How much does Square charge per payment?

How much does Square charge per payment?

Square's Transaction Fees:

To start, Square charges a standard transaction fee of 2.6% + $0.10 for each in-person payment processed through their Point of Sale (POS) system. This rate applies to most major payment methods, including Visa, Mastercard, American Express, Discover, and more. These fees are competitive compared to other payment processors in the market and can provide businesses with an affordable solution.

Virtual Terminal and Online Payments:

For businesses that utilize Square's Virtual Terminal or process online payments via their website, Square charges a slightly higher transaction fee of 2.9% + $0.30 per transaction. This pricing model remains competitive in the industry and is particularly attractive for small businesses or individuals looking for an accessible and reliable payment processing solution.

Keyed-in and Card-on-File Transactions:

When it comes to manually entering card details or processing card-on-file transactions, Square charges a higher fee of 3.5% + $0.15 per transaction. This pricing structure aims to incentivize businesses to use Square's POS system for in-person payments, as it offers a lower transaction fee compared to manually entered or card-on-file transactions. While the fees may be slightly higher in this scenario, Square provides businesses with a transparent and convenient payment processing experience.

Additional Transaction Types:

In addition to the standard transaction fees, Square offers specialized features such as Square Invoices and e-commerce integrations. These services may incur additional fees based on the specific functionality and requirements of each business. Square provides a detailed breakdown of these additional fees on their website, ensuring businesses have a clear understanding of the costs associated with these services.

Hardware and Other Fees:

While Square's transaction fees are straightforward and transparent, it's important to consider any additional expenses that may be incurred. Square offers a variety of payment hardware options, such as card readers and terminals, which are available for purchase at various price points. These costs should be taken into account when assessing the overall expenses associated with using Square as a payment processor.

No Hidden Fees:

One crucial aspect to note is that Square prides itself on not charging any hidden fees. They do not impose contract cancellation fees, monthly fees, or minimum processing requirements. This flexibility is attractive to businesses as it allows them to adapt their payment processing needs without being tied down to long-term commitments.

Conclusion:

Overall, Square offers competitive transaction fees that provide businesses with a cost-effective payment processing solution. With their transparent fee structure and no hidden charges, businesses can trust Square to handle their payment transactions efficiently and affordably. Whether it's in-person payments, virtual terminal transactions, or specialized services, Square offers a range of options to meet the unique needs of every business.

Frequently Asked Questions

Square charges a flat rate of 2.6% + 10 cents per transaction for in-person payments and 2.9% + 30 cents per transaction for online payments.

Aside from the transaction fees, Square does not charge any additional fees. There are no monthly fees, setup fees, or cancellation fees.

No, Square charges the same transaction fees regardless of the type of card used for payment. The fees remain consistent for all major credit and debit cards.

Yes, Square offers volume discounts for businesses processing more than $250,000 in transactions per year. The exact discount rate can be determined by contacting Square directly.

No, Square's transaction fees do not include taxes. Businesses are responsible for any applicable taxes on the transactions processed through Square.