Would you pay $275 per month for $250,000 worth of yearly credit card processing?

Square is a credit card processing service geared towards small businesses being able to simply and cheaply process credit cards through your iPhone or iPad.

By signing up with Square – they will send you a free card reader that you plug directly into your phone and that allows you to swipe credit cards. There’s also the option through an iPad app to turn your iPad into a register.

Square recently announced a new flat rate plan that costs $275 per month and 0% per swipe. The limits are $400 per swipe, $21,000 per month, and $250,000 per year.

So…… would it be worthwhile at $275 a month to meet spending limits on your cards? 🙂

Thanks to Jake for the tip

Comments

  1. Let the buyer beware! Square is not encrypted and therefore not safe in taking and storing your customer card info. Also, watch out for going over your limit! Could talk a very long time to get your money. No customer service!

  2. Better make sure your business is perfect for them to approve you. They will shut you down and hold your money for as long as they want. Good luck to all who try to get away with this.

  3. Same device from paypal coming out soon, no fee other than the usual appx 3%.

    Square system smacks of a scam.

  4. So the math here. If you want Delta status. 4 DELTA Reserve cards will run you $1800. $275×12 will run you $3300. So all in $5100 but you would earn 120,000 MQM just short of Diamond Status. Plus, you would earn 250,000 Skymiles from charges plus 120,000 bonus RDM’s and if you can pick another 45,000 in Choice benefits once Diamond. So 415,000 Skymliles all-in worth at least 1cent each brings cost down to $950. Buy Diamond status for under a grand. (assuming you do not get financial reviewed by AMEX over this or Square shuts you down that is). HUmm….

  5. Im not going to get greedy. On top of that 4 delta cards??? Too much variables. Good luck to others that want to try. Remember, Pigs get slaughtered. Dont get greedy.

  6. I have my own legitimate personal business with merchant services, so don’t need it. Occasionally I will run my card thru the machine if I need to make X number of swipes or X amount of purchases, but I keep it to a minimum, wondering what the ramifications are?

  7. IRS should only care about income right? u track your financials with revenue minus costs… so you’d have to create some sort of “transaction” like selling a $400 device to yourself. It’s all about the audit in the end.

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