An innovative new flat monthly fee of $275 was announced today by Square for small businesses that process less than $250,000 per year, with transactions of up to $400 in value.
“For 62 years, merchants have suffered complicated, expensive processing fees. Square is the first company to rethink electronic payment pricing with the merchant in mind. We are giving merchants affordable, predictable pricing, ” said Square CEO and co-founder Jack Dorsey. “With one monthly price, merchants know that the sales they’ve processed in a day is the same amount deposited in the bank.”
The new program should show significant savings for merchants that do over $100k in swipe payments annually, over the current Square standard 2.75% fee, by lowering the effective rate to under 1.5%
About the Author: Norm Asand
Norm Asand was actively involved in payment processing for more than 15 years as a lead underwriter for a major acquiring bank in the EU. We are fortunate that Norm decided retirement was boring and decided to join our staff! His insights into the industry are invaluable, and always an interesting read! And yes – he promises us a pic soon!
Norm’s email here at online payment news is NormA@onlinepaymentnews.com