Square Payment Processing
Square, Inc. is a merchant service and mobile payment company founded in 2009 by Twitter CEO Jack Dorsey. Square uses the Square Reader, a credit card reader that plugs into your phone jack, to instantly accept payments anywhere. With Square, you can accept credit and debit cards such as Visa, MasterCard, American Express, and Discover. The Square card reader uses strong encryption techniques making offline payments possible and more secure.
How Much Does Square Charge?
There are no hidden fees when you sign up as a merchant. As soon as you register for an account you can instantly begin processing transactions. Merchants pay a percentage of the transaction processed which is automatically deducted from the payment. Square’s standard processing fee is 2.6% + 10¢ for contactless payments, swiped or inserted chip cards, and swiped magstripe cards.
Payments that are manually keyed-in, processed using Card on File, or manually entered using Virtual Terminal have a 3.5% + 15¢ fee. Invoices cost the merchant 2.9% + 30¢ or 3.5% + 15¢ if processed using Card on File.
Compared to PayPal, Square Merchant Services costs roughly the same per transaction, with on-site transactions costing much less.
See Also: How to Use the Cash App
Square Merchant Services
In 2015, Square, Inc. released Square Cash which allowed person-to-person money transfer via the Square Cash app or website. This made sending, receiving even requesting transactions even faster. Individuals and businesses create a unique $cashtag that allows for instant transactions. In 2018, Square expanded on the model of instant peer-to-peer transactions with Bitcoin trading and now are known simply as the Cash App.
See Also: Sezzle Review -- Sezzle Merchant Fees
Square Processing Charges
We've been using Square since 2010, nearly the time it was released. Naturally, when developing several websites for businesses, we have come across and experienced hands on, several merchant services and payment processors. There are many payment processors which I would trust. Square is one of them. When I need to process a transaction in person, it is much easier to swipe using the card reader, or even record cash payments using the invoice feature. Recently, Square implemented an appointment based services which seems to be extremely useful for our business.
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