Compare Square Top Alternatives of 2020

Square might be good option if you are a micro merchant and only need a Mobile Swiper. But If your business is getting bigger & you need a company that can help you processes big and also have great customer service you might find that elsewhere. See what Square's Top Competitors have to offer your business.

Compare Square Top Alternatives of 2020

Square might be good option if you are a micro merchant and only need a Mobile Swiper. But If your business is getting bigger & you need a company that can help you processes big and also have great customer service you might find that elsewhere. See what Square's Top Competitors have to offer your business.

9.4/10
Outstanding

3045 reviews on 3 websites

Leaders Best Features:

  • Transparent Pricing & Rates Starting at 0.15%
  • Free EMV Terminal & Same Day Approvals
  • 24/7/365 Customer Support
Call Now 800-891-4994
  • Retail
  • Restaurants
  • Quick Service
  • 24/7 Support
  • Mobile Payments
9.1/10
Excellent

1728 reviews on 3 websites

Flagship Best Features:

  • Free Clover & EMV Terminal Options
  • Free Setup & No Upfront Costs
  • Same Day Funding Option
Call Now 888-427-8310
  • Retail
  • Terminals
  • Same Day Approval
  • eCommerce
  • Mobile Payments
8.3/10
Good

545 reviews on 3 websites

CreditCardProcessing.com Best Features:

  • Month to Month Agreement
  • Free Equipment and Account Set Up
  • Point of sales solutions
  • Retail
  • Restaurants
  • Terminals
  • 24/7 Support
  • Mobile Payments
8.0/10
Fair

842 reviews on 1 websites

PaymentCloud Best Features:

  • Best For High Risk Merchants
  • Free Account & Getaway Set Up
  • Any industry setup Options
  • Over 98% approval rate
  • Retail
  • Terminals
  • Secured Environment
  • High Risk
  • Mobile Payments
8.0/10
Fair

2370 reviews on 3 websites

Square Best Features:

  • Great for low-volume merchants
  • Affordable chip card readers
  • No setup, reporting or chargeback fees
  • Cons: Lack Of Support
  • iPad / tablet POS
  • Retail
  • Restaurants
  • Quick Service
  • Bars
  • Mobile Payments
7.3/10
Fair

51 reviews on 2 websites

NAB Best Features:

  • Support for a Variety of Currencies
  • Automated Mitigation of Chargebacks
  • Analytics and Reporting
  • Terminals
  • EMV Reader
  • Mobile Friendly
  • Mobile Payments

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Understanding Square Fees and Usage

The biggest con for using Square is they lack customer support. They also lack the many options you can get with using a big processing company that work with multiple hardware suppliers like Clover, Poynt & More.

If you still interested in Square you should read and be aware of all Square fees and rates below.

Square Credit Card Rates

Square charges according to payment type and depending on whether you use Square Register of Square Terminals. Processing fees are deducted from each transaction and the balance is deposited into your linked bank account. Here are the rates charged according to the payment types. Square’s fees apply to all business types, including non-profit organizations.

  • Type of Payment

Normal

Fee

Square Register Square Terminal
  • Swiped Magstripe Cards
2.75% 2.5% + 10¢ 2.6% + 10¢
  • Swiped or Inserted Chip Cards
2.75% 2.5% + 10¢ 2.6% + 10¢
  • Contactless (NFC) Payments
2.75% 2.5% + 10¢ 2.6% + 10¢
  • Prepaid Gift Cards
2.75%    
  • POS API Swiped or Inserted Payments
2.75%    
  • Swiped Virtual Terminal Payments
2.75%    
  • Card on File Transactions
3.5% +15c    
  • Manually Entered Card Payments
3.5% +15c    
  • Point-of-Sale API Keyed-In Payments
3.5% +15c    
  • Manually Entered Virtual Terminal Payments
3.5% +15c    
Invoices 2.9% + 30¢    
Online Store 2.9% + 30¢    
Square eCommerce API 2.9% + 30¢    
E-Commerce Card on File payments 2.9% + 30¢    
  • Cash, Checks, and Other Tender
No fees    

Does square charge interchange fees?

Interchange fees are included in Square’s fees and all card brands are accepted at the rates shown in our table above. In other words the charges from credit card companies are included in the fees. Payment processing rates are deducted from the total amount of each transaction including taxes and tips.

How much does square charge per transaction?

The average charges on square are 2.75% for swiped transactions and 3.5% +15c for manually entered transactions. There is a slight difference in the fees if you use Square Register or Square Terminal.

Does square hold funds?

Usually Square deposits within 1 – 2 business days. To receive instant deposits into your account you will have to link a verified bank account and a supported debit card to your Square account. Visa or MasterCard debit cards issued outside the US are not supported. Funds are only withheld if there is a dispute or if your bank account is not verified.

Why small businesses choose square

Square offers advanced mobile processing solutions and many features that you would normally pay for on a monthly basis. Square is open to anyone and it also supports personal payments as long as there are legitimate payments of goods involved.

Extras to purchase

Extra charges will come into effect when you want to upgrade your chip reader which will be $29 and for a contactless chip reader $49. There are a number of extras that  you can purchase online from Square which include gift cards, Square Appointments app, Employee management and payroll, Email marketing and much more.

What are your hardware requirements when using Square?

If you’re planning on using your Square Register with an Apple device you will need IOS 8 or a later version. Square is compatible for use with iPad, iPhone and iPod touch although a variety of features are available exclusively on the iPad. Android users require 4 or higher with GPS and Google Play enabled. You can purchase additional hardware separately from Square online.

Which businesses are not accepted on Square?

All transactions are monitored on the platform and action will be taken in the event that the terms of sale are violated. If you fall into this category you will be informed via email that your account has been frozen and you will not be able to take any more payments. You will need to supply documentation proving that your transactions are legal and conform to the terms and conditions set out in your original agreement with Square.

Businesses that would be suspended or not accepted are those that sell illegal products or services that do not comply with state or federal law. Age restricted products like cigarettes need a card to be present for the transaction to proceed. Selling age restricted products over the phone, mail order or the internet is prohibited. All transactions have to be linked to bonafide sales and you might be requested to produce invoices. Square is designed for the sale of goods and services only.

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