Taking credit card payments via Square

[jaxjags]

While in Canada last week all establishments and users were using chip cards with a pin. I have also noticed most Marriott brand hotels have changed to dual read units with chip capability. Has anyone heard how Square plans to handle this with there unit/approach. The chip reading units are expensive.

[Dog Walker]

While in Canada last week all establishments and users were using chip cards with a pin. I have also noticed most Marriott brand hotels have changed to dual read units with chip capability. Has anyone heard how Square plans to handle this with there unit/approach. The chip reading units are expensive.

Bet you that the guys at Square all already all over that one. 

In this country we are years behind the rest of the world in the security of our credit and debit cards from using the obsolete magnetic stripe systems instead of a chip enabled "smart card".  Even my JEA bus pass has a chip in it instead of a mag stripe.

[ben says]

Chip in pin is used almost everywhere in the world except in the US. Go figure.

[mtraininjax]

Square can hold your money for 30 days, and you can't do much about it. Was told that by a friend who runs a credit carfd processing firm up in Fernandina Beach. If you are a small business, can you afford to have a large chunk of money tied up for 30 days, just because your processor thinks, I repeat, thinks its fraud?

Go local, find someone who you can build trust and realize its not worth a few percent here or there, to be able to get your money quick.

[ben says]

Square can hold your money for 30 days, and you can't do much about it. Was told that by a friend who runs a credit carfd processing firm up in Fernandina Beach. If you are a small business, can you afford to have a large chunk of money tied up for 30 days, just because your processor thinks, I repeat, thinks its fraud?

Go local, find someone who you can build trust and realize its not worth a few percent here or there, to be able to get your money quick.

I've had the exact opposite experience in the few weeks I've had the machine...

Money goes thru within 12-24 hours, oftentimes much quicker than comparable credit card companies/machines.

Oftentimes the money goes in same-day.

I think your friend--who runs a credit card processing firm--has a stake in down-talking Square and/or pushing a more tried-and-true method. Go figure.