RTC SCORE
5.0
#11 of 16 with enough data
Chase Payment Solutions
Chase's merchant services. QuickAccept, which comes with Chase Business Complete Checking, charges 2.6% + 10¢ in person, 3.5% + 10¢ keyed in and 2.9% + 25¢ online, with no monthly fee and same-day deposits; standalone terminal accounts start at $9.95 a month and their contract terms aren't published.
RTC SCORE
7.3
#4 of 16 with enough data
Square
Square's card processing, built into Square for Restaurants: flat rates from 2.6% + 15¢ in person on Square Free (2.5% on Plus and 2.4% on Premium), with no PCI, statement or chargeback fees, month to month and with no early termination fee. Its surcharge only covers in-person credit card sales.
Key differences
| Data point | Chase Payment Solutions | Square |
|---|---|---|
| Published pricing (points out of 100) | 80 | 100 |
| In-person fee per transaction | 10¢ | 15¢ |
| Online rate | 2.9% | 3.3% |
| Online fee per transaction | 25¢ | 30¢ |
| Keyed-in fee per transaction | 10¢ | 15¢ |
| Price of a countertop terminal | $499 one-time | $299 one-time |
| Works with these restaurant POS | Others | Square, Others |
| Support channels | Phone | Phone, Chat, Email or form |
Side by side
| Feature | Chase Payment SolutionsRTC Score: 5.0 out of 10 | SquareRTC Score: 7.3 out of 10 |
|---|---|---|
| Type of processor and pricing | ||
| Type of processor | BankSource: Chase (opens in a new tab) | Flat-rate payment company (payment facilitator)Source: Square (opens in a new tab)A flat-rate payment company whose processing comes with its own POS. |
| Pricing model | Flat rateSource: Chase (opens in a new tab)One flat rate per channel for every card; custom pricing, including interchange-plus, by quote for higher volumes. | Flat rateSource: Square Support Center (opens in a new tab) |
| Published pricing (points out of 100) | 80Source: Chase (opens in a new tab)Counted: in-person rate 25, online and keyed-in rates 15, monthly fee 20 (QuickAccept $0; standalone accounts from $9.95), early termination fee 10 (QuickAccept's terms have none; the terms of standalone accounts aren't published), other fees 10 (QuickAccept's fee schedule is public; standalone accounts' other fees "may apply"). | 100(Best value)Source: Square (opens in a new tab)In-person rate 25, online and keyed-in rates 15, plan fees 20, $0 early termination fee stated 20, other fees 20 (PCI, chargebacks, inactivity, transfers and international cards are listed). |
| Card rates | ||
| In-person rate | 2.6%Source: JPMorgan Chase Bank (opens in a new tab) | 2.6%Source: Square (opens in a new tab)On Square Free. Square Plus is 2.5% + 15¢ and Square Premium 2.4% + 15¢. Businesses processing over $250,000 a year can ask about custom pricing. |
| In-person fee per transaction | 10¢(Best value)Source: JPMorgan Chase Bank (opens in a new tab) | 15¢Source: Square (opens in a new tab) |
| Online rate | 2.9%(Best value)Source: JPMorgan Chase Bank (opens in a new tab) | 3.3%Source: Square (opens in a new tab)On Square Free. Square Plus and Square Premium charge 2.9% + 30¢ online. |
| Online fee per transaction | 25¢(Best value)Source: JPMorgan Chase Bank (opens in a new tab) | 30¢Source: Square (opens in a new tab) |
| Keyed-in rate | 3.5%Source: JPMorgan Chase Bank (opens in a new tab) | 3.5%Source: Square (opens in a new tab)The same on every plan, also for cards on file. |
| Keyed-in fee per transaction | 10¢(Best value)Source: JPMorgan Chase Bank (opens in a new tab) | 15¢Source: Square (opens in a new tab) |
| American Express pricing | Same rate as other cardsSource: Chase (opens in a new tab) | Same rate as other cardsSource: Square (opens in a new tab) |
| American Express rate | N/ASource: Chase (opens in a new tab)American Express costs the same as other cards. | N/ASource: Square (opens in a new tab)Doesn't apply: American Express costs the same as other cards. |
| Rates by monthly volume | N/ASource: Chase (opens in a new tab)The same rate at any volume; custom pricing by quote. | No tiers by volume: the rate depends on the plan (in person, 2.6% + 15¢ on Square Free, 2.5% + 15¢ on Square Plus and 2.4% + 15¢ on Square Premium). Over $250,000 a year you can ask Square for custom pricing.Source: Square (opens in a new tab) |
| Monthly and other fees | ||
| Monthly account or plan fee | $0/moSource: Chase (opens in a new tab)QuickAccept, the lowest-cost published plan for the reference restaurant. It needs a Chase Business Complete Checking account ($15 a month unless waived). Standalone terminal accounts start at $9.95 a month. | $0/moSource: Square (opens in a new tab)Square Free, $0 a month per location. Square Plus is $49 and Square Premium $149 a month per location, with lower card rates; for our reference restaurant Square Free costs less. |
| Annual fee per account | $0/yrSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept's fee schedule (part of Chase's deposit account agreement) lists only its per-transaction rates. Standalone terminal accounts: not published. | $0/yrSource: Square (opens in a new tab)Square publishes its full fee list (Learn about Square fees), and it has no statement, annual, batch or minimum fee: on Square Free you only pay processing fees when you take a payment. |
