Go Back  FlyerTalk Forums > Miles&Points > Credit, Debit and Prepaid Card Programs > Manufactured Spending
Reload this Page >

What are the "pay yourself" (i.e. Square) merchants out there?

What are the "pay yourself" (i.e. Square) merchants out there?

Old Jan 16, 2013, 7:34 am
  #1  
Original Poster
 
Join Date: Nov 2009
Posts: 1,051
What are the "pay yourself" (i.e. Square) merchants out there?

I'm trying to learn more about those merchant services that allows you to "pay yourself". It started with Square.

Recently, I've been using Square to cash out my prepaid cards, but the 2.75% fee is really upsetting. Today, I saw that Groupon Payments does something similar but it only charges a 1.8% fee!

Are there more "pay yourself" services out there?

P.S. Yes, I know about AZ, but with the recent clamp down, it's not possible to create new accounts without giving up SSN.
Rommie2k6 is offline  
Old Jan 16, 2013, 10:23 am
  #2  
 
Join Date: Jan 2013
Location: Phoenix
Posts: 48
I have been wondering about this too. But I don't know about AZ and that is where I live. So what about AZ?
freeflights4me is offline  
Old Jan 16, 2013, 10:27 am
  #3  
Suspended
 
Join Date: May 2010
Posts: 2,998
Square will shut you down for doing that.
Stoughton is offline  
Old Jan 16, 2013, 10:47 am
  #4  
 
Join Date: Jan 2013
Location: Phoenix
Posts: 48
Originally Posted by Stoughton
Square will shut you down for doing that.
Would they know right away, one time and done?

What about the other card reader services out there?
freeflights4me is offline  
Old Jan 16, 2013, 10:53 am
  #5  
 
Join Date: Jan 2010
Posts: 1,708
Originally Posted by freeflights4me
Would they know right away, one time and done?
I don't know anyone that got shut down "one time and done" but everyone I know that tried it got shut down eventually. I think the earliest was three times but most survived for longer than that. There is an old thread about it here somewhere. Look for Marathon Man's posts in that thread, his story rings true to me.
ddallas is offline  
Old Jan 16, 2013, 10:58 am
  #6  
 
Join Date: Jan 2013
Location: Phoenix
Posts: 48
Okay, I wasn't thinking about using it to make all of my spend but maybe as a last resort if it comes down to the wire. I have all three major readers for a small business I started.
freeflights4me is offline  
Old Jan 16, 2013, 12:43 pm
  #7  
 
Join Date: Apr 2011
Posts: 51
Originally Posted by freeflights4me
I have been wondering about this too. But I don't know about AZ and that is where I live. So what about AZ?
I believe AZ means Amazon Payments. I had a few large prepaid cards I paid someone with through AZ and it worked ok. Wouldn't do it over and over as you have to add a CCard to your account and they may be suspicious but it did work.
LivninSC is offline  
Old Jan 16, 2013, 1:06 pm
  #8  
 
Join Date: Jun 2009
Location: Oakland, CA
Posts: 1,231
Square has a flat monthly fee option.

https://squareup.com/help/en-us/arti...-square-s-fees
hamburglar is offline  
Old Jan 16, 2013, 1:17 pm
  #9  
 
Join Date: Jan 2010
Location: IAD, TPE
Posts: 465
x3 on Square, 100% shut down rate. When they shut you down they'll hold whatever money you have in the account for 30 days as well. Oh, and basically there's no way to contact them.
fangtl is offline  
Old Jan 16, 2013, 1:25 pm
  #10  
 
Join Date: Oct 2010
Location: IND
Programs: SPG Plat, WN CP, Many Others
Posts: 538
Square, PayPal Here, Intuit GoPayment, and PayAnywhere are the ones I know about. I do not use any of these, just offering other options. I am sure they will all shut you down quick.
millere2 is offline  
Old Jan 16, 2013, 1:33 pm
  #11  
 
Join Date: Jan 2010
Location: IAD, TPE
Posts: 465
Don't know about PayAnywhere or Paypal Here but GoPayment is true merchant's account so a yearly 1099 will be generated for even a single transaction.
fangtl is offline  
Old Jan 16, 2013, 4:09 pm
  #12  
 
Join Date: Sep 2012
Posts: 5
I have a small business, with two different paypal business accounts. I've paid myself from one account to the other for at least 5k worth of spend over 10+ different prepaid credit cards in the past few months. Haven't had any problems.

Well, one minor complication: paypal only allows you to add 15 credit cards per account (they say this is not their policy, but rather imposed upon them by the feds). So when I tried to add my 16th they wouldn't allow me. I called customer service, they said I could easily open up a secondary account which would attach to the one maxed out, then I could add another 15 and continue as before. I haven't bothered.

But point of the story is that paypal seems totally ok with one business account paying another, even if they are VERY CLEARLY owned by the same person. Really, I have a different business name and bank account for each, but have the exact same personal name, address and phone number. I'm willing to bet if you had one business account and one personal account, you also wouldn't run into problems.
ggggoat is offline  
Old Jan 16, 2013, 4:11 pm
  #13  
 
Join Date: Sep 2012
Posts: 5
oh, one more thought with paypal. If you're paying yourself, also send the payment as a 'gift,' this doesn't get you out of paypal fees, but it does exempt you from having to pay taxes on that money (paypal doesn't add gifts to your 1099).
ggggoat is offline  
Old Jan 16, 2013, 4:28 pm
  #14  
Original Poster
 
Join Date: Nov 2009
Posts: 1,051
For the folks that say we will get shut down, how do they know it's our credit card? I thought only the CC number and code at the back gets transmitted to them?
Rommie2k6 is offline  
Old Jan 16, 2013, 4:58 pm
  #15  
 
Join Date: Jan 2010
Posts: 1,708
Originally Posted by Rommie2k6
For the folks that say we will get shut down, how do they know it's our credit card? I thought only the CC number and code at the back gets transmitted to them?
I don't know. My only experience is with Square and I got shut down within about a month of doing that. When it first came out, as you can imagine, a whole lot of folks here jumped on it and as a result there is a big thread from a year or so ago that describes posters experiences.
ddallas is offline  

Thread Tools
Search this Thread

Contact Us - Manage Preferences - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

This site is owned, operated, and maintained by MH Sub I, LLC dba Internet Brands. Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Designated trademarks are the property of their respective owners.