How do Square's fees work with Gift Cards? When do I pay?

[CutAndCaboodle]

Hello. I was wondering how fees work with Square Gift Cards? Do I pay when one is swiped and when one is loaded? Sorry, I'm a noob at tall of this. I just want to understand before I sign up! Thanks. 

[VanKalkerFarms · Accepted solution]

@CutAndCaboodle You pay your normal percentage to load a square gift card at the time of purchase.  So if you swipe a $100 Square gift card you will get $97.25 deposited the next business day.  If they pay with cash or a check there is no fee to load the gift card.  you have the money even if they take 12 months to spend it.  there is no fee to pay from a gift card since you already paid the fee to load it.

[CutAndCaboodle]

Thanks! I think I've got it: 

- You only pay to load a gift card if the customer uses a credit or debit card (and that's the ususal processing rate). 

- You don't pay processing fees when the customer redeems the card.

- I get paid for gift cards when they are loaded.

Can't wait to get started! 🙌

[Bethiepat]

But you don't have to pay any fees if you are putting a refund on a gift card, correct?

[VanKalkerFarms]

correct, refunding to a gift card is the same as loading a gift card with cash, no fees.

[LivingStone]

This reply was created from merging an existing thread: Is there additional transaction fee for using the Square Gift Card?

It lists all charge per transaction by using different payment type with square, but how about using square gift card? Any fee would be charge for each transaction. If customer load $100, do I receive $100 in my account? 

[Helen]

@LivingStone I'm adding your post to this thread where VanKalkerFarms explained how the pricing works when you sell a Square Gift Card for $100!