Learn About Square's Fees
0:00 Intro
0:24 Card-present transactions
1:04 Manual entry
1:43 Online payments
1:59 Fee breakdown
2:40 Summary
Transcript
With Square, there are no hidden fees — you’ll only pay a flat per-transaction fee when your customer makes a purchase using a credit or debit card. Just keep in mind, the processing fee will vary depending on how you process your customer’s card.
Card Present Transaction
If you’re using a standard Square account, when you process a card payment by swiping, dipping, or tapping your customer’s card with a Square reader, you’ll pay a flat rate of 2.6% + 10¢, regardless of the amount. The 2.6% + 10¢ per transaction is for payments like swiped magstripe cards, swiped or insert a chip card, contactless (NFC) payments, prepaid gift cards, our Point-of-Sale API, Square Terminal, Square Register, or lastly swiped Virtual Terminal Payments.
Manual Entry
If you're away from your reader or your customer isn't physically present, you'll need to manually enter the card details using the Square app or your online Square Dashboard’s Virtual Terminal. The fee for manually keyed-in transactions is 3.5% + $0.15. Since the customer isn't technically present at the time of sale, card networks consider these transactions a bit riskier.
The 3.5% + $0.15 fee is for payments like Card on File Transactions, Manually Entered Card Payments, Point-of-Sale API Keyed-In Payments, or Manually Entered Virtual Terminal Payments.
Online Payments
Square also makes it easy to accept payments online. If you’re billing your customers using Square Invoices, accepting payments using a Square Online Store or one of our eCommerce developer APIs, the fee is 2.9% + $0.30.
Payment Breakdown
It’s also important to keep in mind, Square takes a percentage from the total amount processed, including tax or tip. For example, let’s say you charge a customer $100 for an order and they leave a $20 tip. Square’s processing fee is calculated from the $120 total. If the card payment was swiped, dipped, or tapped using one of our readers, the 2.6% +10 ¢ fee for this transaction would equal $3.22 cents.
When you successfully process a card payment, the fee is automatically deducted and the difference is transferred to your linked bank account.
No Hidden Fees
There are no hidden, monthly, or cancellation fees, nor do we charge a fee for inactivity, chargebacks, or even PCI-DSS compliance. Just our standard, per-payment processing fee, which means you only pay when you use it.
We also don’t charge a fee when your customers pay in cash or check, since we’re not processing payments, just recording them for your books.
To learn more about Square’s fees, head to Square.com/help and search the keyword “Fees”.
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