Does anyone agree that Square has a HIGH % RATE or is it just me?

[AJSomeillan]

what can anyone say to me so that i feel better about Square taking so much money from my transactions - or better yet - how can we reduce Squares high %

[Kimmiesue12001]

It's about equal to other merchant services. 

[AJSomeillan]

I have to disagree!  Haven't quite done an in depth research, but there are other merchants that are between 45-70% cheaper. No reason for any merchant to take $30 off an $800 swipe.  

[Soulsquad]

Its like comparing UPS and Fed Ex, pros and cons for both, but after my research, Square offers the best, not neccessarily the cheapest, but you get what you pay for. With those cheaper merchants, monthly fee? square gets paid when you get paid, which is very convenient. But its apples and oranges, good luck!, but im riding with Square until i have a reason not too

[AJSomeillan]

I am not upset with Square - at first glance and looking at my statements it sure looks high, but like I said - I am researching and I yet to find anythng in comparison.    Thank you all for the replies and commens 

[EJ_]

Thanks for sharing your thoughts around our pricing @AJSomeillan

Pricing is always something we can improve on, so it's good to hear feedback on this if you feel it can be better. 

I've heard sellers in the past reference reasons that they like the pricing over our competitors, with the most common being that we don't charge any monthly fees and we're transparent about the pricing and transaction fees in general. 

You don't need to break down your entire statement and look at which card types you're accepting and for how much to determine what you're being charged.

Some good things to remember that sellers often bring up as positives as well would be that we don't charge fees on refunds or chargebacks, there are no contracts, and Square provides everything a business needs in house (payments, hardware, software, reporting etc.).

Hopefully this helps, but if you have any specific ways we could improve here, let us know! 

[Sangrita]

I am being charged a monthly fee, but another local restaurant is not.  What gives??

[DaoDeJing]

Square has some extra services that charge a monthly fee, but this is unrelated to the basic functionality of card payment processing. Perhaps you've signed up for more services (Payroll, Appointments, Marketing, etc.) that the other business has not.

To see what services you've signed up for, log in to your Dashboard, and near the bottom on the left side grey menu select "Account & Settings". Then on the left-ish white menu on that page find "Pricing & Subscriptions".

[Soulsquad]

I've NEVER paid a monthly fee, you have signed up for something...

[cbenson]

@Sangrita Are you using "Square for Restaurants"?  It is a paid product.  My understanding is "Square for Retail" (what IME most people call "Square") is not.

I don't work for Square...  but thought I'd through this out there.

[katieand]

Just wanted to jump in here quickly! @cbenson is right that Square for Restaurants is a paid product (you can try it out with a free trial).

Square for Retail is also a paid product. You can learn about its pricing here. 

Square Point of Sale (POS) or the app you download on a device is free to use and charges a fee per transaction. 

[cbenson]

@katieand Thanks for clearing that up.  Didn't mean to be spreading misinformation.

[katieand]

Not at all! I get confused with all of our pricing models too 😝

[DaoDeJing]

No, I don't think their rate is high. From what I've researched, it's actually one of the lowest in the industry, if you take into account the monthly transaction fees and rediculously overpriced hardware banks and other processors require you pay for to use their services.

Occassionally I've found a service that appears to have a lower cost, but they either have very few features and support, or a lousy reputation with customer satisfaction, or their low fee is only available if you process many hundreds of thousands of dollars a year. Not reasonable for most small businesses.

[Soulsquad]

Square is the Best Bang for the Buck in my opinion, them getting paid when we get paid is ideal...

[VanKalkerFarms]

If you actually break down what you get it isn't a bad rate at all (and can even be cheaper depending on your specific account metrics, along with lots of "free" or actually, a better term would be included benefits.

There is no contract so no minimums or monthly fees.  There is no minimum average sale.  There is no interchange plus transaction plus merchant fee.  THere is no tiered pricing based on card brand or reward perk, some of those can add another 1-5% on top of the rate other companies toss out to get you.  There is no PCI compliance, no Chargeback fee.  many other bonuses.

And you get a POS to use in your business that can drastically improve the statistics you are gathering, thus making better buying decisions and staffing decisions based on said data.

you can easily find your true percentage of accepting cards on your account no by taking last years monthly statements and then taking the total the processor took from what you charged (every fee not just the percentage) and dividing that by the total you processed thru them.  

Personally I much rather know exactly what it costs in clear and easily understandable fees than just guessing because this customer's card is a non-qualified reward tier 3 card.