How do I change my convenience fee on Square?

Adjusting Your Convenience Fees on Square: A Step-by-Step Guide

Square offers businesses the flexibility to customize their convenience fees, allowing you to tailor your pricing strategy to your specific needs. While Square doesn’t allow direct editing of existing fees (you can’t simply adjust a pre-set percentage), you can create new fees to replace older ones, effectively achieving the same result. This guide will walk you through the process of creating and implementing a new convenience fee structure within your Square dashboard.

Understanding Convenience Fees on Square:

Before we begin, it’s crucial to understand what Square considers a “convenience fee.” This isn’t a fixed fee imposed by Square itself, but rather a customizable charge you add to transactions to cover your processing costs or simply to increase your profit margin. These fees are passed directly to the customer. You have control over whether to use them, and how much to charge.

Changing Your Convenience Fee (Creating a New One):

Square doesn’t provide a direct “edit” function for existing convenience fees. Instead, you manage this by creating new fees. This means you effectively replace your old fee with a new one. Here’s how:

1. Log in to your Square Dashboard: Access your Square account via your web browser at squareup.com.

2. Navigate to Settings: Look for a “Settings” or gear icon, usually located in the upper right-hand corner of your dashboard. Click on it.

3. Access Account & Settings: Within the Settings menu, you should find an option labeled “Account & Settings” or something similar. This section houses your business profile and settings.

4. Locate Business Information: This section often contains details about your business, including payment processing configurations. Find the area dealing with your business’s information. The exact wording might vary slightly depending on your Square version.

5. Create a New Service Charge (Convenience Fee): Within the Business Information section, you should find options related to setting up or managing service charges (these are your convenience fees). Click on the appropriate button or link to create a new service charge.

6. Define Your New Fee: This is where you specify the details of your new convenience fee. Square typically offers two options:

   • Percentage-based: Set a percentage of the transaction total as your convenience fee (e.g., 3%).
   • Fixed-fee: Set a fixed dollar amount as your convenience fee (e.g., $2).

7. Save Your Changes: Once you’ve defined the percentage or fixed amount for your new convenience fee, save your changes. Square will usually prompt you to confirm before implementing the new structure.

8. Verify Implementation: After saving, double-check your settings to ensure the new convenience fee is correctly applied and that the previous fee (if any) is no longer active.

Important Considerations:

• Transparency is Key: Clearly communicate any convenience fees to your customers upfront. This avoids misunderstandings and potential negative reviews.
• Competitive Pricing: Research your competitors’ pricing to ensure your convenience fee remains competitive within your market.
• Customer Impact: Consider how a change in convenience fees might impact customer behavior and purchasing decisions.

By following these steps, you can effectively manage and adjust your convenience fees on Square, allowing you to optimize your pricing strategy and maximize profitability. Remember to always prioritize transparency with your customers regarding any changes to your pricing structure.