Learn about Square’s fees for processing credit and debit cards. Transcript:
With Square, there are no hidden fees — you’ll only pay a flat per-transaction fee when your customer makes a purchase using a credit or debit card. Just keep in mind, the processing fee will vary depending on how you process your customer’s card.
Card Present Transaction
If you’re using a standard Square account, when you process a card payment by swiping, dipping, or tapping your customer’s card with a Square reader, you’ll pay a flat rate of 2.6% + 10¢, regardless of the amount. You’ll pay 2.6% + 10¢ per transaction when you swipe magstripe cards, swipe or insert a chip card, use contactless (NFC) paymenst, prepaid gift cards, our Point-of-Sale API, Square Terminal, or lastly swiped Virtual Terminal Payments.
Manual Entry
If you're away from your reader or your customer isn't physically present, you'll need to manually enter the card details using the Square app or your online Square Dashboard’s Virtual Terminal. The fee for manually keyed-in transactions is 3.5% + $0.15. Since the customer isn't technically present at the time of sale, credit card networks consider these transactions a bit riskier.
The 3.5% + $0.15 fee is for payments like Card on File Transactions, Manually Entered Card Payments, Point-of-Sale API Keyed-In Payments, or Manually Entered Virtual Terminal Payments.
Online Payments
Square also makes it easy to accept payments online. If you’re billing your customers using Square Invoices, accepting payments using a Square Online Store or one of our eCommerce developer APIs, the fee is 2.9% + $0.30.
Square Register
Contactless payments, swiped or inserted chip cards, and swiped magstripe cards processed through Square Register have a 2.5% + 10¢ fee.
Payment Breakdown
It’s also important to keep in mind, Square takes a percentage from the total amount processed, including tax or tip. For example, let’s say you charge a customer $100 for an order and they leave a $20 tip. Square’s processing fee is calculated from the $120 total. If the card payment was swiped, dipped, or tapped using one of our readers, the 2.6% +10 ¢ fee for this transaction would equal $3.22 cents.
When you successfully process a card payment, the fee is automatically deducted and the difference is deposited to your linked bank account.
No Hidden Fees
There are no hidden fees, monthly fees, or cancellation fees, nor do we charge a fee for inactivity, chargebacks, PCI-DSS compliance, or even refunds! Just our standard, per payment processing fee, which means you only pay when you use it!
We also don’t charge a fee when your customers pay in cash or check, since we’re not processing a payments, just recording them for your books!
To learn more about Square’s fees, head to Square.com/help and search keyword “Fees”.
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