While Square might have the upper hand if you are a micro merchant and only need a Mobile Swiper. If your business is getting bigger & you need a strong company that can help you accept credit cards with great customer service you should find that elsewhere. See what Square’s Top Alternatives have to offer your business.
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.
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.
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.
If you have the Square credit card reader you can receive credit card payments for personal transactions as long as you agree to their terms and conditions. Anyone can set up an account and receive payments on a personal level. The credit card reader is connected to your smartphone or tablet and you can receive any amount no matter how small.
Aside from the payment processing, which is handled through their software, you have the added ability to import hundreds of products through their CSV spreadsheets. The Square Dashboard and the Point of Sales app give you the ability to manage quantities and prices easily. Barcode scanning is also possible and taxes can also be set to be added automatically.
Square POS is an advanced mobile payment processing system that is better than many competitors available in the market today. The combination of its back end features coupled with a strong payment processing system make for a great package. The Square cash register is very easy to use and has many features that you can program. This could be discounts, records of cash and card transactions, receipt printing on iPads and much more.
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.
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.
