Square Merchant Services Cross

Our Verdict

Square Payments is more than just a credit card processing application. It is part of a larger infrastructure which can prove invaluable for your business. and it is provided free of charge to clients. Square makes it money from transaction fees which aren’t the lowest in the industry but the difference is in the approach. No approval process. No fees. A slew of features and add-ons. High level data security & compliance. All these and more are provided free of charge.

They might not be for everyone. High risk industries might not be able to deal with some of the transaction restrictions, such as number and amount limits. High volume merchants might find a better deal elsewhere, but many small businesses will certainly find the Square package a very attractive one and worth looking in to.

Pros

Accessible to everyone
Simple, transparent pricing model
No monthly charge or fees

Cons

Long Customer Service Response Time
Fee for Immediate Deposit

Plans & Pricing

Square Payments does not have a monthly fee or unique plans for Credit Card processing functionalities. Their fees are as follows:

2.6% + $0.10 (per transaction) for whenever a customer taps, dips, or swipes their card in person.

2.9% + $0.30 (per transaction) for whenever a customer makes a purchase through your Square Online Store or eCommerce API.

3.5% + $0.15 (per transaction) for keyed-in transactions, card on file, and Square Virtual Terminal payments.

6% + $0.30 for afterpay in-person, online and remote payments.

Square’s application can be downloaded free of charge and can be used on smartphones and tablets. It’s important to point out that Square does not have any of the regular fees which most other credit card processing companies charge. These include: application fees, set up fees, monthly or annual subscription fees, gateway fees, early termination fees, chargeback fees & PCI compliance fees.

Square also does custom pricing, but only for businesses with over $250,000 in annual transactions. There might be other criteria as well, such as average ticket size. Square’s sales department will have more information on what’s available.

In person (per transaction)

2.6% + $0.10

Online (per transaction)

2.9% + $0.30

Remote (per transaction)

3.5% + $0.15

Buy now, pay later (per transaction)

In-depth review

Features and Functionality

Square Business Debt Card

Square offers a free debit card that is connected to your Square balance. That balance, which comes directly from your sales, can be used immediately anywhere MasterCard debit cards are accepted, including stores, online, and ATMs for cash withdrawal.

Integrates with other Square Solutions

Payments are only one of many offerings by Square. There are many advanced features such as employee and contractor payroll management, loyalty programs which are available for additional costs.

Hardware Requirements

Square will run on almost all Apple devices running on the latest iOS version. As far as Android devices are concerned, Square might be spotty especially on older devices. They must run at least on Android 5. Fortunately, Square provides a handy compatibility tool on their site if there so you can drill down to specifics.

Square Payments Processing has an array of readers and terminals for sale/lease. Clients get a free magstripe reader which they can connect to a smartphone or tablet. From that point on, all other options come will cost some money but the prices are competitive. You can choose from readers for chips and contactless, terminals, registers and more.

Integrations & Add-ons

Square goes way beyond the basic credit card processing system. It is an entire system, which comes free to the client, plus a huge array of optional add-ons and potential integration. As part of the basic POS you get a dashboard, online store, customer directory, Square transfers, reports and analytics, e-gift options and a Square Card (ordered separately).

Square also has added suites of functionalities which incur a monthly fee. These include such options as Square for Retail which offers expanded reports, employee & vendor management, barcode scanning and printing and much more. The Square Appointments app allows for client scheduling of events, inventory management, invoices and more. Both of these suites come with a 30 day free trial.

Square offers a very long list of integrations, including accounting and billing software but also industry specific software. Whatever you bring to the table, chances are POS will probably be able to work with it.

Ease of Use

The basic use of Square couldn’t be simpler. You simple download the application to your smartphone or tablet then go through the set up stages which are very straightforward and instinctive. From that point, connect the free magstripe reader via the headphone jack and you’re ready to go. You can always type in a credit card number, of course.

Square offers a slew of different types of terminals, each designed for a different type of in-person payment scenarios, each with their own level of complexity but all are user friendly and intuitive, requiring only the most basic of run-through training .

Customer Service

Square Payments does not provide contact information to its customer support until you sign up. Upon doing so, you get a customer code which allows you to reach an agent. They do have an extensive FAQ section on their site which provides a great deal of information, especially when starting up.