151–160 of 225 posts
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That on top of the next day money deposit is a real incentive.
That is pretty common among modern payment processors, Square, Stripe, Bitpay, etc...
They did not even bother to create some unique design of a landing page [1], just copied it from SquareUp [2] -> PayPal [3] pages: 1. http://localregister.amazon.com/ 2. https://squareup.com/ 3. https://www.paypal.com/webapps/mpp/credit-card-reader
I'm interested to see how the "manufactured spent / churning" crowd will use this. There are credit cards with 2% (fidelity amex) or 2.2% (barlays arrival plus) cashback out there. Having a 1.75% fee on this will probably have some of them experiment :) I'm sure Amazon will shut that down, but I'd love to see how much spent people can run up before that happens.
Using the audio jack like Square. Isn't there a way yet to use digital like USB yet.
Using the audio jack allows them to make a very dumb, very cheap reader. All you need is a magnetic head (like those in cassette decks) and a maybe a couple of basic components. See the disassembly of the Square reader: http://cosmodro.me/blog/2011/mar/25/rhombus-square-iskewedi/
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How is amazon going to undercut my barber or the brewery I go to with this data? It seems like there are plenty of businesses that could benefit from this and not be at risk to the "empire".
And if they do manage to undercut your barber aren't you interested to find out how. Hair cutting drone perhaps?
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Obviously Amazon is different, because unlike credit card companies they are in the business of competing with small retailers. Particularly when you consider their "your margin is my opportunity" strategy giving this data to them should be a terrifying proposition for any business owner.
But there are so many places that Amazon does not compete with that there is a market for this. Obviously a small book store might not want to do this but what about restaurants, coffee shops, the plumber that comes to fix your toilet (or any service industry), the local tap room, and so on. Edit: Sorry, the idea of Amazon opening restaurants, coffee shops or tap rooms (which would also mean they start brewing their…
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"Money transfers to new suppliers always take a bit of faff to setup" How so? If I want to send money to a UK bank account to which I've not send money before, I: 1. Open my bank's app on my phone 2. Tap 'send money' 3. Type in the amount, the 6-digit sort code, the 8-digit account number, the person's name 4. Hit 'Send'. It's a little slower than swiping a card, but it also feels safer, as I don't have to give someo…
Who do you bank with? I bank with both Natwest and Barclays and neither of those will let you set up a new payee on their mobile apps. Sure you can send money, but only to payees you have set up online using 2FA.
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"Money transfers to new suppliers always take a bit of faff to setup" How so? If I want to send money to a UK bank account to which I've not send money before, I: 1. Open my bank's app on my phone 2. Tap 'send money' 3. Type in the amount, the 6-digit sort code, the 8-digit account number, the person's name 4. Hit 'Send'. It's a little slower than swiping a card, but it also feels safer, as I don't have to give someo…
Who do you bank with? I bank with both Natwest and Barclays and neither of those will let you set up a new payee on their mobile apps. Sure you can send money, but only to payees you have set up online using 2FA.
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1.75% is a huge discount.
1.75% may be competitive and better than rates of some merchants receive; however, I had a negotiated rate of .4% for one of my businesses. One of the problems with the entire industry is misinformation, unlevel playing field (inability for your average merchant to negotiate the best rates), and the unscrupulous nature of the sales tactics of the merchant services themselves.
Can someone explain why manually keyed transactions cost more than swipes? I'm thinking there's more risk involved with those or something along those lines.