4 ms·

That's still quite a lot considering that square aims at people casually exchanging money and is in competition with cash. Square, $100 changing hands 3 times:

by Entlin 16y ago

That's still quite a lot considering that square aims at people casually exchanging money and is in competition with cash. Square, $100 changing hands 3 times: $91.97 Money, $100 changing hands 3 times: still $100.

mikeryan 16y ago
I disagree with your general premise that Square is aimed at people casually exchanging money. I think this is still a business product - though your business may be selling some random stuff at a flea market.
zdw 16y ago
You're assuming that people carry around $100 to spend on something. The sweet spot of Square is people who are selling things that cost more than what is in most people's pockets at any given time, and want to be able to do it from anywhere.
- JshWright 16y ago
  My sister, her husband, and his brother are in a band. I recently went to one of their concerts. During a break, I mentioned Square, and showed them my reader. My sister handed me her phone, I installed the square app, registered an account for them and 5 minutes later they were taking credit card payments. Anecdotally, they sell 10-12 more CDs at a show when they are able to take credit card payments.
- jmm 16y ago
  Agreed. Ever go to a farmers market and run out of cash? That sucks. And Square is helping to fix that problem. Sure, some farmers might still prefer cash only (since the market entity usually already takes a cut off the top), but at least it gives farmers who aren't selling out of certain items the possibility of increasing their sales. Other use cases??? Flea markets, artists, street vendors, school functions (fairs, car washes, etc.), fund-raising or charity things, paying a cover at a party or at an art/music venue, masseuses and the like, gambling debts and poker games... I could go on. One thing I'm curious about is whether Square forbids min charges or charge-ups the way credit cards do ("you owe me $100, but I don't want to pay the fee, so pay me ~$103 instead"). Not that they could really enforce it any better than credit card companies...
  - getsat 16y ago
    If I recall correctly, CC companies do not allow businesses to charge an extra fee to take card, but businesses are not forbidden from raising the base price and offering a cash discount. During my time in the US, I saw many gas stations showing a "CASH PRICE" next to the regular price.
    - barake 16y ago
      I can confirm Visa does not allow you to charge a premium/pass on fees but a discount is allowed for cash and check. MasterCard, American Express and Discover let you charge any sort of fee basically. My employer does not accept Visa due to the terms (and it's really annoying - Visa is what all the banks in town issue).
SwellJoe 16y ago
I just signed up so we can sell our software at conferences. It's not something I'd ever considered doing via cash, because very few people carry $100+ in their pocket. Our products sell for $139-$999; even if we discount for these events, it's still too much to consider it feasible.

by Entlin 16y ago

mikeryan 16y ago

I disagree with your general premise that Square is aimed at people casually exchanging money. I think this is still a business product - though your business may be selling some random stuff at a flea market.

zdw 16y ago

You're assuming that people carry around $100 to spend on something. The sweet spot of Square is people who are selling things that cost more than what is in most people's pockets at any given time, and want to be able to do it from anywhere.

JshWright 16y ago
My sister, her husband, and his brother are in a band. I recently went to one of their concerts. During a break, I mentioned Square, and showed them my reader. My sister handed me her phone, I installed the square app, registered an account for them and 5 minutes later they were taking credit card payments. Anecdotally, they sell 10-12 more CDs at a show when they are able to take credit card payments.
jmm 16y ago
Agreed. Ever go to a farmers market and run out of cash? That sucks. And Square is helping to fix that problem. Sure, some farmers might still prefer cash only (since the market entity usually already takes a cut off the top), but at least it gives farmers who aren't selling out of certain items the possibility of increasing their sales. Other use cases??? Flea markets, artists, street vendors, school functions (fairs, car washes, etc.), fund-raising or charity things, paying a cover at a party or at an art/music venue, masseuses and the like, gambling debts and poker games... I could go on. One thing I'm curious about is whether Square forbids min charges or charge-ups the way credit cards do ("you owe me $100, but I don't want to pay the fee, so pay me ~$103 instead"). Not that they could really enforce it any better than credit card companies...
- getsat 16y ago
  If I recall correctly, CC companies do not allow businesses to charge an extra fee to take card, but businesses are not forbidden from raising the base price and offering a cash discount. During my time in the US, I saw many gas stations showing a "CASH PRICE" next to the regular price.
  - barake 16y ago
    I can confirm Visa does not allow you to charge a premium/pass on fees but a discount is allowed for cash and check. MasterCard, American Express and Discover let you charge any sort of fee basically. My employer does not accept Visa due to the terms (and it's really annoying - Visa is what all the banks in town issue).

SwellJoe 16y ago

I just signed up so we can sell our software at conferences. It's not something I'd ever considered doing via cash, because very few people carry $100+ in their pocket. Our products sell for $139-$999; even if we discount for these events, it's still too much to consider it feasible.