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Square Pricing Update

Square is changing the transaction fees for our online payment products to a new set of rates. The new rates will be 1.9% per transaction for UK/EU + EEA issued cards, and 2.9% per transaction non-UK/EU + EEA issued cards. See below for a list of European countries. Note: Cards originating from the United Kingdom will qualify for the 1.9% European pricing post-Brexit.

The fee for payments manually keyed-in to the Square Point of Sale app, Square Invoices, and Virtual Terminal will remain at 2.5% per transaction.

Why are you changing your payment processing rate?

Since the very start, our goal at Square has been to build accessible, easy to use tools to help sellers of all sizes start, run, and grow their business. Square periodically revisits both product and processing price levels to account for the changing cost to build our products and serve our customers at the highest level possible.

The updated pricing structure takes into account the full cost of operating our business and all market forces. As the Square ecosystem and payments industry evolve, we must review our business and adjust accordingly. We are committed to keeping all costs to our sellers as low as possible.

Learn more about Square payment fees.

When does this rate change go into effect?

Effective 1 December 2020, the processing rate will change to the new set of card-not-present rates for our online payment products. If you activated your account with Square before this date, the new rates for card-not-present payments will go into effect 15 February 2021.

Does this payment processing rate update affect me? 

If your current rate for card-not-present payments accepted with Square is 2.5%, this update may affect the overall card processing fees you pay to Square. For sellers who activated a Square account prior to 1 December 2020, your new card-not-present processing rate of 1.9% for UK/EU + EEA issued cards and 2.9% for non-UK/EU + EEA issued cards for our online payment products will go into effect on 15 February 2021. However, you will have the option to switch to the new rates before this date.

For sellers who activate a Square account on 1 December 2020 going forward, your card-not-present processing rate for our online payment products will be the new rate of 1.9% for UK/EU + EEA issued cards and 2.9% for non-UK/EU + EEA issued cards, per transaction. The fee for payments manually keyed-in to the Square Point of Sale app, Square Invoices, and Virtual Terminal will remain at 2.5% per transaction.

What are Square’s fees by payment type?

Payment Type 1.9% UK/EU + EEA cards/2.9% non-UK/EU + EEA cards 2.5% 1.75%
Inserted Chip Cards     ✔️
Contactless (NFC) Payments     ✔️
Purchase of Physical Gift Cards     ✔️
POS App Manually Keyed-In Payments   ✔️  
POS App Card on File Transactions   ✔️  
Virtual Terminal Payments   ✔️  
Virtual Terminal Card on File Payments   ✔️  
Invoices   ✔️  
Invoices Manually Keyed-In Payments   ✔️  
Invoice Card on File Payments   ✔️  
Square eCommerce API ✔️    
eCommerce Card on File Payments ✔️    
Square Online Store ✔️    
Square Online Checkout Links ✔️    
Purchase of Digital Gift Cards ✔️    

What if I want to switch to the new rate?

If you activated a Square account before 1 December 2020 and would like to switch to the new rates before 15 February 2021, you can do so through your online Square Dashboard. You can also switch over to the new rate by following the prompt in the email update you’ve received regarding the rate change.

If you opt to switch to the new rate early, you should see the new rate applied to your card-not-present online payment products within 24 hours.

Why are card-not-present transactions processed at a higher rate?

The fee for card-not-present transactions are higher because they are typically associated with higher risk, as neither the card holder or the card have to be present for the transaction to occur. Learn more about Square payment fees.

Is there a way to prevent customers from paying with a non-European card on my Square Online site or Checkout Links?

There is not a way to prevent customers from completing a transaction with a particular payment card.

How can I tell if a payment was made with a non-European card?

Open your online Square Dashboard, then navigate to Transactions. When you tap on a specific payment, you can see the card brand and the fee assessed for each transaction.

What’s included in Square’s fees?

A few things to keep in mind about Square’s fees—we do not charge fees for:

  • Account activation

  • Square Support

  • Downloading and using the Square Point of Sale app

  • Fast transfers 

  • Refunds

  • Recording cash and other tender payments

  • Advanced reporting tools

  • Early termination

  • Chargebacks and dispute resolution services

  • Account inactivity 

  • PCI compliance

  • Fraud prevention 

Credit card fees are included in Square’s fees, so there are no additional charges from credit card companies.

Payment processing fees are calculated on the total amount of each transaction and automatically deducted to make things easier.

Square offers other tools that help you grow and manage your business, like free time card reporting with Team Management and a free Customer Directory to keep your customer information secure and organised.

Where can I see my card processing rate?

To view your card processing rate, visit Pricing & Subscriptions in your Square Dashboard > select a location.

Are any other Square processing rates changing?

No – only the per transaction card-not-present rates for the following services are affected by this update:

  • Square Online: 2.5% is now 1.9% for UK/EU + EEA issued cards and 2.9% for non-UK/EU + EEA issued cards.

  • Online Checkout: 2.5% is now 1.9% for UK/EU + EEA issued cards and 2.9% for non-UK/EU + EEA issued cards.

  • Square eCommerce API: 2.5% is now 1.9% for UK/EU + EEA issued cards and 2.9% for non-UK/EU + EEA issued cards.

  • Digital Gift Cards: 2.5% is now 1.9% for UK/EU + EEA issued cards and 2.9% for non-UK/EU + EEA issued cards.

Note: The transaction fee for Digital Gift Cards is charged when a customer purchases an eGift card from your online ordering site, not when a customer makes a purchase with an eGift Card. 

This rate change does not affect the existing processing rate for card-present (Chip and PIN or Contactless) payments. It also does not affect existing card-not-present rates for Square Invoices, Virtual Terminal and payments manually keyed-in to the Point of Sale app.

Where can I see the fees I’ve previously paid to Square?

There are two ways to view a breakdown of card processing fees paid by payment type. Keep in mind, this update only affects card-not-present payments processed by Square as of 1 December 2020.

Payment Method Report

The Payment Method Report provides a high-level overview of fees paid, categorised by payment type.

  1. Visit Reports > Payment Methods in your online Square Dashboard.

  2. Use the date selection tool to select a custom date range or click Last Year to view fees paid in 2019 or This Year to view fees paid year-to-date for 2020.

  3. Click Export. The report will download to your computer as a CSV file where you can see a breakdown of fees paid for card-present and card-not-present payments in the date range selected.

Transactions Report

The Transactions Report, once downloaded to your computer as a CSV file, provides a detailed account of all payments accepted in a given time period. You’ll see a full breakdown of transaction details, including individual payment method, amount, fees paid, and more.

  1. Visit Transactions in your online Square Dashboard.  

2. Use the date selection tool to select a custom date range or click Last Year to view fees paid in 2019 or This Year to view fees paid year-to-date for 2020.

  3. Using the filters, select Card as your Payment Method.

  4. Click Export > Transactions CSV.

  5. This report will download to your computer as a CSV file you can open using a spreadsheet program.


European Countries

List of card issuance countries qualifying for European card-not-present pricing:

Austria
Belgium
Bulgaria
Croatia
Republic of Cyprus 
Czech Republic
Denmark
Estonia
Finland
France
Germany
Greece
Hungary
Iceland
Republic of Ireland
Italy
Latvia
Liechtenstein
Lithuania
Luxembourg
Malta
Netherlands
Norway
Poland
Portugal
Romania
Slovakia
Slovenia
Spain
Sweden
United Kingdom

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