How Much Does Square Charge For Credit Card Processing

Depending on the merchant services provider you work with, credit card processing fees can range from high to low. Square’s typical fees and rates are rather straightforward, seeing as they don’t charge monthly or hidden fees and charge the same amount across major credit cards. 

For physical card-present transactions they charge 2.6% + 10 cents if a card is swiped, dipped, or tapped. Keyed in transactions and online purchases cost higher than this.

Square Credit Card Processing Fees 

Compared to other payment processing companies, Stripe’s range of credit card processing fees are quite competitive. Their flat rate includes interchange fees and other assessment fees that can quickly add up if customers pay by American Express, unlike other companies. Their pricing breakdown is as follows:

  • For swiped, dipped, and tapped card transactions, they charge 2.6% in addition to 10 cents. 
  • For keyed in transactions, they charge 3.5% in addition to 15 cents.
  • For online invoices and e-commerce transactions, they charge 2.9% in addition to 30 cents. 

The good news is that Square doesn’t charge any point of sale fees, cancellation fees, or PCI compliance fees that can substantially increase costs over time. In addition, businesses that sell over $250,000 per year and have an average ticket size of $15 or more might be able to negotiate with their sales department for a more competitive rate. 

For businesses looking to offset processing fees, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 allows them to set a credit card minimum up to $10. This can make smaller transactions more cost-effective in the long-term.  

Overall, Square’s credit card processing fees are affordable and easy to understand, making them a great option for smaller businesses and more established ones. However, they don’t usually work with high risk businesses or merchants dealing with high ticket prices. 

If you’re a small business looking for ways to minimize costs, read on to learn about the best online credit card processors here. 

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