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Selling without credit cards (Read 3,551 times)
 
Lee Watermann
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Re: Selling without credit cards
Reply #15 - Mar 2nd, 2015 at 9:57pm
 
SS number? That's a killer.
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Steve Doerr
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Re: Selling without credit cards
Reply #16 - Mar 2nd, 2015 at 10:06pm
 
Lee, you have to understand, they are required by laws to report you earns to the IRS.  That's why the SS#.
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Ron Sardo
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Re: Selling without credit cards
Reply #17 - Mar 3rd, 2015 at 9:17am
 
Steve is correct.

The only way to avoid giving your SS# is to give them your EIN# if you have one
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Lee Watermann
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Re: Selling without credit cards
Reply #18 - Mar 3rd, 2015 at 10:48am
 
OK Steve and Ron. Thanks I didn't realize that. Just don't like giving it out. Everybody is getting hacked and they could too.
       
                                 Undecided
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JimQuarles
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Re: Selling without credit cards
Reply #19 - Mar 3rd, 2015 at 12:25pm
 
It is the same as if you were opening a bank account, because that is what you are doing.  Full identifying information is required by the US Patriot Act for any bank account, and then the bank should verify the info through one of the credit bureaus.
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Lee Watermann
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Re: Selling without credit cards
Reply #20 - Mar 3rd, 2015 at 10:56pm
 
Jim, I have a secondary bank account that I was planning on using. Doesn't one use there own?
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JimQuarles
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Re: Selling without credit cards
Reply #21 - Mar 4th, 2015 at 12:52am
 
The account with Square is considered a bank account by the Feds.  If they process $600 or more they will issue a 1099-K as a third party funds processor.
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Re: Selling without credit cards
Reply #22 - Mar 4th, 2015 at 6:17am
 
I love this forum, you all are so helpful. Yes, we've lost sales because of not having credit card processing.   Accepted a few checks from individuals whom we knew but many walk away due to lack of cash. So we are ordering our Square reader today on their website. Thank you all for your input.
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JimQuarles
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Re: Selling without credit cards
Reply #23 - Mar 4th, 2015 at 12:06pm
 
Once you have your account set up, you can order additional Square readers at no additional cost.
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Anthony Yakonick
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Re: Selling without credit cards
Reply #24 - Mar 4th, 2015 at 9:21pm
 
For those witout a smartphone the Trio AXS tablet gives you a free data plan for life, not much data per month but enough to get you by at the shows.

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Lee Watermann
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Re: Selling without credit cards
Reply #25 - Mar 5th, 2015 at 9:24pm
 
Anthony, that is interesting.
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Anthony Yakonick
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Re: Selling without credit cards
Reply #26 - Mar 5th, 2015 at 9:53pm
 
Lee Watermann wrote on Mar 5th, 2015 at 9:24pm:
Anthony, that is interesting.



It's Tmobile, check your area coverage.
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Lee Watermann
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Re: Selling without credit cards
Reply #27 - Mar 6th, 2015 at 8:24pm
 
I went with Square. Very painless and I think it's a must. I can even use it for my garage sale.
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Cliff De Witt
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Re: Selling without credit cards
Reply #28 - Mar 6th, 2015 at 10:08pm
 
I was talking to someone today and they recommend the new PayPal card reader as they take a smaller percentage of the transaction.

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Re: Selling without credit cards
Reply #29 - Mar 8th, 2015 at 11:02am
 
No knowledge of any system other than thru my bank, but be sure to investigate all of the costs that might be incurred, not just the processing percentage.  There may be an initial charge to initiate.  Each credit card has its own percentage charge, they are not all the same.  There may be "interchange fees" on top.  Finally, there may be fixed monthly fees as well.  It is interesting to me that VISA charges me I think $2 on months when I don't have charges to VISA cards.

After looking closely at Square and PaPal 18 months ago, I decided to use my local bank's offering.  I have a $12/month bank fixed fee, but 18 months ago I found lots of complaints about Square and Paypal, which may have been rectified.

Total monthly cost on credit card sales averages about 3.3% for me.  Just FYI.
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