Being able to accept credit cards anywhere you happen to be has certainly pushed to the top of the list of things desired by movers from their credit card processor. Much of this was inspired by the convenience of using Square. Square has continued to dominate in the arena of credit card terminals for new businesses wishing to process credit card payments on their mobile devices.
However, a showdown is just beginning with Clover Go, backed by the powerful First Data, gaining significant traction in the marketplace. Clover Go offers lots of services along with layers of security provided by Merchant Services Providers such as Remedy Payment Solutions. Clover Go is similar to Square. In fact, it is also a card reader that either plugs into your device or connects over Bluetooth.
While some merchants like the fact that Square has very predictable charges, no long-term contracts and is super easy to use, all that does come with a heavy price. A mover using a merchant service provider like Remedy Payment Solutions might process a transaction with fees of 1.87% while that same transaction with Square would cost 3.50% (and a .15 transaction fee). Let’s do the math on a $1000 transaction. A Remedy Payment Solutions client would pay $18.70. The same transaction with Square would cost a merchant $35.20. That’s a whopping $16.50 more. Nearly double the cost simply for the convenience!
Clover vs. Square: The Benefit of a Credit Card Processor
Putting more money back into your pocket or reinvesting the savings into your business is probably the most important benefit of using a credit card processor but not the only reason. A credit card processor will represent you if you have a chargeback and assist with your PCI compliance. Most credit card processors offer 24/7 support for their clients. A processor like Remedy Payment Solutions supports the industries we serve through association membership and sponsorship as well as making financial contributions to help your industry association grow. Did you see Square at your last industry trade show?
A Device Comparison: Square vs. Clover Products
Each device offers mobile apps that can be used for transactions.
Clover Go offers:
- Customizable tax and tip
- Quick sale
- Full/partial refunds
- Unlimited Users
- Email/SMS receipts
- Integrated reporting with online dashboard
- Discounts by percentage or dollar amount
Square’s features:
- Customizable tax and tip
- Quick sale
- Full/Partial refunds
- Email/SMS receipts
- Online reporting
- Flat rate pricing
Square vs. Clover – Which device should you choose?
There are always pro’s and con’s in decision making. You have to decide what is right for your business based on what your needs are, the demands of your customers and how much you are willing to pay. If having a merchant services provider in your corner with lower credit card processing rates and fees is most important, then Clover Go is the best option for you. If you process a handful of credit cards with low transaction volumes and the rates and fees don’t really significantly impact your bottom line profit then Square is probably a great option for you.
Should you have any questions about this article or need any guidance, please don’t hesitate to reach out to Remedy Payment Solutions at 714-461-2200 or info@remedypayments.com.
* Authorized dealer for Clover Products.
Remedy Payment Solutions is powered by Chosen Payments whom is a registered ISO and FSP of Wells Fargo Bank, N.A., Concord, CA and BBVA USA, Birmingham, AL., and Elavon, Inc., N.A., Atlanta, GA and Evolve Bank & Trust; Memphis, TN., and Merrick Bank, N.A., Draper, UT.