How do I calculate my Square fee?

How to Calculate Your Square Fee

Square is a popular payment processing platform that offers a variety of services to businesses, including a point-of-sale (POS) app, hardware, and advanced options. While the POS app itself is available at no cost, there are fees associated with using hardware and advanced options, as well as fees for in-person, online, and manually entered card transactions.

In-Person Sales

For in-person sales, Square charges a fee of 2.6% plus 10 cents per transaction. This means that if you process a $100 transaction, you will pay $2.76 in fees.

Online Transactions

For online transactions, Square charges a fee of 2.9% plus 30 cents per transaction. This means that if you process a $100 transaction, you will pay $3.20 in fees.

Manually Entered Card Details

For manually entered card details, Square charges a fee of 3.5% plus 15 cents per transaction. This means that if you process a $100 transaction, you will pay $3.65 in fees.

Calculating Your Square Fee

To calculate your Square fee, simply multiply the transaction amount by the appropriate fee percentage and add the flat fee amount. For example, if you process a $100 in-person transaction, you would calculate your fee as follows:

$100 (transaction amount) x 2.6% (in-person fee) + $0.10 (flat fee) = $2.76 (total fee)

Conclusion

Square’s fees are competitive with other payment processing platforms. However, it is important to understand the fees associated with using Square before you decide whether or not it is the right solution for your business. By calculating your Square fee in advance, you can avoid any unexpected costs.