Square for Credit Card Payment Processing
Square is a popular platform for eCommerce as well as in-store purchases. Originally, it was more optimal for small business but is growing it’s capabilities to offer services to larger companies as well. However, we do feel it is still best suited for smaller and medium-sized businesses with it’s current flat rate pricing. Square’s suite of products and services, including Square Register and Square Point of Sale, are great tools that go beyond the basic needs of credit card processing, offering merchants more tools for running an efficient business.
Like Paypal, Square is an aggregator: a wholesale buyer or broker of a utility service, such as electricity or long-distance telephone service (or credit card payment processing), who packages it and sells it to consumers. Instead of acquiring a merchant account, gateway, and payment processor, merchants can choose to use an aggregator like Square. This is also known as the PAYFAC (payment facilitator) Model. Merchants pay for a packaged payment processing service that Square takes care of for you, in return charging a flat rate with fixed fees based on location and currency.
If you are looking to work with Square, or if you feel you have outgrown their services, speak with a merchant account expert at Verisave. We have worked with all aggregators, independent merchant account providers, processing gateways and payment processors in a variety of industries and can help you to determine which route is best for your finances. Many business owners look to Verisave to lower their overall merchant fees and eliminate the stress of managing their merchant accounts each month.
Merchant Credit Card Processing Products & Services
Square has developed a number of tools for merchants and eCommerce business owners. Specifically related to credit card payment processing, Square offers the following services:
SQUARE POS PROCESSING: Square uses mobile apps and software for their POS system. Their POS app is free. You can also integrate their POS system with other POS systems if needed. With their mobile POS system, merchants can access the following tools:
- Receipt printing (iPad only)
- Kitchen ticket printing (iPad only)
- Kitchen display compatibility (iPad only)
- Signature and tip on paper receipt (iPad only)
- Split tender
- Show change for cash
- Cash/check reporting
- Custom transaction amounts
- Suspend tickets
- Tips by %
- Tips by $
- Discounts by %
- Discounts by $
- Full and partial refunds (including itemized refunds)
- Signature off option on small tickets (under $25)
- Emailed receipts
- SMS receipts
- Customizable receipts
- Offline mode card processing
SQUARE eCOMMERCE: Create an online store front, integrate with an existing website, and allow customers to make easy payments for goods or services online. With Square’s eCommerce tools you get:
- Web store hosting
- Payment gateway
- Order pickup
SQUARE INVOICING: Among Square’s many merchant tools is a customizable tool for creating customer invoices.
SQUARE VIRTUAL TERMINAL: Square’s terminal is browser-based which allows you to enter payments into any device connected to the internet. It’s a free terminal tool as well where as many companies charge for this feature.
SQUARE CARD ON FILE: Store sensitive customer information off site using Square. Their security features maintain PCI compliance.
SQUARE DEVELOPER TOOLS: Developers can also customize PCI compliance solutions.
SQUARE PAYMENT ACCEPTANCE: Square is currently available to merchants in the United States, Canada, Japan, Australia, and the United Kingdom. Payment methods and pricing vary based on which country you’re in. Merchants using Square services can accept payments using any of these available methods:
- Visa
- Mastercard
- American Express
- Discover
- In-store terminals
- Online Shopping Carts
Square Also Offers The Following Business Management Tools:
SQUARE for APPOINTMENTS: Merchants can use Square’s tool for appointments that gives them access to the following capabilities:
- Syncing with Google Calendar
- Free online booking site
- Booking by employee
- Auto-populate services for website
- Widget to integrate in existing sites
- Accept pre-payment and charge no-show fees
- Accept tips
- Allow clients to reschedule their own appointments
- Sell retail items and manage inventory
- Send invoices
- Send reminders
- Customer database with notes
SQUARE for RETAIL: Retailers using Square (iPad – exclusive system) have access to the following business management tools:
- Itemized exchanges
- Barcode printing and scanning
- Cost of Goods Sold (COGS) reports
- Profitability reports
- Category reports (including profitability)
- Purchase order management
- Vendor management
- Transfer inventory between locations
- Discounts
- Employee management (included at no additional charge)
- Accept/receive inventory from within the app
SQUARE for RESTAURANTS: Restaurants using Square (iPad – exclusive system) have access to the following business management tools:
- Customizable interface
- Customizable floor plan
- Multiple menu support
- Coursing tools (including 1-tap firing)
- Comps and voids
- Move or split tickets
- Split tender
- Tip management, including automatic gratuity
- Free contract templates for catering
- Employee management
- 24/7 tech support (phone and email)
- Restaurant focused-reports, including cover, menu, labor, and revenue center reports
Speak with Verisave to see how we can lower your merchant account fees using Square. Traditionally, we will not require you to change processors, but if Square is not the best suit for your business and you can save on merchant fees by using another processor, then we will let you know. In any case, give us a call before making long-term commitments to any credit card payment processor.
