Square is popular among small and mid-sized businesses because it has no monthly fees for the basic plan and a flat transaction fee structure. This can make it ideal for brand-new businesses that want a solid POS platform without spending much upfront.
Square Processing Fees
Payment processing can be a big headache for businesses because there are multiple fees levied by card companies, banks and compliance standards. Square’s platform handles all of these for you and only requires you to pay them a few cents for each transaction.
Card-Present Payments
You pay 2.6% plus 10 cents per transaction for card payments accepted using a Square Reader, Register, Stand, Terminal, Retail Plus or Square for Restaurants.
Keyed Payments
If you key in the card details manually or from a file, you pay a transaction fee of 3.5% plus 15 cents per transaction.
For a purchase done through eCommerce API, Square Online Store, Square Online Checkout or online invoicing, you pay 2.9% plus 30 cents for cards or 1% with a minimum of $1 per transaction for ACH bank transfers (via invoices only).
Hardware and software
Square provides multiple hardware options for its service. The software for all of them is free. In many cases, you can download it from Google Play Store and Apple App Store. The software updates are also pushed via the app stores.
- Square Reader for magstripe: When you sign up for Square, you get a free magstripe reader, which is good enough to get you started. It comes in handy when you are on the go and need to accept payments. Additional Square Reader for magstripe costs $10 each.
- Square Reader for contactless and chip: This reader accepts payments via chip as well as contactless methods such as Apple Pay and Google Pay. This device, which starts at $49, is incredibly useful in a post-pandemic business landscape where contactless payment is on the rise. If you also need the charging dock, the set costs $66.
- Square Stand for contactless and chip: This device plugs into your iPad and converts it into a checkout station that can be used anywhere in your shop. It costs $149 or $14 per month for 12 months and comes bundled with a Square Reader for magstripe as well as a Square Reader for contactless and chip.
- Square Terminal: The latest device from Square comes with a built-in display, magstripe reader, chip reader and receipt printer. It costs $299 or $27 per month for 12 months.
- Square Register: This top-shelf device lets you accept payment from magstripes, chip cards, Apple Pay, Google Pay, e-Wallets and more. Square Register comes with the POS software pre-installed and costs $799 or $39 per month for 12 months.
Featured Partners
Advertisem*nt
1
Stax
Free Trial
No
Offers
First Month Free
Pricing
$99 per month, 7 cents to 15 cents per transaction plus interchange rate
2
Finix
Free Trial
No
Offers
Save up to 40% on credit card processing
Pricing
Transparent subscription-based pricing with 0% markup on interchange fees
3
Payment Depot
Free Trial
No
Offers
$0 Setup & No Cancellation Fees
Pricing
Customized Interchange+ Pricing - Rates as low as 0.2% - 1.95%
4
Paysafe
Free Trial
No
Offers
SAVE or get a $200 gift card + FREE payment equipment*
Pricing
Industry-low rates starting at $0.15 batch fee + 0% Cash Discount Plans available
Core Services
Square services come in four flavors, which lets businesses set up payment systems for both static and dynamic systems.
Square POS
Square POS is free forever regardless of the hardware you choose. It also comes with a free Square Reader for magstripe device.
Square Appointments
Square Appointments is free for individuals, $50 per month for businesses with two to five employees and $90 per month for those with six to 10 employees.
Square for Restaurants
Square for Restaurants offers a free version that supports unlimited devices and locations. Being a restaurant-specific POS software, it lets you manage end-to-end restaurant operations from table management, course management and discounts to inventory management and reporting.
It has three plans – Free, Plus and Premium. Paid plans start at $60 for each location. Transaction fees are 2.6% plus 10 cents for in-person payments and 2.9% plus 30 cents for online payments.
Square for Retail
Like the restaurant software, Square for Retail has a robust free version. This app manages a wide variety of retail functions like vendor and purchase management.
Like the Restaurant platform, it has three plans: Free, Plus and Premium. Paid tiers start at $60 for the first establishment and $40 for the subsequent locations. Transaction fees are 2.5% plus 10 cents for in-person payments and 2.9% plus 30 cents for online payments.
