Square Pricing and Fees: Detailed Guide for 2022

As a business owner, you’re always looking for ways to save money and increase profits. When it comes to credit card processing, understanding your processor’s pricing and fees is essential to getting the best deal.

Square is a popular credit card processor, known for its simple pricing structure and easy-to-use platform. In this article, we’ll give you a detailed breakdown of Square’s pricing and fees, so you can make the best decision for your business.

Square’s Pricing Structure

Square has a simple pricing structure: 2.75% per swipe, dip, or tap for Visa, Mastercard, Discover, and American Express cards, with no monthly fees or long-term contracts. You can also choose to enter card numbers manually, which costs 3.5% + $0.15 per transaction.

For most businesses, the 2.75% rate will apply. However, if you process more than $250,000 per year, you’ll qualify for a customized pricing plan that could lower your rates.

Square’s Fees

In addition to the per-transaction fee, Square charges a few other fees that are worth knowing about.

First, there’s a chargeback fee of $15 per dispute. If you win the dispute, the fee is refunded, but if you lose, you’re responsible for paying it.

Second, there’s a payment processing fee of $0.30 per transaction. This is in addition to the 2.75% (or 3.5% + $0.15) that you’re already paying per transaction.

Finally, there are some miscellaneous fees that may apply in special circumstances. For example, if you need to cancel your account or if you process a refund, there may be a fee associated with that.

Overall, Square’s fees are fairly straightforward and easy to understand. However, it’s important to keep in mind that you’re ultimately responsible for paying all of the fees associated with your account.

How to Save on Square’s Fees?

There are a few ways that you can save on Square’s fees. First, if you process more than $250,000 per year, you may be eligible for a customized pricing plan that could lower your rates.

Second, you can save on the payment processing fee by using an all-in-one POS system that includes payment processing. This way, you’ll only be responsible for paying the per-transaction fee, and not the additional payment processing fee.

Finally, you can save on chargeback fees by preventing them from happening in the first place. This can be done by ensuring that your customer’s information is entered correctly and by keeping communication open with your customers.

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