Customer Review

Reviewed in the United States on November 1, 2016
Pros:
Increases sales
Easy to set up (5 min or so)
Easy to operate
Easy to carry
Records transactions w/ GPS location
Sends Email Receipts to customer (if they choose so)
Debit/Credit Apple Pay/ Android Pay

Cons:
Easy to lose/steal
2.75% charge per transaction
Confusing Fee from above
Confusing 1st time "mail Sample"

Unknown/ Not Tested yet:
Customer Service
Printing Capabilities
Durability

Review:
So when i ordered, it was advertised with the Square thingy + card swipe adapter. It did come with both, in box that looks more like the apple company made it. The products itself looks from apple. Quality seems good, sturdy, I just like the feel I don't have to worry of grabbing it too hard and break it.

Set up is pretty much straightforward. You download the app (Squre Register-POS), you'll need your Business Account // Personal Account along with routing number. Zip Code, name, address, social security and what not. Pretty much what a bank would ask you. Once your account is linked, it will ask you if you want them to send you their product or if you already got it. I thought the product was going to be sent for free, but it was charging me another $50, so i wanted to cancel and it didn't give me that option. I still have to check with customer service about that. In the meanwhile i just put "charge me later" or something along the lines.

To use it, open the app (Abbreviated as "Register" in the apps menu), You enter the amount and you can have the chip reader or the swipe card thingy be used for the transaction. The app will automatically detect when it happens. Then customer signs on the smartphone. enters email for receipt (or skips). And done, in 3 days or less you got your deposit ready for withdrawal. Customers already familiar with it, make transactions faster than cash, and I've notice sales have gone up, despite the 2.75% current charge (as of 11/01/16).

Here is the catch though, whatever you enter in the phone, that's what the customer pays at the end of the day. Which means that if you sell
a product for $1.00, the customer pays $1.00 but you will only receive $0.97 cents. So if your profit margin has to be $1.00 then you must sell the product at 1*(100+2.75)/100 = $1.03

In general:

Sales = Price*(100- r) /100

where:
Sales = your desired cash revenue.
Price = the advertised amount in a cash transaction
r = interest rate from Square , currently at 2.75%

Generally customers don't mind the extra charge because of the convenience of not wasting time in going to an ATM. And if they use credit card, at least 1% returns to them, so it will be more of 1.75% charge. Pretty small for products under $25.

So about this issue you got 3 options:
1) have a calculator at hand for every transaction you make, slow down lines, and increase skepticism in customer trust.
2) Leave prices as they are, and take the hit for using this product (Recommended by me, some is better than nothing)
3) Raise prices altogether to keep profits marginal ( customer satisfaction goes down, and maybe sales as a consequence).

I think overall this this product is great. Customers like it when they found out we started taking cards.
Sales transactions went up by almost 30%.
Now most of the income is about 50% from online transactions.
Apple Pay/ Android pay is big plus, even though they only constitute 1% of total online transactions.
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