Home Forums Novel credit card reader

I am posting this in "Tech Talk" because it is a cool new tech item. It could have been placed elsewhere because it may be useful to many offices that accept credit card payments.
I was alerted to "The Square" (at squareup.com) by my part-time IT consultant, budding entrepreneur son. This is a free credit card reader that plugs into an iPhone, iPad, or Android device and allows you to instantly take credit card payments with your smart phone or tablet. The money is quickly credited to your bank account (maybe a day or two slower than a bank-provided reader). The reader is free. It is tiny and portable and can be used anywhere you have phone connectivity.

The cost is amazingly low: 2.75% per transaction if swiped, and slightly higher if you key in the credit card number. The last time I looked, I was averaging more than twice that with my current system. We got one to use in a satellite office where we have no card reader, and it works well. The cost is FAR less than our regular machine and I am thinking of using it exclusively.

There may be security issues (though they seem to have been considered and addressed) and perhaps the price will go up later....but for now this seems like a great option if want to take credit card payments but have not yet started, and may be a replacement for your current system if you have one.

This is worth considering if you process credit cards. The big financial players seem to be bullish on the future of Square.

Think of it this way, saving 2% on credit card transactions compared to getting 1% from Medicare PQRI or rRx incentives.

My card swipe charges < 1.9%
$10 monthly fee
Local bank

Jon in baltimore:

i think you are getting ripped on the cc fees! Check the fees properly. Is there no 10 cent or 20 cent feeon top of the percentage.. Is that for ANY credit card or basic visa or MC...because your points cards and rewards cards cost YOU more so the patient cant get rewards!

Usually a monthly fee, plus per swipe fee plus a percentage of the swiped amount fee!

I have been told by many many merchant companies who came to my office to try to sell me that i was the cheapest it could be and it was 10 cents a swipe plus 1.85 percentage with 7 dollars a month...

Square has only the one fee if you swipe, which is 2.75%. No minimum, no fee per swipe, no monthly fee.

Thanks Jon for the information. Looks like could be a great solution, especially for a remote office.

Last year, my practice management system (non amazing charts), offered an integrated card and check reader and merchant processing solution. I went for it. The receptionists and I just love it as there is no more double entry, and no more having patients calling up and saying "I paid my $20 copay on my credit card, but I just got a bill for it. Also there are no more trips to the bank to deposit checks as they are presented electronically.

My point is, if one gets the opportunity to have a credit card system that is totally integrated the credit card fees aren't AS important as the streamlined workflow, lack of callbacks and patient satisfaction.

By the way, my credit card fees are 20 cents/swipe, 1.63% (debit without PIN)to 3.25% (card not present) a purchase and $8/month. Checks are 20 cents each with no % fee.

Jon:

Interesting. Will def look into it! Thanks. Does this work with just your normal computer?

No, you must have a smart phone or iPad.

We just started looking into this:

Does anybody have experience with Sams Club?
http://www.samsclubms.com/#panel-2

Yes, I was drawn in by their low fee advertising. They use First Data Merchant Services. It was a HORRIBLE experience, hard to activate, impossible to deal with, lots of extra fees tacked on, etc. I dropped it, and no longer take credit cards.Maybe they have gotten better, but I cannot recommend them based on my individual experience.

But, if you decide to proceed, I have a credit card terminal I'd be happy to sell you at a big discount!

Thanks Donna for the above offer.

We are still looking.

Does anybody has experience with AC CC processing:

http://amazingcharts.com/services/credit-card-processing/

I just got my squareup.com credit card reader today (free- about the size of a silver dollar). I will use it with my ipod itouch as a backup to my current system. I did a test charge and it went well. one can get a receipt by text message or email. Really cool idea.

I have been unsuccessful finding low rates like some docs on the board have. Most companies won't even quote me a rate until they see my old reports and I don't like that. Then the quoted rate is almost never given because they charge more for keyed in numbers, etc.
So I've been using Square for about a month and I remain enthusiastic, though there are some problems:
1. The square itself is a little touchy. It took each of us several tries to get it to read. You have to hold the phone flat-usually best to leave it flat on the desk.
2. The device broke after about two weeks and wouldn't read at all, so I had to order a new one. Maybe my original one was defective from the start and the new one won't be as touchy. I was glad I still had my old account and machine. You might want to order a back-up device and test it before getting rid of your 'traditional' merchant services.
3. You have to keep your smart phone at the front desk. So unless you want the front desk (and maybe patients!) seeing the special texts your spouse or others send you, you will want to get another phone or ipad or itouch. I was going to use my old iphone but not only do you have to pay for the phone line, you have to pay for a data plan, so I will probably go with an itouch.
4. The receipt can be sent to the patient by text or email. But if a patient wants a written receipt right then, you have to log onto your online account by entering a password and then printing it. This password-accessed account shows all the data and also allows your information to be changed including your bank account info, i.e where the deposits go. Now I have a very small, very trusted, staff. But do I really want them to be abe to go into this account? If they can't, then I have to be available to print any needed receipts. The password is also needed to enable the app on your mobile device, which 'should' stay enabled, but if it doesn't, the password will have to be entered again.
5. Copies of all transactions are emailed to you. At the end of the day you need to print all these for staff to reconcile the finances for the day. You could have them sent to an office email, but then that email is the account holder, so that's not good for security either.

I actually love the idea and like a lot of people on this forum, I am always looking for ways to save money and improve care. Patients think the square is really cool, and so do I. Maybe someone else can suggest ways around my concerns. One thought I had for printing receipts when requested is to use the square prompt to email it to an office email, then the staff can print it.

Just a quick update after my rant about the Square. Working well with either itouch or old iphone using office wireless hotspot. Only problem now is I lost all my daughter's music and video using her itouch-oops.

We did get Sams Club credit card processing.

Accept only Debit card- VISA/MC at this time (though we are all set up to accept Credit cards) for obvious reasons.

We have this for 2 mths and is working great. Patients are ok with just debit card processing. We just tell them we do not accept credit cards at this time. (May change in future).

http://www.samsclubms.com/#panel-2