Back to Home

Square Pricing Update FAQ

The standard processing rate for tapped, dipped, and swiped payments accepted with the Square Point of Sale app is 2.6% + 10¢. To see how this update may affect the fees you pay for card processing, visit your online Square Dashboard.

See how this affects you

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.

When does this rate change go into effect?

Effective September 24, 2019, the processing rate for tapped, dipped, and swiped payments accepted in the Square Point of Sale app is 2.6% + 10¢. If you activated your account with Square before this date, this new rate for card-present payments will go into effect November 1, 2019.

Visit the Pricing & Subscriptions section of your online Square Dashboard to determine how each of your locations may be affected.

Does this payment processing rate update affect me?

If your current rate for tapped, dipped, and swiped payments accepted with the Square Point of Sale app is 2.75%, this update may affect the overall card processing fees you pay to Square. For sellers who activated a Square account prior to September 24, 2019, your new card-present processing rate of 2.6% +10¢ will go into effect on November 1, 2019.

Visit the Pricing & Subscriptions section of your online Square Dashboard to determine how your fees may be affected.

See how this affects you

Why 2.6% + 10¢?

Like many payment service providers and processors industry wide, we pay both fixed and variable fees to banks and credit card companies to process payments on your behalf. We’ve long had a fixed fee as part of the card-not-present rate (3.5% + 10¢ for manually keyed-in payments), but have not had a fixed fee in our card-present rate (2.75% for tapped, dipped, or swiped transactions).

As a result, Square often incurs costs that exceed the 2.75% rate. The fixed fee of 10¢ helps to offset those costs, as well as allows us to reduce the standard variable processing rate to 2.6% per transaction.

For some sellers, this update may change the overall fees paid to Square for payment processing.

To understand how this may impact your business, visit the Pricing & Subscriptions section of your online Square Dashboard.

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 deposits and real-time access to your funds with Square Card
    • 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.

  • We offer a single rate for all major card brands and types.

  • 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 organized.

Can I keep my current rate?

We aren’t able to keep the old processing rate for any accounts. Square is changing its standard processing rate for tapped, dipped, and swiped transactions from 2.75% to 2.6% + 10¢, effective November 1, 2019, for all sellers currently on the standard rate.

Where can I see my card processing rate?

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

Are any other Square processing rates changing?

Yes – tap, dip, and swipe rates for the following services are affected by this update:

  • Square Appointments for Individuals (Free): 2.75% is now 2.6% + 10¢ per tap, dip, or swipe. This does not affect subscribers to Square Appointments for Teams.

  • Point of Sale API: 2.75% is now 2.6% + 10¢ per tap, dip, or swipe.

  • Reader SDK: 2.5% +10¢ is now 2.6% + 10¢ per tap, dip, or swipe.

  • Square for Retail (expired subscription): 2.75% is now 2.6% + 10¢ per tap, dip, or swipe.

  • Virtual Terminal + Square Reader for magstripe: 2.75% is now 2.6% + 10¢ per swipe.

  • Square Invoices In-Person Payments: 2.75% is now 2.6% + 10¢ per tap, dip, or swipe.

Note: If your subscription to Square for Retail expires, you can still process payments with the Restaurants and Retail POS app — however, you’ll have limited access to advanced features and your card processing rate for card-present transactions will update to 2.6% + 10¢.

This rate change does not affect the existing processing rate for card not present (manually keyed-in payments), or Card on File payments.

Does this affect my Capital repayment rate?

No – the terms of your Square Capital repayment will stay the same.

I sell online with the Square Online Store — will my rates change?

No – the rate for accepting payments from your online store remains 2.9% + 30¢. This update affects tapped, dipped, or swiped payments on the Square Point of Sale app.

To view your card processing rates for every payment type, visit Pricing & Subscriptions in your online Square Dashboard > select a location.

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 tapped, dipped, and swiped card payments processed on the Square Point of Sale app as of November 1, 2019.

Payment Method Report

The Payment Method Report provides a high-level overview of fees paid, categorized 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 2018 or This Year to view fees paid year-to-date for 2019.
  3. Click Export. The report will download to your computer as a CSV file where you can see a breakdown of fees paid for dipped, tapped, and swiped 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 payments taken in 2018 or This Year to view all payments year-to-date for 2019.
  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.
  6. In the file, filter the Card Entry Method column to only show tapped, dipped, and swiped payments.

View your card processing rates

To see how this update may impact your business:

  1. Visit Pricing & Subscriptions in your online Square Dashboard.
  2. Select a location by clicking Master Account > select location.
  3. You’ll see a breakdown of your rates under Payment Processing Pricing.

Sign in

Still need help? Ask the community

Visit community forum