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How Much Does Squareup Charge?

Square is a popular payment processing solution for businesses of all sizes. But how much does Square actually charge? This article will peak down
Square is a popular payment processing solution for businesses of all sizes. But how much does Square actually charge? This article will peak down Square's fee structure, so you can understand what to expect.

Standard Processing Fees:

  • The most common fee: 2.6% + 10¢ per transaction. This applies to contactless payments, swiped chip cards, and swiped magstripe cards.
  • Higher fees for certain transactions: Square charges a higher fee of 3.5% + 15¢ for manually entered transactions, payments using cards on file, and transactions processed through the Virtual Terminal.
Additional Fees to Consider:

  • Invoice Processing: Free plan users pay 3.3% + 30¢ per invoice, while Invoices Plus users pay a slightly lower rate of 2.9% + 30¢.

Square Pricing Plans:

While Square itself doesn't have monthly fees, there are optional paid plans that offer additional features:
  • Free Plan: Perfect for basic needs, but has the highest processing fees.
  • Plus Plan: Starts at $29 per month and offers features like inventory management and customer insights.
  • Premium Plan: Customizable plan with features for complex businesses. May offer negotiable processing rates.

Tips for Minimizing Square Fees:

  • Use chip cards or contactless payments whenever possible, as these have the lowest fees.
  • Avoid manually entering transactions or using card-on-file options.
  • Consider upgrading to a paid plan if the additional features outweigh the monthly cost and can potentially save you money on processing fees in the long run.

Conclusion

Square offers a convenient payment processing solution, but it's important to understand their fee structure. By choosing the right payment methods and potentially upgrading plans, you can keep your Square processing costs under control. For more details and the latest rates, you can visit the Square website https://squareup.com/help/us/en/article/6109-fees-and-payments-faqs.

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