Square Payment Processing Review, Features & Pricing [2023]
Article by Chris Costi, Last update at September 10, 2023
- iPad / tablet POS
- Retail
- Restaurants
- Quick Service
- Mobile Payments
Key Features
- Predictable flat-rate pricing
- Great for low-volume merchants
- No monthly fees
- Impressive feature set
- Affordable chip card readers
- Free tools for selling online
- Developer Tools
- Free magstripe reader
Pricing
When a customer taps, dips, or swipes their card in person, you pay 2.6% + 10¢ per transaction.
When you manually key in your customer’s card details or use a card on file, the fee is 3.5% + 15¢.
When a customer makes a purchase through your Square Online Store, Square Online Checkout, eCommerce API, or pays an invoice online, the fee is 2.9% + 30¢.
Things To Note
In order to get Square’s features which include mPOS, you would have to use Square Payments as your processor. Merchants are drawn to Square because of their consistent flat rates and their seamless transition between online and in-store transactions. The ability to sync data, including inventory across all your points of sales is easily done with their e-Commerce integrations. With the features offered through the Square POS and mPOS systems you will be able to utilize their virtual terminal, stored card capabilities and many other features that will help you run your business efficiently.
Square has one of the most advanced iPad based POS systems available and you can acquire this system for a low monthly fee. You could also get a reduction in you flat rate if you use the Square advanced POS system. Square provides you with a free online store and integrates with many shopping cart software providers.
In A Nutshell
Square offers merchants a free virtual terminal to use for card payments from any device that is connected to the internet. With Square’s Card on File feature you can securely store your customer’s information and be PCI compliant. Square also offers a free POS and back office feature that is available if you need it.
If you already have a point of sales system the Square payment processing system can easily be integrated. The main cons are the lack of support for business, and the fact that Square might hold your funds if you will be labeled as “high risk merchant”
Let’s Dive Deeper
Square offers a comprehensive payment processing system that also includes built in tools for sending out invoices, handling recurring invoices and attaching files and images. If you already have these features through your own POS system, you can link up with their payment processing through 3rd party integration. If e-Commerce is your game, you can easily integrate with Square for your payment processing or even host your website or purchase a domain through them. Square also offers templates to create your online website with all the core features you would need to integrate with their payment processing software. They offer a free magstripe reader so that you can swipe cards from anywhere as long as you are online. Chip cards and NFC payments can be processed with their Square Reader which can be connected to an iPad to make a countertop point of sales station.
Square works with iOS and Android and offers two versions of Square Reader for magstripe with a headset jack or a Lightning connector. Square offers PCI compliant APIs and SDKs for your payment needs. You will be able to accept payments through digital invoices over the phone or with their virtual terminal through you website. Square’s payment platform has processed billions of transactions through their PCI and EMV compliant hardware and software. End to end encryption ensures that your customer’s data is encrypted and safely processed. All major credit and debit cards as well as mobile wallet, Apple Pay, Google Pay and Samsung Pay are possible with Square’s payment platform. Square is a payment gateway that supports Square APIs and does not work with other payment processors.
Seamless integration of customer information with the rest of the Square APIs will allow you to manage customer profiles and save credit card information for future and recurring payments. You will also be able to create and maintain inventory items through the Catalog API. If you need a website you can build a professional online store through Weebly which is part of the Square product suite. Their e-Commerce tools are easy to use and you can easily use one of their templates to create your online presence which will automatically integrate with the Square payment processing platform. Grow your business with the powerful tools offered with Square’s integrated shipping labels, inventory management, advanced marketing tools and analytics.
If you already have your website, Square integrates with a wide range of e-Commerce providers. You can use Square APIs to accept payments directly on you website and get all the benefits of their cost effective pricing as well as fast deposits, reporting tools and their PCI compliant platform. Square offers a very intuitive and easy to use dashboard where you can select which widgets you want to use. Square also offers a basic inventory management system which is free of charge. If you require a more advanced system you can upgrade to Square for Retail which will give you a top of the range inventory management system with barcode generation and in depth reporting.
Square also supports multi-location management with a single account. Gift card creation is available and pre-designed cards or templates are offered. The Square Customer Engagement app also includes an email marketing platform for a small monthly fee. You can send newsletters and special offers to your customers by using the data from your customer’s database via email or through Facebook campaigns. Square also has a great selection of hardware that you can purchase through their website. This includes card readers, tablet stands, receipt printers, cash drawers and bundled kits to name a few.
Square Payment Processing Best Features
- Predictable flat-rate pricing – no surprise charges
- Ideal for low-volume merchants – new businesses benefit from flat rates
- No monthly fees – no long term contract or extra fees
- Impressive feature set – take advantage of integrated POS system
- Affordable chip card readers – for all you payment processing
- Free tools for selling online – integrate with top e-Commerce apps
- Developer Tools – create your own website with free templates
- Free magstripe reader – for all merchants on sign up
- In house Payroll Software
