linkster
July 9, 2014, 2:40pm
21
Why not Kevin? The debit transaction is the only Guaranteed method you are getting paid immediately what you think you are. Even with Cash you can get stung, I’ve had, on more than one occasion a client unsuspectingly give me a dodgy $50 which means I’m out of pocket at banking time.
ryoung7
July 10, 2014, 1:30am
22
Tell us how it works out please.
kwood
July 10, 2014, 3:14am
23
I thought I lost my square today. Darn thing is so small it is easy to miss place.
ryoung7
July 10, 2014, 11:12am
24
linkster:
We did a full spectrum cost analysis of multiple services. The costs are based on the type of card you are taking, whether it is swiped or keyed and how many inspections you perform each month.
If you only take qualified cards, only swiped with customer present, then yes Square came out $38 dollars cheaper per month than the next best (based on 4 inspections per week at $375 per inspection)
If you work on an average of 45% qualified, 45% unqualified (premium card) and 10% CNP (Cardholder not present or manually entered because the swipe wouldn’t work) then Moneris came out $20 cheaper than Square. If you took debit, then Square and PayPal wouldn’t work for you, and Moneris beat the other services by nearly $40 per month.
As your inspections increase (either in number or price) and the payments lean toward debit or premium cards the saving definitely swing in the favour of the Moneris solution.
So if you tell your clients that you will not accept debit, and will only accept qualified cards (non-premium or loyalty) cards, and you reject the use of a card that won’t swipe demanding only cash or cheque, OR you only do no more than 2 inspections per week, certainly I would agree with you, square is cheaper.
If you want to have clients have their choice of payment solutions, including Cheque, Debit, Cash, and any credit card they want, and you perform 4 or more inspections a week and you are not one of these $100 inspection inspectors then the Moneris solution is the best out of the eight we looked at.
**Contact me by email and I’ll send you the spreadsheet that compares the top **4. Yuo can then play with you own figures. (It’s slightly out of date because PayPal charges in Canada have just increased and I haven’t factored those changes into the spreadsheet, so they will fare even worse.)
Thanks Len.