Will Paypal Here Kill Square?

 

 

More information on Square

More information on Paypal Here

What do you think? Will Paypal destroy the Square app?

Chris Hughes

Chris loves learning, going on adventures, surfing and having fun. Chris on Google+

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Alexander Rinehart MS, DC, CCN - March 16, 2012 Reply

Timely post Chris as I’m comparing for my small business, there’s Intuit GoPayment as well that offers 2.7% and also a plan for 1.7% with a $12.95/month fee. It has the advantage of directly integrating with Quickbooks.

 Squared offers next day deposit into your checking account which is an advantage despite the 0.05% difference. With paypal, you have to wait 3-4 business days which can be annoying in a crunch especialy if you have other fees and things auto-debiting from your checking. A single overdraft charge can be enough to make up for the 0.05% difference. Not to mention the business cost of your extra time double checking accounts when waiting for payments to post. 

Paypal was annoying to work with come tax time when it came to ease of downloading the necessary reports and integrating in quickbooks which gives Intuit GoPayment the edge…I think Paypal Here would be great for low volume if its an account that you’re already dealing with, but I would give GoPayment the edge when it comes to integration with accounting (can be a nightmare for web based entrepreneurs) and the ability to upgrade into the monthly fee if monthly transactions are large.

Also, the best option is that many small merchant companies are offering up similar programs and can likely give some lower rates and still integrate with quickbooks….I was quoted ~$17/month but had lower fees than the Intuit GoPayment….it depends on your monthly volume and how much flexibility you need with your business.

Chris Hughes - March 18, 2012 Reply

thanks Alex. Do you mind if I add some of this to the post with a link to your site?

Rob - February 13, 2013 Reply

Chris, thanks. I will being doin 4 to 10 transactions per month. Which service seems best and most
Cost effective?

Chris Hughes - February 14, 2013 Reply

depends on how much money the transactions are going to be running for. I’d run the numbers to compare both and see which will be most cost effective for ya. Good luck Rob!

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