Square’s new lower processing fees

We are lowering our standard credit card processing fees for in-person and online transactions for all businesses, and across all credit card types in Canada, starting Monday, October 21. We are also reducing the online processing fee for debit transactions.

Square’s lower processing fees follow an agreement between the Government of Canada with Visa and Mastercard to lower credit card transaction fees for small businesses. Small businesses pay fees to process credit card transactions, with the largest component being the interchange fee paid to credit card–issuing financial institutions, such as banks. This new agreement helps credit card–accepting small businesses in Canada qualify for lower rates and see their interchange fees reduced.

Square is pleased to pass on savings by lowering our processing fees in order to keep rates low for our sellers.

Square’s new card processing fees explained:

Credit card present: 2.5% per transaction
When a customer taps, inserts or swipes their credit card in person. Visa, Mastercard, American Express, Discover, and international credit cards all cost the same rate.

Debit card present: 0.75% + 7¢ per debit transaction
When a customer taps or inserts their debit card in person.

Card not present: 2.8% + 30¢ per transaction
When a customer makes a purchase through a seller’s Online Store, Online Checkout, eCommerce API or pays an invoice online.

Keyed in: 3.3% + 15¢ per transaction
When sellers manually key in a customer’s card details or use a card on file.

For more information about our new fees, visit our Understanding Our Fees page or our Pricing page on October 21, 2024.