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  • From: Liz Pike <marketfarmshoptalk AT gmail.com>
  • Cc: Market Farming <market-farming AT lists.ibiblio.org>
  • Subject: Re: [Market-farming] Square up/broadband access
  • Date: Sat, 12 Feb 2011 00:15:00 -0500

Hey Richard, and all...

My point about Square is to just be careful, and be aware.  While most of my buddies who have had trouble with Square process money in much larger amounts than a typical farmer's market sale, some of the amounts withheld have been way below the $1000.00 and withheld for no reason Square could explain. (funny, this $1000.00 "limit" is on their FAQ page, but not in the Service Agreement.)  Considering this happened to tech-savvy people who dotted all the i's and crossed all the t's as specified by Square is what raises the red flag for me. Square did point out in all cases (from their Service Agreement): "At any time and from time to time, we may temporarily suspend or delay payments to you and/or designate an amount of funds that we must maintain in your Square Account or in a separate reserve account established and maintained by us (a "Reserve") to secure the performance of your payment obligations under this Agreement."  No one from Square has been able to tell my friends what constituted "the performance of their payment obligations" when they weren't even the "payers", they were just receiving the money but yet they were penalized. Even those who had stellar credit (& Square WILL run a credit report on you!) had issues with various amounts held, even after almost a year of no problems.

I'm not saying DON'T use Square, just be careful.  Maybe even limit the amount of sales you run through them to test how they handle your money.  Especially for new account holders from whom they withhold 14 days worth of sales in reserve.  "For the first six (6) months new Square Accounts will be required to maintain a Reserve of no less than the combination of a trailing 14 days of sales activity..."   (We certainly couldn't have afforded 14 days worth of sales to be withheld when we doing the Greensboro market in 2009!)

Now as to the additional/alternative method I gave, ( Venmo.com ), it was just that---I wasn't advocating re-inventing the wheel, but not everyone here has an iOS or Android device to support Square.

Liz Pike


On Fri, Feb 11, 2011 at 7:15 PM, Richard Stewart <rstewart AT zoomtown.com> wrote:
As to the Square payment thing, Square pays up to 1000.00 immediately and the rest in 30 days.  This is in the contract (I have to go back and see exactly how it reads) and up front.  We do a lot of net14 and net30 so this is not a big deal for us.

Trying to get customers to do yet ANOTHER form of payment when one is already out there is time poorly spent.  My grandmother has a credit card but has no idea how to text so Venmo will actually be an impediment versus ANY credit card system.

Richard Stewart
Carriage House Farm
North Bend, Ohio

An Ohio Century Farm Est. 1855

(513) 967-1106

On Feb 11, 2011, at 2:38 PM, Liz Pike wrote:

Hey Folks, I'm away from my computer but wanted to jump in here. Be careful of Square--it's like PayPal disguised in more convenient clothing. I have many web/techy friends who are running into issues with them already, same issues as PayPal. Square will "hold" a certain amount of your money for up to 30 days, & without notification. It's random, just like PayPal. I think it needs to iron out some bugs before jumping on their bandwagon.

A better, even more convenient solution is through Venmo.com. Transactions actually take place through text msging so any phone that txts (not just smart phones) can do Venmo & it's FREE. All it takes is linking a debit/credit card/ bank acct to your phone. Customers can stand there in the market & txt you the money for their purchase. They will need a Venmo acct too so it will take some educating on your part to get your customers to use this service but I think it will prove so convenient they will THANK you for showing them this new service!

Liz Pike
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--
Liz Pike
Market Farm Shop Talk.com
farm fresh news, grower to grower
Hillsville, VA
Raleigh, NC
New Bern, NC

276.565.7352
252.571.5363
Skype: elizabeth-pike




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