What is the commission rate for Square?

Understanding Square’s Commission Rates

Square, a leading payment processing platform, provides businesses with various transaction options and charges varying commission rates accordingly. It’s essential for merchants to understand these rates to optimize their payment strategies.

Transaction Types and Corresponding Rates:

• In-person sales: 2.6% per transaction + $0.10
• Online sales: 2.9% per transaction + $0.30
• Manually keyed transactions: 3.5% per transaction + $0.15
• Invoices: 3.3% per transaction + $0.30

Detailed Breakdown:

In-person sales: For each in-person transaction processed using Square’s card reader, there is a flat fee of $0.10 and a 2.6% commission on the total transaction amount.

Online sales: Online transactions processed through Square’s Virtual Terminal or API incur a $0.30 flat fee and a 2.9% commission.

Manually keyed transactions: When a transaction is entered manually without using a card reader, a $0.15 flat fee and a 3.5% commission apply.

Invoices: Invoices sent and processed through Square’s invoicing feature have a flat fee of $0.30 and a 3.3% commission.

Additional Considerations:

Square offers Interac Debit transactions at a lower rate of 2.4% plus $0.10 per transaction. Businesses may also qualify for discounted rates based on their monthly transaction volume.

It’s important to note that these rates exclude any additional fees that may be associated with chargebacks, refunds, or international transactions. Merchants should carefully review Square’s fee schedule and terms of service to fully understand the costs involved.

By understanding Square’s commission rates, businesses can make informed decisions about their payment processing strategies and effectively manage their transaction costs.