New Possibility with Square for the VERY Aggressive
Mar 22, 2013, 8:30 pm
#32
Suspended
Join Date: May 2010
Posts: 2,998
Mar 22, 2013, 9:05 pm
#33
Join Date: Jul 2012
Location: LAX
Posts: 298
And mine, too. If I remember, you can select whether or not the swiping is for "business" related purposes. Square is not a good idea for those looking to move many thousands (at least those not willing to take on a substantial risk). However, it's not as risky as some try to make it out to be if you use it reasonably.
Mar 24, 2013, 1:58 pm
#34
Join Date: May 2011
Location: ORD
Programs: AA LTG, Marriott LTP. 50% Delta LTS, Working on Hyatt LTD
Posts: 676
I've gotten shut down and they won't reopen. I only did about $2,000 of gift cards (in $100 increments) that I purchased separately (with wife's name on them) and that was the end of it. Email, phone call, "sir, we don't like what you are doing even though it's not against policy. we've cancelled your account".
Good luck making it pay...
Good luck making it pay...
Mar 25, 2013, 8:11 pm
#35
Join Date: Jul 2012
Location: PA
Posts: 82
I've gotten shut down and they won't reopen. I only did about $2,000 of gift cards (in $100 increments) that I purchased separately (with wife's name on them) and that was the end of it. Email, phone call, "sir, we don't like what you are doing even though it's not against policy. we've cancelled your account".
Good luck making it pay...
Good luck making it pay...
Jun 4, 2013, 7:41 am
#38
Join Date: Aug 2004
Location: MGM
Programs: United Silver, PC Plat/Amb, HH Dmnd
Posts: 805
IME, Square doesn't hesitate to cancel you for "not using the service as intended." I used a year or so ago to cash out some Amex giftcards and Square gave me the axe after a little over $10K in 2 months. They held onto my balance for about 8 weeks after account closure.
Andyandy
Andyandy
Jun 4, 2013, 7:49 am
#39
Join Date: Jan 2010
Posts: 1,708
IME, Square doesn't hesitate to cancel you for "not using the service as intended." I used a year or so ago to cash out some Amex giftcards and Square gave me the axe after a little over $10K in 2 months. They held onto my balance for about 8 weeks after account closure.
Jun 7, 2013, 1:08 pm
#44
Join Date: Sep 2001
Location: Washington, DC
Programs: UA Plat MM, AA Gold, Hyatt Explorist, Hilton Gold, IHG Plat, Marriott Titanium Elite
Posts: 5,015
If in a given calendar year you receive (i) more than $20,000 in gross amount of payments and (ii) more than 200 payments, Square will report annually to the Internal Revenue Service (“IRS”), as required by law, your name, address, Tax Identification Number (such as a Social Security Number (SSN), or Employer Identification Number (EIN)), the total dollar amount of the payments you receive in a calendar year, and the total dollar amount of the payments you receive for each month in a calendar year. Whether you reach $20,000 in payments or more than 200 payments will be determined by looking at the SSN associated with your Square Account.
However, you cannot pay yourself using Square. It is to be used strictly for business transactions. If you violate that part of the Seller Agreement, you're committing fraud.
Jun 8, 2013, 8:17 pm
#45
Join Date: Feb 2011
Location: Somewhere above the Mason-Dixon
Programs: DL Ham Samich
Posts: 1,660
Oddly enough, it was much different than the FR's I've heard about in the past. After answering some questions, I was required to have two of my bank accounts fax forms to AMEX stating the current balance as well as the a average balance for the last 6 months, which AMEX called to verify the authenticity of later. Never asked for any tax docs, but they did slap a 5K limit on the personal platinum and a 3K limit on the biz Gold.
The lady I was conversing with wasn't particularly pleasant.
The lady I was conversing with wasn't particularly pleasant.