What percentage of payment does Square take?

Square’s Payment Processing Fees

When accepting payments, businesses must consider the transaction fees charged by payment processors. Square, a popular payment processing service, offers different fee structures depending on the type of transaction.

In-Person Payments

For in-person payments made with a card present, Square charges a flat rate of 2.6% plus 10 cents per transaction. This fee structure is designed to minimize fraud risk, as the cardholder is physically present during the transaction.

Example:

If you process $100 in in-person payments, your Square fee would be $2.76 (2.6% x $100 + $0.10).

Other Payment Types

• Online Payments: Square charges 2.9% plus 30 cents for online payments.
• Keyed-In Payments: For manually entered card details, Square charges 3.5% plus 15 cents.
• Virtual Terminal Payments: Virtual terminal payments processed through Square’s website are charged at 3.5% plus 15 cents.
• Recurring Payments: Recurring payments have a setup fee of $0.50 per subscription, plus the standard transaction fee.

Advantages of Square’s Fees

• Transparent: Square’s fees are clear and upfront, with no hidden charges.
• Competitive: Square’s fees are comparable to other payment processors in the industry.
• Simplicity: Square offers a simple and straightforward fee structure that is easy to understand.

Conclusion

Square’s in-person payment processing fees of 2.6% plus 10 cents per transaction offer a cost-effective solution for businesses with low fraud risk. However, businesses should carefully consider the fee structure and compare it to other payment processors before making a decision. Square also offers different payment options, each with its own fee structure, to meet the diverse needs of businesses.