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  1. #1
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    The apple payment cube

    Does anyone use the square payment cube? Do you know what I am talking about? The cube that plug into your phone and you can swipe a credit card and it uses an app to process payment. You do have to pay a small percentage per use to the processing company. I don't know much about it but sounds very interesting- just a thought. Any users of this device?

  2. #2
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    I have one - not for day care but another reason. I love it.

    Really simple to use. And it's not just for Apple products now. It now works on Android too.

    When you sign up for one, you give Cube your bank details so they know where the money is being deposited. It has a GUI front end so you literally plug the gadget in, sign into your account, swipe the card, enter the amount and hand your phone/tablet/whatever to the client who confirms by signature right on the screen. Easy. Money is deposited in real time just like a transfer would be.

    RBC also have one now - which is solely Apple but they have plans for Android too. Same fees.

  3. #3
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    I got mine after seeing a friend use his for his business. He's used them for 3 summers now. He did say that after a lot of uses, his first cube got a little loose in the gap where the card slides through - hope that makes sense. But he ordered a new one which came fast and in the meantime just had to squeeze the two sides together occasionally. The newer designs are much sturdier so it seems as issues arise, they are being taken seriously and addressed. The Cube was the first to bring in this remote technology, so I imagine there's a learning curve.

  4. #4
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    A friend of mine who's and RMT has one, and if people want to pay with credit card, she charges them the percentage. They're really handy, I've seen them at craft fairs too.

  5. #5
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    I have been looking into them for my felt business since I have lost tons of sales from people not having cash. Wondered about adding the charge to the transaction too so I am not the one missing out since I don't have a large mark up. Watched a few use them at a craft fair and talked to a lady who has had it since before last season's sales and said overall she sells more because of it.

    Considered making it available to daycare parents - that is actually the scenario they used to show on the tv commercial about it but again they would have to absorb the fee which makes sending me an EMT easier for both of us.

  6. #6
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    If parents want the convenience of payment with debit/credit they will absorb the fee. No different than convenience stores charging an extra $0.25 to cover their transaction fees. I think it is an AWESOME idea in general.

    As for paying for crafts and stuff, I know for a fact I would buy way more (more poor accounts) if this option was available at craft fairs, markets etc.

  7. #7
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    Quote Originally Posted by SillyGirl_C View Post
    If parents want the convenience of payment with debit/credit they will absorb the fee.
    It doesn't work on debit yet. This is solely credit card only.

    RBC have one coming which will do both but the fee schedule will be different. For debit transactions, it will be a monthly charge, which they indicated would be between $20 and $30 a month (bear in mind, any business which has a debit card reader is usually charged a monthly processing fee for that reader) , for credit transactions, it will be as it is now, a percentage based fee 2.75% per swipe.

    Seems Amazon are launching it's own mobile payment reader too.

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  9. #8
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    I can totally see the value of this for craft fairs and other such businesses. But to use it for daycare...it would cost approximately $300 a year in fees for the parents (or provider). Maybe people pay for that kind of convenience but it seems excessive. EMT is a fraction of that cost...and as far as I'm concerned the cost of EMT is too much to do regularly! Cheques are free (at least at my bank).

    I'd find it quite funny if the parents that complain about the daily cost of childcare opt to pay the extra 2.75% to pay with this!!

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