How Much Does Square Charge? Detailed Guide for Square Fees and Rates in 2022

As a business owner, you are always looking for ways to save money and increase profits. One way you can do this is by finding the lowest possible merchant account fees. Unfortunately, many businesses are unaware of all the fees they are paying to accept credit and debit card payments. This is especially true for businesses that use Square, as the company charges a number of different fees.

In this guide, we will take a detailed look at all the fees charged by Square, as well as how to avoid them. By the end, you should have a good understanding of how much it costs to use Square for your business.

Square Fees for Credit and Debit Card Payments

Square charges a fee of 2.75% per credit or debit card transaction. This is the same for all cards, including American Express. There are no additional fees for keyed-in transactions, international cards, or rewards cards.

However, if you use Square's invoicing feature to bill customers later, there is a 3% fee for all credit and debit card transactions. This fee is not charged if you use Square's Instant Deposit feature to receive your payments immediately.

There are also no monthly or annual fees, and no minimum transaction amount. You only pay when you make a sale, and the fees are automatically deducted from your sales proceeds.

How to Avoid Paying Square Fees?

If you are processing a large volume of credit and debit card transactions, you can save money by signing up for Square's Merchant Services program. With this program, you pay a monthly fee of $49, plus a per-transaction fee of 1.75%. This is a significant savings if you process more than $5,000 per month in credit and debit card payments.

Another way to avoid paying Square's 2.75% transaction fee is to use its Instant Deposit feature. With this feature, you can receive your payments immediately for a 1% fee. This is a good option if you need access to your funds right away and can't wait the one or two business days for Square to deposit your funds.

You can also avoid paying Square's 3% invoicing fee by using its Pay with Cash feature. With this feature, customers can pay you in cash or with a check, and there are no fees. This is a good option if you have customers who prefer to pay with cash or if you need to save on fees.

Finally, you can avoid paying Square's 2.75% transaction fee altogether by using its Virtual Terminal feature. With this feature, you can manually enter credit and debit card payments into Square for a flat fee of $0.10 per transaction. This is a good option if you don't process many credit and debit card transactions or if you need to save on fees.

Square Fees for Other Services

In addition to credit and debit card processing fees, Square also charges fees for other services. These include:

• Square Capital: If you use Square Capital to finance your business, there is a one-time funding fee. This fee is typically between 10% and 20% of the amount you borrow, but it can vary depending on the loan terms.

• Square Payroll: If you use Square Payroll to pay your employees, there is a monthly fee of $5 per employee, plus a per-transaction fee of $2.75.

• Square Appointments: If you use Square Appointments to schedule appointments, there is a monthly fee of $5 per employee, plus a per-transaction fee of $0.50.

• Square Marketing: If you use Square Marketing to send marketing emails, there is a monthly fee of $5 per employee, plus a per-transaction fee of $0.50.

• Square Cash: If you use Square Cash to send or receive money, there is a fee of 3% of the transaction amount.

• Square Register: If you use Square Register to process POS transactions, there is a monthly fee of $30, plus a per-transaction fee of 2.75%.

To learn more about Square's fees for other services, check out our guide on The Complete List of Square Fees.

Author's Note

Square charges a fee of 2.75% per credit or debit card transaction. This is the same for all cards, including American Express. There are no additional fees for keyed-in transactions, international cards, or rewards cards.

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