| Annual fees per device or location | $0/yr per deviceSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept's fee schedule (part of Chase's deposit account agreement) lists only its per-transaction rates. Standalone terminal accounts: not published. | $0/yr per deviceSource: Square Support Center (opens in a new tab)Square publishes its full fee list (Learn about Square fees), and it has no annual, PCI or regulatory fee per device. What it does charge per device is monthly: the KDS and Kiosk apps on Square Plus and Premium. |
| PCI compliance fee (yearly) | $0/yrSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept's fee schedule (part of Chase's deposit account agreement) lists only its per-transaction rates. Standalone terminal accounts: not published. | $0/yrSource: Square Support Center (opens in a new tab) |
| PCI non-compliance fee (monthly) | $0/moSource: Chase (opens in a new tab)QuickAccept's fee schedule has no PCI non-compliance fee; its terms require PCI compliance and pass card network fines on to you. | N/ASource: Square (opens in a new tab)Doesn't apply: Square keeps the PCI certification as merchant of record, so you don't validate your own. |
| Statement fee | $0/moSource: Chase (opens in a new tab)QuickAccept's fee schedule (part of Chase's deposit account agreement) lists only its per-transaction rates. Standalone terminal accounts: not published. | $0/moSource: Square (opens in a new tab)Square publishes its full fee list (Learn about Square fees), and it has no statement, annual, batch or minimum fee: on Square Free you only pay processing fees when you take a payment. |
| Monthly minimum | $0/moSource: Chase (opens in a new tab)QuickAccept's fee schedule (part of Chase's deposit account agreement) lists only its per-transaction rates. Standalone terminal accounts: not published. | $0/moSource: Square (opens in a new tab)Square publishes its full fee list (Learn about Square fees), and it has no statement, annual, batch or minimum fee: on Square Free you only pay processing fees when you take a payment. |
| Fee per batch | $0Source: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept's fee schedule (part of Chase's deposit account agreement) lists only its per-transaction rates. Standalone terminal accounts: not published. | $0Source: Square (opens in a new tab)Square publishes its full fee list (Learn about Square fees), and it has no statement, annual, batch or minimum fee: on Square Free you only pay processing fees when you take a payment. |
| Chargeback fee | $0Source: JPMorgan Chase Bank (opens in a new tab)QuickAccept's fee schedule has no chargeback fee, but the transaction fee isn't refunded, Chase can add a fee for mediating chargeback disputes upon notice, and its terms allow extra fees if you have too many chargebacks. | $0Source: Square Support Center (opens in a new tab)Square doesn't charge for chargebacks or dispute management; you still lose the disputed amount if the customer wins. |
| Other fees | QuickAccept needs a Chase Business Complete Checking account: $15 a month, waived among other ways with $2,000 or more of QuickAccept deposits that month. Card network fines are passed on to you. Standalone terminal accounts cost from $9.95 a month and their other fees aren't published.Source: JPMorgan Chase Bank (opens in a new tab) | Cards issued outside the US: an extra 1.5%. Gift card loads: 2.5% on Square Free and Plus. Afterpay: 6% + 30¢. ACH bank transfers on invoices: 1% ($1 minimum). Instant or same-day transfers: 1.95%. KDS app: $30 a month per device on Square Plus ($20 on Premium); Kiosk app: $50 ($30 on Premium).Source: Square (opens in a new tab) |
| Equipment | ||
| How you get the equipment | You buy itSource: Chase (opens in a new tab) | You buy itSource: Square (opens in a new tab)You buy it, upfront or in monthly installments financed by Block (for example $27 a month for 12 months for Square Terminal). |
| Price of a countertop terminal | $499 one-timeSource: Chase (opens in a new tab)Chase POS Terminal, a handheld that also works at the counter; $100 off with code POS100 for a limited time. The Chase Wireless Terminal for standalone accounts also costs $499. | $299 one-time(Best value)Source: Square (opens in a new tab)Square Terminal, a countertop and portable card terminal. Square Register costs $899. |
| Equipment lease you can't cancel | NoSource: Chase (opens in a new tab)Chase sells its devices; it publishes no lease. | NoSource: Square (opens in a new tab)You buy Square's hardware; the installments are a purchase loan from Block, not a lease. |
| Equipment lease term | N/ASource: Chase (opens in a new tab)No lease is offered. | N/ASource: Square (opens in a new tab)Doesn't apply: Square doesn't lease its hardware. |
| Equipment at $0 upfront: what it commits you to | Chase publishes no $0-upfront equipment offer: you buy the card reader ($99) or the Chase POS Terminal ($499), or take payments with Tap to Pay on your phone.Source: Chase (opens in a new tab) | No equipment at $0 upfront tied to a term. Square gives you the magstripe reader at no cost and sells the rest, with optional installments.Source: Square Support Center (opens in a new tab) |
