Step 4: Set up Payment Services
If vending at events, be prepared to accept credit cards, Venmo and cash.
Square: To accept credit cards: sign up with Square on your mobile device. You will be sent a Square device that works with a phone jack, so if your phone doesn’t have one, purchase a dongle. Square also offers stand alone payment devices.
Square collects a merchant service fee on each transaction. Payments are automatically deposited into your bank account within a few days.
Square has amazing accounting features, so you can enter items and inventory into the program, and it will track what you sold and inventory.
You can also track cash sales in Square.
Venmo: This online payment system is a great way to take payment remotely, as most young people use it. You will be assigned a QR code that customers can scan for easy payment. Venmo sends you a notice when the payment is complete. Venmo collects a merchant service fee on each transaction. Payments are automatically deposited into your bank account monthly. You may use Venmo to pay others.
Zelle: If your bank accepts Zelle, you may accept payments. Most banks don’t charge a merchant service fee. Payments are deposited directly into your account within minutes of the transaction. You may use Zelle to pay others.
Paypal: This online payment system is great for in-person and online sales. Customers can pay you using your email address as your identification on Paypal. Paypal collects a merchant service fee on each transaction. Payments are held in a ‘wallet’ until you request a transfer to your bank account. You may use Paypal to pay others or order things online.
Cash: Be ready with change; $40 in ones, $60 in fives, and $5 in change if you are not including sales tax in your retail prices.
Obtain a zippered bank bag for your cash bank.
Use a binder clip to keep change in your pocket, moving larger bills to your cash bank bag.
Checks: Unless you know the customer, I don’t recommend accepting checks at events. It’s an extra step to deposit and check fraud is a possibility.