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GoPayment and Square are competing solutions for processing credit cards through your cell phone. Both offer free credit card readers, both have an application that can be downloaded to your cell phone. They have similar rates on the no monthly fee plans, but there are some major differences that many people are not aware of.
GoPayment works with a much larger variety of smart phones, and more phones are being added all the time. While Square has a single plan with a single rate, GoPayment offers a second plan for High Volume (more than $ 1000.00 per month average) which has a monthly fee of $ 12.95, but reduces the rate you are charged for processing by 1 full percentage point. That can add up pretty quick if business is good.
One of the biggest differences though is how the two solutions try to verify information to reduce fraud.
GoPayment does require an application, and a credit check for acceptance.
Square does not have a credit check, but here is where it gets scary.
In a recent interview, the CEO of Square, Jack Dorsey ( who is also the founder of Twitter) stated that they were researching the customer’s name, address, and other information by compiling all of their Twitter, Yelp, Google Map, Facebook, MySpace, and other social media input! As he put it, “they are willingly putting it out there.
So while GoPayment is using standard business practices to reduce fraud, Square is going off the charts by collecting everything you do on the web! As we know, anyone can post anything on the web. In the Oct 27, 2010 article from Business Insider, the article states In short, the more trustworthy and legitimate that your social media presence makes you look, the more Square trusts you to conduct business without committing fraud.
I think I will stay with the standard, verifiable credit checks, rather than have my credit card company digging through my personal life.
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