13% charge

[StaciRene]

I was told that when I purchased the Square from Staples that it would charge 2.5% per transaction but it’s charging 13%.

[Donnie-M · Accepted solution]

@StaciRene the standard cost for in person transactions is 2.6% of the purchase plus .10c  (ten cents) per transaction.

So if your average transaction is only 1 or 2$ then it will effectively cost something like that on a report.  That is an effective rate.  Here is an example:

1.00 transaction average (minimum amount by the way) costs 12.6 cents or 12.6% effective rate.

A 500.00 average transaction would cost $13.10 or 2.62% effective rate.

Hope this clarifies.

Square fees and payments