Processing MS Debit Cards
Apr 18, 2014, 10:20 am
#1
Original Poster
Join Date: Jun 2012
Posts: 86
Processing MS Debit Cards
I'm interested in processing MS purchased debit cards independently (myself) - no MO purchase / deposit or other hoops. Has anyone looked into this?
Square's subscription plan could have been pretty nice for heavy hitters - $275 per month, no swipe fees. Discontinued now.
The best I can find now is 1.75% from a reputable processor. I'm wondering if there is any way to get this lower if you're only processing debit cards.
Has anyone gone down this road? Feel free to PM me.
Square's subscription plan could have been pretty nice for heavy hitters - $275 per month, no swipe fees. Discontinued now.
The best I can find now is 1.75% from a reputable processor. I'm wondering if there is any way to get this lower if you're only processing debit cards.
Has anyone gone down this road? Feel free to PM me.
Apr 18, 2014, 10:33 am
#2
Formerly known as FTRox87
Join Date: Sep 2012
Location: TX
Programs: AA/US 1M, AS, BA, CX, EK, EY, JL, KE, LH, NH, OS, QF, QR, TG, UA/CO | *$G
Posts: 1,428
interesting, but probably not worth it even if you got a fee-free processor due to the probable tax liabilities. correct me if I'm mistaken, but somewhere along the line this would most likely be flagged as "income."
Apr 18, 2014, 10:35 am
#3
Original Poster
Join Date: Jun 2012
Posts: 86
That's a really important consideration. I know Square is similar to PayPal - $20k in sales AND more than 200 transactions.
Apr 18, 2014, 9:20 pm
#9
Join Date: Dec 2013
Posts: 51
People who have tried to do this get shut down by their payment processors pretty quickly, and it is a bear to get your money back. If you already have a legitimate business with decent volume, you might be able to sneak in a few gift cards here and there, but, like other people have said, you would have to report this as income. Of course, there are always other ways to self-churn, but they are more complicated and involved.
Apr 19, 2014, 3:32 pm
#15
Join Date: Mar 2014
Posts: 18
People who have tried to do this get shut down by their payment processors pretty quickly, and it is a bear to get your money back. If you already have a legitimate business with decent volume, you might be able to sneak in a few gift cards here and there, but, like other people have said, you would have to report this as income. Of course, there are always other ways to self-churn, but they are more complicated and involved.