| Equipment only works with this processor | UnconfirmedSource: Chase (opens in a new tab)Chase doesn't say whether its devices work with another processor. | UnconfirmedSource: Square (opens in a new tab)Square's hardware runs Square's own apps, but its hardware pages, sales policy and terms don't say whether it can work with another processor. |
| Getting your money | ||
| Standard deposit speed | Same daySource: Chase (opens in a new tab)QuickAccept deposits the same night (payments approved by 5 p.m. PT, Sunday through Friday; Saturday's arrive Sunday morning), only into Chase Business Complete Checking. Standalone terminal accounts: next-day funding into Chase checking. | Next business daySource: Square Support Center (opens in a new tab)Every Square merchant starts on the standard next-business-day transfer, at no extra cost: payments taken before 5 p.m. PT (8 p.m. ET) arrive the next business day, and later ones by the second business day. Instant or same-day transfers cost 1.95%. With Square Checking, your money is available right after each sale. |
| Instant payout fee | UnconfirmedSource: Chase (opens in a new tab)Chase publishes no instant payout; its same-day deposits cost nothing extra. | 1.95%Source: Square (opens in a new tab)For instant and same-day transfers, from $25 up to $10,000 per transfer. |
| Holds and reserves | Chase can delay or limit deposits based on your risk and history, hold funds during an investigation or when it expects chargebacks, and require a reserve that earns no interest. If QuickAccept ends, you must keep your Chase account open for at least 180 days.Source: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab) | Square may delay payouts or require a reserve if it considers your business risky, and it can hold chargeback amounts and delay payouts while chargebacks are pending (Payment Terms §14 and §20).Source: Square (opens in a new tab) |
| Contract and exit | ||
| Contract term | Month to monthSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept is a feature of your Chase business checking account and its terms set no minimum term. Standalone terminal accounts set up with an advisor have terms Chase doesn't publish. | Month to monthSource: Square (opens in a new tab) |
| Automatic renewal | Month to monthSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)No term, so nothing renews. | Month to monthSource: Square (opens in a new tab)Month to month, with no renewal term. |
| Notice to avoid renewal | N/ASource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)No term to renew. | 0 daysSource: Square (opens in a new tab)No notice: you deactivate your account. |
| Notice to cancel | UnconfirmedSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept's terms set no notice period for you to stop; they ask you to keep your Chase account open at least 180 days after the service ends. | 0 daysSource: Square (opens in a new tab)You end the agreement by deactivating your account, with no notice period. |
| Early termination fee | None in QuickAccept's terms: you only owe fees already accrued. Standalone terminal accounts: not published.Source: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab) | No early termination fee. Subscription fees already paid are not refunded.Source: Square Support Center (opens in a new tab) |
| How the early termination fee is calculated | No early termination feeSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept: you only owe fees already accrued. Standalone terminal accounts set up with an advisor: not published. | No early termination feeSource: Square Support Center (opens in a new tab)Square lists early termination among the things it doesn't charge for. |
| Liquidated damages clause | NoSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept's terms have no liquidated damages clause. | NoSource: Square Support Center (opens in a new tab)No early termination fee or liquidated damages. |
| Price increases during the contract | With notice, and you can leave without a feeSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)30 days' notice of any fee change; QuickAccept has no term or early termination fee, so you can stop using it. | With notice, and you can leave without a feeSource: Square (opens in a new tab)Square can change its fees with reasonable advance notice; since there is no term or early termination fee, you can leave if you don't accept the change. |
| Right to raise prices | Chase can change QuickAccept's fees with 30 days' notice; using the service after that means you accept them.Source: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab) | Square may change its processing fees with reasonable advance notice (Payment Terms §4), and its terms at any time with the notice it considers reasonable (General Terms §2).Source: Square (opens in a new tab) |
| Personal guarantee by the signer | NoSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab)QuickAccept's terms have no personal guarantee clause. | No()Source: Square (opens in a new tab)Neither Square's General Terms nor its Payment Terms contain a personal guarantee by the signer. |
| Dual pricing and surcharges | ||
