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Amazon credit-card reader poses challenge to Square

19 points by SeanDav 12y ago

ams6110 12y ago
Rather than credit the user's bank directly, the company instead adds the sum to their Amazon Payments account So no, for most small businesses, this will not pose a challenge to Square. I need my payments in my bank account, not in Amazon's
- skyo 12y ago
  You can always get transfers from your Amazon payments account to your bank account
  - dataminer 12y ago
    Whats the transfer schedule from Amazon payments to the bank account? Square schedule is next business day.
    - virtue3 12y ago
      dude... rtfa Scheduled Transfer Timing: In order to ensure that the funds are deposited to your bank account on the next business day, you must set up automatic daily transfers or manually transfer the funds from you Amazon Payments account to your bank account by 4 pm local time (4 pm PT for AK and HI). Not all banks have the ability to receive deposits within one business day. Contact your bank for details. Reserves may apply, including for manually keyed transactions.
      - dataminer 12y ago
        Thanks dude, I asked the question before the localregister page was linked, bbc article doesn't mention this information.
- latchkey 12y ago
  http://localregister.amazon.com/help/201551280/transferring-funds http://localregister.amazon.com/help/201551280/transferring-... tldr: "Amazon Local Register supports one-time, daily, or weekly automatic transfers. There are no fees associated with making transfers."
- 37prime 12y ago
  From Amazon Local Registers: In order to ensure that the funds are deposited to your bank account on the next business day, you must set up automatic daily transfers or manually transfer the funds from your Amazon Payments account to your bank account by 4 pm local time (4 pm Pacific for AK and HI). Not all banks have the ability to receive deposits within one business day. Contact your bank for details. Reserves may apply, including for manually keyed transactions. It seems that the funds can be directly deposited to bank accounts.
elsewhen 12y ago
for a small business that has $500k in gross revenue through credit cards, this promotion saves them $5k - all of which goes straight to their bottom line. in most instances, this will probably be compelling enough to convince a switch. amazon's willingness to hemorrhage money as they move into a new market is ruthless.
- ch4s3 12y ago
  Seems like a Faustian deal. 5K now so that amazon can use the data to put you out of business later.
  - patrickaljord 12y ago
    I've seen these FUD conspiracy comments posted everywhere today. Not a fan of amazon in particular myself but I mean, come on, having some data is not enough to replace whole profitable businesses. Not to mentions all the restaurants and food trucks that will use this, I don't think amazon will start opening food trucks everywhere.
    - ch4s3 12y ago
      I am of course being a bit hyperbolic. Clearly food trucks, corner stores, and the like really only have upside here. However, boutique stores that cater upper-middle class customers may be giving up more than they bargain for by using Amazon's payment system. Perhaps they should be a bit skeptical.
  - msoad 12y ago
    A business that can go out of business, will go out of business no matter what
  - jcampbell1 12y ago
    My last experiences with Square, were a charity event, a farmer's market, and kiteboarding lessons. In my experience, the Square's hardware is total shit, and I can't imagine these vendors care about anything but processing fees. The stupid square reader that spins when you swipe is reason enough not to use them. This is just another $5000 reasons.

19 points by SeanDav 12y ago

Rather than credit the user's bank directly, the company instead adds the sum to their Amazon Payments account So no, for most small businesses, this will not pose a challenge to Square. I need my payments in my bank account, not in Amazon's

skyo 12y ago
You can always get transfers from your Amazon payments account to your bank account
- dataminer 12y ago
  Whats the transfer schedule from Amazon payments to the bank account? Square schedule is next business day.
  - virtue3 12y ago
    dude... rtfa Scheduled Transfer Timing: In order to ensure that the funds are deposited to your bank account on the next business day, you must set up automatic daily transfers or manually transfer the funds from you Amazon Payments account to your bank account by 4 pm local time (4 pm PT for AK and HI). Not all banks have the ability to receive deposits within one business day. Contact your bank for details. Reserves may apply, including for manually keyed transactions.
    - dataminer 12y ago
      Thanks dude, I asked the question before the localregister page was linked, bbc article doesn't mention this information.
latchkey 12y ago
http://localregister.amazon.com/help/201551280/transferring-funds http://localregister.amazon.com/help/201551280/transferring-... tldr: "Amazon Local Register supports one-time, daily, or weekly automatic transfers. There are no fees associated with making transfers."
37prime 12y ago
From Amazon Local Registers: In order to ensure that the funds are deposited to your bank account on the next business day, you must set up automatic daily transfers or manually transfer the funds from your Amazon Payments account to your bank account by 4 pm local time (4 pm Pacific for AK and HI). Not all banks have the ability to receive deposits within one business day. Contact your bank for details. Reserves may apply, including for manually keyed transactions. It seems that the funds can be directly deposited to bank accounts.

elsewhen 12y ago

for a small business that has $500k in gross revenue through credit cards, this promotion saves them $5k - all of which goes straight to their bottom line. in most instances, this will probably be compelling enough to convince a switch. amazon's willingness to hemorrhage money as they move into a new market is ruthless.

ch4s3 12y ago
Seems like a Faustian deal. 5K now so that amazon can use the data to put you out of business later.
- patrickaljord 12y ago
  I've seen these FUD conspiracy comments posted everywhere today. Not a fan of amazon in particular myself but I mean, come on, having some data is not enough to replace whole profitable businesses. Not to mentions all the restaurants and food trucks that will use this, I don't think amazon will start opening food trucks everywhere.
  - ch4s3 12y ago
    I am of course being a bit hyperbolic. Clearly food trucks, corner stores, and the like really only have upside here. However, boutique stores that cater upper-middle class customers may be giving up more than they bargain for by using Amazon's payment system. Perhaps they should be a bit skeptical.
- msoad 12y ago
  A business that can go out of business, will go out of business no matter what
- jcampbell1 12y ago
  My last experiences with Square, were a charity event, a farmer's market, and kiteboarding lessons. In my experience, the Square's hardware is total shit, and I can't imagine these vendors care about anything but processing fees. The stupid square reader that spins when you swipe is reason enough not to use them. This is just another $5000 reasons.