Got a Square reader (www.squareup.com) last week. Simple to create a Square account online and download the app. The set up process was similar to that of Pay Pal. Square transfers a few cents into/out of your bank account. I received an email when Square was sending out my unit and it arrived in the standard mail few days later. I was pretty impressed by the simplicity of Square. Super simple to use and utilizes very clean design. All you do is plug in the Square reader into the headphone jack. Boom, done. Works like a charm.
A few things that you should bear in mind:
1. Square will deposit all funds into your account that add up to $1,000. After the $1,000 point has been met for the month, a 30 day hold is placed on any additional funds that exceed the initial $1k.
2. A 3.75% service fee is taken off the top. So, for small purchases, this amount is a nominal fee. However, for larger sums of money, that 3.75% can add up. It wouldn’t make sense to take payments for my company through Square since, I have a bank account that doesn’t charge me (no, that’s not directed at Chase). However, could be cool if someone owes you money and all they have is a credit card, you are having a garage sale, trade shows, merch booths, whatever. Was actually at the mechanic earlier today and he only took cash. Sent him the link to Square, think it could be a cool implementation for small time mechanics and home improvement folks as well! As an aside, would only recommend using this product when dealing in small numbers. Square is perfect for a small scale side business where accepting cash could be a deal breaker. Get on it kids!