Has anybody tried using a Square credit card reader for individual (non business) use? The scenarios I'm thinking about are for selling stuff at garage sales or on Craig's List but I imagine there are other possible non-business uses. Just curious.
Direct from Square Support in an email to me today when I asked this very question:
Thanks for writing in. You can certainly use Square for personal use. When activating your account, you’ll be asked how you intend to use Square. You’ll simply need to select ‘Individual Use.’
Don't think we can get more clear than that :)
Why wouldn't they be? The reader is free after rebate, and sold in Walgreen's/Riteaid, etc. The site shows a fee of 2.75% which is comparable to what merchants are charged for card use. Not sure what other uses you're thinking of, but it's probably a good thing to have for a yard sale.
From an article in Fast Company Magazine:
The result was the Square reader, which launched a year ago and which allows just about anyone to set themselves up to take credit card payments. Even you. Planning a garage sale and want to enable people to pay for your gerbil cages and Shawn Cassidy LPs by credit card? No problem. Square's for you.
There's no difference between "individual" and "business" in this context. What is a personal transaction that involves credit card? You have a garage sale? Its business. You sell something on craigslist - business. Want to let people pay for your daughter's girlscout cookies - business.
There's no difference between using Paypal (which has its own credit card reader, by the way) and Square in this context. No-one will ask for any business licenses or anything, just your tax id (be it SSN or EIN).
Its exactly the same as selling on eBay and accepting credit cards through your Paypal account, conceptually (charge-back rules are different, because Square is a proper merchant account, but that's it).
Open a personal account to link SQUARE with, open a savings account with same bank. Register as "PERSONAL USE", make as many transactions you want for whatever you want $5.00 to $1,000.00 or more, you get paid, square collects a fee. Money is in your "personal account" in 24 hrs, transfer it to your savings acct. 2 years now no issue. I've done the EIN, vendors license, registering business crap, if you work for yourself for private citizens it's none of anyone else's concern.