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Guspaz
Guspaz
MVM
join:2001-11-05
Montreal, QC

Guspaz to iLearn

MVM

to iLearn

Re: Square Users?

Unless I'm mistaken, even PayPal is charging us less than 2.75% for credit card processing, and their scanner doesn't take interac...

Their monthly package is more interesting, but it's not available in Canada. On that plan, you pay $275 per month, and 0% per transaction, for up to $250,000 per year. Over that, you pay 2.75%. It works out to 1.32% per swipe, I think.

Even if they offered that in Canada, though, it wouldn't work for us, because there is also a $21,000 per month limit, and we do 100% of our in-person payments in a single weekend (online payments are spread over a few months).

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

Yeah. With our merchant account, our fees go down when we hit certain thresholds. With the volume we do it still costs us a few hundred bucks a month in fees, though. They deposit the full amount of the transaction within 48 hours, then do a PAD once a month for all the fees.
iLearn
join:2013-01-16
canada

iLearn

Member

PayPal could have been a good option too but it is not available in Canada yet.

When I received Square reader, I did a test transaction for $10 on Friday afternoon and the money was in my bank Saturday evening. Every Square user that I have talked to had good things to say about it. Like, faster processing and payment goes through the first time. Their online account is also very good in terms of tracking transactions, issuing refunds etc.

OK here are my questions.

Oh BTW, they dont have a live agent who you can talk to so you have to send them an email but I have not heard any reviews about this being an issue.

Anyways.

The question is:

They required my HST # when I singed up for the card reader and I have linked my personal account for deposits. Was it not the right way to do it for tax reporting purposes?

Guspaz
Guspaz
MVM
join:2001-11-05
Montreal, QC

Guspaz

MVM

said by iLearn:

PayPal could have been a good option too but it is not available in Canada yet.

Huh? PayPal Here (their competitor to Square) has been available to Canadian merchants for almost a year, and their online credit card processing services (which is what we use) has been available for many years.

In terms of switching our existing online credit card processing from PayPal to another company, we've gotten a few quotes that are cheaper than PayPal, but not sufficiently cheaper to justify the development effort to switch APIs.
iLearn
join:2013-01-16
canada

iLearn

Member

I am not discussing online payment processing system. I was discussing credit card processing through a credit card reader on your smart phone. There is a difference.

PayPal dont have that available here in Canada yet.

Plus correct me if I am wrong, once available in Canada you wont get the funds in your bank account directly, they will go to PayPal account and then you will have to pay a fee ($0.50 each transaction) to get them transferred to your bank account. So more money spent plus more time to access funds.

Gord
@teksavvy.com

Gord

Anon

We use square and its been great. For a company that uses a small # of transactions you can't beat them. The funds are allways in the bank in less than 48 hours and none of our clients have a problem using a phone to do the transaction.
peterboro (banned)
Avatars are for posers
join:2006-11-03
Peterborough, ON

peterboro (banned) to iLearn

Member

to iLearn
said by iLearn:

They required my HST # when I singed up for the card reader and I have linked my personal account for deposits. Was it not the right way to do it for tax reporting purposes?

I don't know why the HST is required considering there is no legal obligation to have one for certain businesses and a personal account is fine for a sole proprietor.

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

said by peterboro:

I don't know why the HST is required considering there is no legal obligation to have one for certain businesses and a personal account is fine for a sole proprietor.

Maybe they want the CRA BN and not actually the HST number? The BN itself doubles as an HST number (along with a payroll account number) with a program identifier tacked on the end.

Still, a sole proprietor doesn't require a CRA BN either, so I don't know. There were stories about Cogeco asking for BNs for business cable account signups and my response to the people who said they had it happen was to tell Cogeco that they are a sole proprietor with less than $30,000 a year in revenue and therefore there is no legal requirement for them to have a BN.
peterboro (banned)
Avatars are for posers
join:2006-11-03
Peterborough, ON

peterboro (banned)

Member

said by Gone:

said by peterboro:

I don't know why the HST is required considering there is no legal obligation to have one for certain businesses and a personal account is fine for a sole proprietor.

Maybe they want the CRA BN and not actually the HST number? The BN itself doubles as an HST number (along with a payroll account number) with a program identifier tacked on the end.

Still, a sole proprietor doesn't require a CRA BN either, so I don't know. There were stories about Cogeco asking for BNs for business cable account signups and my response to the people who said they had it happen was to tell Cogeco that they are a sole proprietor with less than $30,000 a year in revenue and therefore there is no legal requirement for them to have a BN.

I'm helping someone set up a small business that has no HST# or CRA BN or WSIB obligations and banking will be on a personal account.

BTW they changed WSIB obligations January 1 2013 to try to force almost everyone in Ontario to have coverage that were previously precluded.

As far as I can tell, as he is not selling goods and is compliance with local bylaws, his only obligation to the government is to file a return as a business.

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

Yes, I am very well aware of the WSIB changes, being part of the "construction industry" and all that. WSIB can go fuck a duck, bunch of useless douchebags. My FIL got an exemption as owner for filing (they have a provision to allow *one* director of a corporation or partner in a partnership to be exempt so long as they don't do any "construction") and I was approved for the special rate for my MIL who works part time, but that really only becomes an issue if we pay her a management wage at the end of the fiscal year through a T4 rather than dividends.

We also have to file T5018s for subcontractors every year.
iLearn
join:2013-01-16
canada

iLearn to peterboro

Member

to peterboro
quote:
I don't know why the HST is required considering there is no legal obligation to have one for certain businesses and a personal account is fine for a sole proprietor.

Sorry, you are right, HST was optional. I just went in there and removed it.

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

You only reason they would need your HST number is if you were selling them something that you charged HST on.

Unless - does the software print out or email receipts for customers? If so, this is probably to include the HST number on the transaction receipt which in of itself can be helpful to customers who claim ITCs.
iLearn
join:2013-01-16
canada

iLearn

Member

Yes, the receipt includes the HST #. I will provide my HST #s to the clients if/when they ask. Hows that?

Gone
Premium Member
join:2011-01-24
Fort Erie, ON

Gone

Premium Member

You have to include your HST number on any receipts, invoices or contracts with more than $30 of taxable goods. If you attach the slip to an invoice that has the HST number you're fine, but if the slip is the only thing you give to your customers and you charge more than $30 it *has* to have an HST number on it.

I always attach slips to invoices with an HST number on it, so it's a non-issue for me.