| Dual pricing or surcharge program | NoSource: Chase (opens in a new tab)Chase's merchant pages and QuickAccept's fee schedule publish no dual pricing, surcharge or cash discount program. | YesSource: Square Support Center (opens in a new tab)Credit card surcharging, in open beta in the US: in person only, credit cards only, up to 3% and never above your cost of acceptance, and not available in Connecticut, Maine, Massachusetts or Puerto Rico. Square publishes no dual pricing program. In our estimate, card processing on in-person credit card sales costs your restaurant $0 with the surcharge and your customers pay it; debit and online sales keep Square's rate. In practice part of that cost stays with you: Square charges its fee on the whole sale, including tax and tip, tips can't be surcharged, and the 3% cap can fall below Square's fee on small tickets (2.6% + 15¢ is about 3.03% of a $35 ticket). Card network rules and state laws apply. |
| Cards the program covers | N/ASource: Chase (opens in a new tab)No program published. | Credit cards only (surcharge)Source: Square Support Center (opens in a new tab) |
| Monthly fee for the program | N/ASource: Chase (opens in a new tab)No program published. | UnconfirmedSource: Square Support Center (opens in a new tab)Square's surcharge article and its fee list don't mention a fee for the program, and Square doesn't say it charges none. |
| Your POS and your business | ||
| Works with these restaurant POS | OthersSource: Chase (opens in a new tab)Chase supports TouchBistro (restaurants), NCR Voyix Silver Essentials and the Authorize.net gateway, and sells its own Chase POS. | Square, OthersSource: Square (opens in a new tab)Processing built into Square's POS, and other POS systems too: Square's Terminal API connects another POS application to Square Terminal (see "Requires the vendor's own POS"). Same rule for every vendor: "others" when the vendor documents its processing on another POS. |
| Requires the vendor's own POS | NoSource: Chase (opens in a new tab)Works with TouchBistro and with standalone terminals. | NoSource: Square Developer (opens in a new tab)Square's processing comes with Square's POS, and other POS software can use it too: Square's Terminal API connects another POS application to Square Terminal, and its fee list publishes rates for payments through its APIs. Same rule for every vendor: "no" when the vendor documents a way to use its processing with another POS. |
| Monthly volume it's built for | UnconfirmedSource: Chase (opens in a new tab)No minimum volume published. | $0/moSource: Square (opens in a new tab)No minimum volume. Over $250,000 a year (about $20,800 a month) Square offers custom pricing. |
| Accepts high-risk businesses | UnconfirmedSource: JPMorgan Chase Bank (opens in a new tab)Chase doesn't publish whether it takes high-risk businesses; QuickAccept isn't available to all businesses. | NoSource: Square (opens in a new tab)Square's Payment Terms list business types it doesn't serve; it isn't a high-risk specialist. |
| Routes debit to the lowest-cost network | UnconfirmedSource: Chase (opens in a new tab)Not published. | Not publishedSource: Square (opens in a new tab)Square doesn't publish how it routes debit cards; with flat pricing the routing doesn't change your rate. |
| Support | ||
| 24/7 support for merchants | NoSource: Chase (opens in a new tab)The QuickAccept and Payment Solutions phone line is open weekdays; Chase's self-service help center is online 24/7. | NoSource: Square (opens in a new tab)24/7 phone support comes only with Square Premium ($149 per location a month). On Square Free, phone support is 6 am to 6 pm PT on weekdays for the first 90 days; on Square Plus it's 6 am to 6 pm PT on weekdays. We score the support of the plan our cost uses (Square Free), the same for every vendor. |
| Support channels | PhoneSource: Chase (opens in a new tab) | Phone, Chat, Email or formSource: Square (opens in a new tab)Chat and email on every plan; phone hours depend on the plan (see 24/7 support). |
Contracts compared
| Product | Initial term | Auto-renewal | Early termination fee | Price increases during the term | Trial |
|---|---|---|---|---|---|
| Chase Payment SolutionsSource: Paymentech, WePay and JPMorgan Chase Bank (opens in a new tab) | Month to month | No auto-renewal | None in QuickAccept's terms: you only owe fees already accrued. Standalone terminal accounts: not published. | Chase can change QuickAccept's fees with 30 days' notice; using the service after that means you accept them. | No data |
| SquareSource: Square Support Center (opens in a new tab) | Month to monthSource: Square (opens in a new tab) | No auto-renewalSource: Square (opens in a new tab)Month to month, with no renewal term. | No early termination fee. Subscription fees already paid are not refunded. | Square may change its processing fees with reasonable advance notice (Payment Terms §4), and its terms at any time with the notice it considers reasonable (General Terms §2).Source: Square (opens in a new tab) | No data |
This is general information about published contracts, not legal advice: read your own contract and check with a lawyer before you sign.
Build your own comparisonCard processing cost calculatorHow we score