Square UP Payment - Big Problems for Serious Businesses

Square is a mobile credit card system that took the wireless merchant service industry by storm with it's free swiper and no monthly fees. The questions is, are they the solution for anyone wanting to accept credit cards? The answer seems to be no.

Risk:

Square is not a bank but rather "money mover". As they don't require any credit check they can't truly asses your risk of going bankrupt. This then translates into longer time frames for deposits, usually several days to as much as several weeks. I have heard of merchants being told  they will have a 30 days freeze on their account due to their dollar amounts being larger
than what Square wanted to handle and other various possibilities.

Rates:

Square's rates may seem low as they have no monthly fees but their rates are much higher
than interchange rates and can be as much as 3.25% for keyed in. Many people have reported
that they have a tough time getting the swiper to work at times (hey it is free) and then have to key in and pay 3.25% which is much higher than the true interchange rate


BBB Report:

Although the BBB reports Square as an A- complaints are gaining to almost 500 complaints.

Customer Service: There is practically none when it comes to Square and it is reported that if you call it will probably  go to voice mail. Many customers complain about the swiper not working often. If you are serious about mobile credit card processing try going with a true mobile credit card processor.