During these times it’s even more important that we’re fully transparent in how our payment processing fees are distributed. When a customer spends money with your business, Square only keeps a fraction of the fees, approximately one third, and that goes back into tools and features for your business.
Card processing fees explained.
To process a sale, there are several types of set fees within a transaction. These are set not by Square but by cardholder banks and card networks. They are included as part of Square’s card processing fee.
Every time a customer uses a credit or debit card in your store, a fee is charged by the cardholder’s bank, such as HSBC or Barclays. This fee can vary greatly, based on the issuer of the card, the card brand, and the country in which it was issued. When Square processes a transaction on your behalf, Square is required to give a percentage of the funds collected to your customer’s card issuer.
Associations such as Mastercard or Visa also collect fees, called dues and assessments, for the use of their card brands as well as the ability to process transactions through their payment networks. Square is required to give a percentage of the amount collected from your customer to these associations.
Risk and PCI compliance
PCI DSS is a security standard all businesses that accept credit cards must comply with to safely and securely accept, store, process, and transmit cardholder data during debit and credit card transactions. Square’s tools help keep sellers PCI compliant. Square complies with PCI standards so you don’t have to validate your compliance, nor do you pay associated annual fees.
Square tools and features.
With Square, you benefit from many resources designed to help you run your business. In the £50 transaction shown in the above illustrative example, the £0.30 allocated to Square allows us to provide some of the following tools and features:
Fraud can happen in both low-risk transactions and higher-risk transactions such as card-not-present purchases. We work around the clock to evaluate the legitimacy of your buyers to protect your business.
Get free dispute management services for chargebacks. We cover the fee for every dispute that we fight on your behalf. And we’ve saved sellers millions of dollars globally by managing and winning disputes for them.
Advanced reporting tools
Access important data and powerful tools straight from your Square Dashboard so you can easily keep track of your sales and make important decisions about your business.
Our general in-house phone support is available from 9 a.m. to 5 p.m. Monday through Friday, with email access anytime, 24/7. For Terminal and Square for Restaurants sellers, phone support is available 24/7.
Keep your customers’ information organised and secure. Use it to send email or send invoices.
Track team hours, breaks, and sales by employee. Free timecards that sync seamlessly to Square Point of Sale make payroll simple.
Change item details like price, name, or quantity in real time. Upload groups of items faster, track stock quantities, and get email alerts when items run low.