. And just because Square collects your SS# doesn't mean they checked your credit. Does anyone else have any direct experience, did Square check your credit or not?

Mea

 

From Maija's post "Intuit actually does a formal "inquiry"....that's one inquiry."

Right, but the question is ... does Square check your credit?
Yes, we do give our SS# to Square. I assume it's just there in their files in case there's a problem down the road. Yes, I also agree they shouldn't just give out the Square to anyone, but that being said, that's not going to affect us. It'll only affect "Square"

Yes, Intuit does do a formal check, and the inquiry will stay on your credit score for 12-24 months. Also, remember, if you go to the car dealer, asking about a car....wondering...hmm, I wonder if I can afford it. The guy says, "Here let me check"...another inquiry. Don't let him check your credit. You can do it yourself, and it is NOT a formal inquiry.
Square checks your "identity". According to them, they check to see you are who you say you are, they verify your bank account, etc, to prevent fraud. Your credit score doesn't necessarily have anything to do with your ability to accept payment from people unless you have a previous fraud allegation from another cc company which would show up on their check. It is not true that everyone gets a square no matter what. Their support area has many people asking why they were denied. Why does it seem important that they check your credit anyway? Does a bad credit score mean you are going to misuse your account with them? I think not.

Slight change of subject. I thought you might like to see the info I just received from ProPay

 

Dear ProPay merchant,

In October 2010, Visa and MasterCard announced a settlement with the U.S. Department of Justice (DOJ) and several state attorneys general to resolve antitrust investigations into Visa and MasterCard’s merchant acceptance rules in the United States. On July 20, 2011, the court approved the settlement and entered final judgment in the case. We are required to inform you of the changes Visa and MasterCard have made to their rules and to describe certain merchant acceptance practices that are now permitted and that may assist you in better managing your costs associated with accepting payment cards.

Please copy and paste any of the applicable URL‘s below into your browser to review the information.

The final DOJ judgment is available at:
www.justice.gov/atr/cases/f273100/273170.pdf

The updated VISA rule changes can be found at:
http://usa.visa.com/merchants/operations/op_regulations.html

The updated MasterCard rules can be found at:
http://www.mastercard.com/us/merchant/pdf/BM-Entire_Manual_public.pdf

We appreciate your business,

ProPay, Inc.

This is something everyone should read.

Your agreement is with the credit cards, not the processor. VISA and Mastercard set the rules. And they're for everyone, not just the big stores.

And yes, we now can have a minimum charge amount if we wish, but it cannot exceed $10.

I am currantly frustrated with PCI compliance fees with my credit card processor... First National processing...  first charged for not filling out the online questionair and being "noncomplaint" now apparently going to be charged  $120 for showing that I am compliant?  Does anyone run into this with the square top system?

You need to be PCI-compliant, regardless of what system you use. The online questionnaire and the associated certification need to be renewed by you and posted in your place of business. Same as your sales tax licenses. Like death and taxes, there are some things that you must do as a business person. 1NB has been very helpful to me in the four years I've had them as a processor. A couple of times the machine would not work in a location - they get me hooked up with the proper tech support, even on Sunday at 9PM. The PCI fee can be split up over several months with them.

Merchant card processors vary in how much they charge you for maintenance. I don't use a Square, but I have heard that the fees are less. It also has a few more limitations.

Thanks, I get the compliance issue, i have a bad taste in my mouth because a previous processor charged $25 annually for compliance, I paid in November, then that Feb they attempted to charge me another $400 for compliance because they had changed compliance providers or the compliance providers changed their fee structure... something about these guys having complete access to my bank account, changing fees and it is never clear that they provide anything to me for the money I am spending hits me wrong.  You answere the questions online... then pay.  If I am paying for the information about keeping data safe it seems overpriced. All of my transactions are processed via phone line and not stored in a computer or hard copy.  I am still unclear what I am getting in return for the fees I am paying.  Wouldnt we be better off it there was a system similar to insurance where to you paid for coverage in case of identity theft and they in turn showed you how to keep your data secure?

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