Saturday, October 18th, 2014, 9:20 pm
Update: You can now get this for free with code: 6E94X85QY3
Plus you’ll get your first $10 in credit card processing for free! DEAD!
HT: the great, via DDF
Originally posted on 08/13:
Amazon is going to compete with Square and Paypal Here with their new Secure Card Reader that works iPhones, Samsung Galaxy phones, iPads, and Fire tablets.
The reader costs $10 and comes with $10 in free processing.
There are no monthly fees, chargeback fees, refund fee, foreign card fees, or contracts.
Signup by 10/31/14 and swiped card processing is just 1.75% until 01/01/16. Afterward it goes up to 2.5%.
Keyed-in cards are 2.75%.
If you already have a consumer Amazon Payments account then you’ll want to enroll with a new Amazon account.
I wouldn’t recommend swiping your own Barclay Arrival card all day to take advantage of the spread (2.22% profit vs. 1.75% cost) as swiping a card with your name on it on a machine with your name on it will get both your credit card and your register accounts closed.
But say you want to buy some gift cards to swipe on your register:
-A $200 Visa gift card at Staples costs $206.95 in-store or online.
-If you buy it on a Visa business card you get 1% cash back, dropping the cost of the card down to $204.88.
-If you swipe $200 on your register you’ll be charged $3.50 in fees, leaving you with $196.50.
-The total out of pocket fees are thus $3.50 (Amazon processing fee)+$4.88 (Gift card purchase fee)=$8.38.
-On a card like Ink Plus that earns 5 points per dollar at an office supply store you’ll have earned 1,035 miles for the purchase.
-Your cost per mile is about 0.8 cents each.
That’s like paying $36 for a short-haul flight with BA Avios, $456 for a Singapore suite, $480 to fly round-trip to Israel, $200 to fly round-trip to Hawaii, $120 per night at the Grand Hyatt Baha Mar Bahamas, or $200 per night for the normally $1,500 per night Park Hyatt Maldives.