Tech savy entrepeneurs can now take credit/debit card payments via their Apple or Android device thanks to Square! When I got my Dell Streak 7, the first app I downloaded to my device was Square. I set my account up on my Streak and waited until I received my card reader in the mail. I heard stories that it was taking a month for some people to get their readers, but I received mine in about 5 days. With my account set up and my card reader in hand I was ready to try this thing out! I wanted to see how long it took for the charge to hit my customer’s account, how long it took for me to get my funds into my business account, and how easy it was to use the app. This app is very user friendly and it was a breeze going through the entire transaction start to finish. I swiped my customer’s card, entered in the amount of the sale ($20), took a picture of the customer for security in the event they claimed they didn’t do the transaction, entered in their email address for an electronic receipt, and had the customer sign her name on the device with her finger! Being a banker by trade I wanted to know if the charge was deducted from my customer’s bank account instantaneously, and it was. For the $20 transaction, my fee to Square came out to .55 cents (2.75% for swiped 3.5 for key entered). I already had my bank account verfied with them so according to their website I should be sent my funds every night. I did the transaction on Friday, got confirmation that my money was sent to my bank account Saturday morning, and received my funds on Tuesday. Seeing that Saturday isn’t a working day for the banks, there was only a one day delay in me getting my funds. Comparing this to the market standard, this was actually a decent turn around time. From what I have read, unless your deposits are over $1,000 you receive you deposits nightly. Here is their policy taken directly from the website:
16. Payout Schedule.
Once you validate your US bank account, Square will automatically initiate a payout to your bank account at the end of every business day. If you are a new user to Square and have already received $1,000 during the last seven days, Square will defer initiating the amount in excess of $1,000 for 30 days. Payouts to your bank account will normally register in your account within 1-2 business days.
If you are likely to exceed $1,000 in sales per week, you can contactSquare support to inquire about accelerating your payout schedule. Upon receiving this request, or once you exceed $1,000 in weekly sales, Square will within 60 days conduct a review of your Square Account to determine if you qualify for acceleration. Square will consider a variety of factors in making its decision, including but not limited to a proprietary set of rules, chargeback rates, transaction behavior, and other supplemental data about your business.
All in all, I am impressed with this app and would definitely recommend it to my peers! Help me get to my $1,000 limit and come out to the DMC DJ competition on March 26th in San Antonio and buy some gear from me!!!!!!