Square System Integration
Not all businesses are going to find the PAYFAC model efficient for their payment processing. Those who are processing higher credit card payment volumes each month should consider another route. However, if your business is a good pair for a PAYFAC model like Square, then you’ll be pleased to know that Square is an extremely simple system to integrate into new and existing eCommerce sites and store fronts.
How Much Will You Be Paying For Square Credit Card Processing?
Square sells their services at a highly predictable flat rate. As of September 2018, their rates for payment processing are as follows:
Square for individuals: No monthly subscription cost. Fee of 2.75% for each transaction.
Square for teams (2-5 employees): $50 per month + 2.75% per transaction.
Square for teams (6-10 employees):$90 per month + 2.75% per transaction.
Larger teams must call Square for a quote for pricing.
Square for Retail: $60 per month per location, with additional registers available for $20/month each. Fee of 2.5% + $0.10 per transaction.
Square for restaurants: $60 per month per location for the POS, with the ability to add on additional registers for $40/each. Fee of 2.6% + $0.10 per transaction.
Verisave has worked with hundreds of companies to lower their overall merchant fees. We are confident our auditing experts can help you to lower your overall monthly merchant fees whether you use a PAYFAC model or traditional merchant account. While Square is a great tool for small to medium sized businesses using primarily eCommerce, many businesses will quickly outgrow the Square pricing model. Concerned you are already there? Speak with Verisave to see what you could be saving by switching to a merchant account and processor that are more equipped to handle higher sales volumes. Contact us today to start this simple process with a free analysis of your current merchant account statement.
Contract Lengths For Using Square Payment Acceptance
Square is simple. They require zero contracts resulting in zero cancelation fees.
Working With Square’s Sales and Customer Service Reps
Researching Square’s Sales Associates – Square is very straightforward on their website when it comes to sharing fees, rates, and other service details. Being a PAYFAC model aggregator for credit card processing services makes transparency incredibly easy in their marketing campaigns.
Contacting Square’s Customer Support – Square offers a vast library of readable resources for troubleshooting. If you cannot find what you are looking for there, you can reach customer support via phone, email, contact form, or live chat.
VERISAVE MERCHANT SERVICES REVIEW
Square for Credit Card Payment Processing
While we might not promote Square for large businesses and enterprises, they are a suitable payment processing aggregate for some merchants. If your business is in the beginning stages, then Square is a great starting point. But once you begin processing higher volumes of credit card transactions, then you will need to restructure your merchant accounts to achieve greater savings in your overall merchant fees. Speak to Verisave to find out if you have reached that point. We can help direct you towards a more effective way of processing credit and debit card payments so you are not overpaying.
Verisave specializes in reducing merchant fees for companies of all sizes. Working with 500+ merchants to drastically lower their credit card processing fees has led our team of experts to develop proprietary benchmark data for tracking and comparing your rates and fees with current market trends. Based on our experience with numerous processors, gateways, and credit card providers (including PAYFAC models like Square) – and now having an invaluable data set of industry statistics – our clients gain control over the confusion of the credit card industry and save money. Watch the video below to see how our trusted process works:
Whether you are currently working with Square or if you are just exploring your options, our experience in the credit card processing industry lends a considerable leg up to merchants in any industry. Contact us today to start the process of uncomplicating your merchant statement and lowering your merchant fees.