Author Topic: Credit Card Churn Opportunity: Square Processing fees waived for first $1000  (Read 3473 times)

CanuckExpat

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Square, the phone dongle credit card processing people, seem to be having a promotion where they waive credit card processing fees for your first $1000 in transactions if you sign up for an account through a referral link.
(You actually don't need to request a dongle, they let you also take transactions by directly keying in the credit card information)

If you are interesting in doing this, I would proceed with caution.
The best idea would probably be to enlist a partner in crime, charge one of their credit cards through your account and vice versa.
It's probably a bad idea to run your own credit card through your square account.

For example, my wife and I each signed up for accounts. She charged one of my credit cards that needs minimum spending, and I will charge one of hers that needs minimum spending. So far no problem. Will keep you updated if anyone is interested.

I'd put this under slightly high risk churning, so be careful out there :)

nanu

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Not bad, but not sure it's worth the hassle for a one time manufactured spending of $1000

CanuckExpat

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Not bad, but not sure it's worth the hassle for a one time manufactured spending of $1000
Your right actually, I had written the post and then wondered if Churn was the write word, manufactured spend would have been better.

It was already relatively quick, a couple screens (username/password, personal info), and one entry of the credit card to charge.

If is worth your time or not depends on what you are trying to achieve.

We were just short of the amount we needed to achieve companion pass, and this pushed us over the edge, so it was a nice find at the right time.

michaelrecycles

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Interesting. Will Square report this as income?

(PS just caught your signature. Will have to check out the blog!)

CanuckExpat

  • Magnum Stache
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Interesting. Will Square report this as income?

(PS just caught your signature. Will have to check out the blog!)

That will probably only happen if you try to run through more than $20,000 AND over 200 transaction: https://squareup.com/help/us/en/article/5048-square-tax-reporting-and-form-1099-k

I for one plan on staying under that threshold :)