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Card processing review

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.

By SquareParent company: Block, Inc.

RTC SCORE

7.3

#4 of 16 with enough data

Our verdict

Square publishes its rates and main fees and has no term or early termination fee, which makes its cost easy to predict. Its credit card surcharge only covers in-person credit card sales, so debit and online sales keep its flat rate. A fit if you want month-to-month processing with no surprises and can live with weekday-only support on Square Free.

What we like

  • Its rates and main fees are published: 2.6% + 15¢ in person on Square Free, with no monthly, PCI, statement, chargeback or inactivity fee.
  • Month to month, with no early termination fee: you end it by deactivating your account.
  • Deposits the next business day at no extra cost for payments taken before 8 p.m. ET, and instant transfers for 1.95%.
  • Built-in credit card surcharge (open beta) on in-person sales, paid by your customers.

What to watch

  • The surcharge only covers in-person credit card sales: debit and online sales keep Square's rate, and it isn't available in Connecticut, Maine or Massachusetts.
  • Online payments cost 3.3% + 30¢ on Square Free and keyed-in cards 3.5% + 15¢; the lower in-person rates require Square Plus ($49) or Premium ($149) per location.
  • 24/7 phone support only with Square Premium; on Square Free, phone support is weekdays 6 am to 6 pm PT and only for the first 90 days.
  • Square can delay payouts or require a reserve if it considers your business risky.

How the score breaks down

RTC Score7.3out of 10

Methodology v0.1.0

Data completeness98%

We could verify 98% of the scoring data

Strongest points
12-month cost of the reference restaurant, What leaving in month 12 costs, Standard deposit speed
Weakest point
12-month cost of the reference restaurant

Score by criterion

  • 12-month cost of the reference restaurantWeight 37%StrongestWeakest6.6 out of 10

    $5,436 over 12 months

  • Standard deposit speedWeight 11%Strongest8.0 out of 10
  • What leaving in month 12 costsWeight 9%Strongest10.0 out of 10

    $0 to leave in month 12

  • Price increases during the contractWeight 8%7.0 out of 10
  • Published pricingWeight 7%10.0 out of 10
  • 24/7 supportWeight 6%0.0 out of 10
  • Contract termWeight 4%10.0 out of 10
  • Support channelsWeight 4%9.0 out of 10
  • No equipment lease you can't cancelWeight 3%10.0 out of 10
  • Works with restaurant POS systemsWeight 3%3.3 out of 10
  • Automatic renewalWeight 2%10.0 out of 10
  • Equipment works with another processorWeight 2%No data
  • Offers dual pricing or a surcharge programWeight 2%10.0 out of 10
  • Works without the vendor's own POSWeight 1%10.0 out of 10

Before you pass the card fee to your customers

This vendor offers a program that passes the card cost to your customers. Card network rules cap credit card surcharges (Visa 3%, Mastercard 4%) and never allow them on debit, and some states ban or limit them.

This is general information, not legal advice. Card network rules and state laws change, and how they apply depends on your business: check with a lawyer and with your processor before adding a surcharge or a cash discount.

See the rules by state

Current promotion

  • Signing bonus

    Up to $12,000Source: Square (opens in a new tab)
    Conditions
    A credit of up to $1,000 a month on your Sysco invoices, paid by Square, for up to 12 months after you switch. Only for businesses that are not Square customers yet, switch to Square and buy from Sysco (more than 100 cases a month in the last quarter, or new to Sysco). The monthly amount depends on your yearly card volume through Square, and Square does not publish the tiers, so $12,000 is a maximum. It is a credit on food purchases, not cash, and it does not pay your current provider's early termination fee. Square calls it a limited-time offer and publishes no end date.
    Valid until
    The vendor publishes no end date. We take it down if we can't re-check it within 30 days.

Counts in the RTC Score only if our reference restaurant qualifies.

The switching or signing incentive is one of the criteria with the most weight in the RTC Score. We count a promotion only while it's current, with a fixed published amount and conditions our reference restaurant meets. "Up to" amounts, buyouts of your current contract and unpublished amounts don't count. The cost calculator subtracts one only when your numbers qualify.

Check it with your numbers

All the data, with sources

Each value links to its source. "Not published" means the vendor doesn't disclose it; "Unconfirmed" means we looked and couldn't confirm it. Data points we have for fewer than four vendors are left out until we can compare them.

Type of processor and pricing
Data pointValue
Type of processorFlat-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 modelFlat rateSource: Square Support Center (opens in a new tab)
Published pricing (points out of 100)100Source: 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
Data pointValue
In-person rate2.6%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 transaction15¢Source: Square (opens in a new tab)
Online rate3.3%Source: Square (opens in a new tab)On Square Free. Square Plus and Square Premium charge 2.9% + 30¢ online.
Online fee per transaction30¢Source: Square (opens in a new tab)
Keyed-in rate3.5%Source: Square (opens in a new tab)The same on every plan, also for cards on file.
Keyed-in fee per transaction15¢Source: Square (opens in a new tab)
American Express pricingSame rate as other cardsSource: Square (opens in a new tab)
American Express rateN/ASource: Square (opens in a new tab)Doesn't apply: American Express costs the same as other cards.
Rates by monthly volumeNo 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
Data pointValue
Monthly account or plan fee$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: 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: 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: Square Support Center (opens in a new tab)
PCI non-compliance fee (monthly)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: 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: 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: 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: 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 feesCards 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
Data pointValue
How you get the equipmentYou 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$299 one-timeSource: Square (opens in a new tab)Square Terminal, a countertop and portable card terminal. Square Register costs $899.
Equipment lease you can't cancelNoSource: Square (opens in a new tab)You buy Square's hardware; the installments are a purchase loan from Block, not a lease.
Equipment lease termN/ASource: Square (opens in a new tab)Doesn't apply: Square doesn't lease its hardware.
Equipment at $0 upfront: what it commits you toNo 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 processorUnconfirmedSource: 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
Data pointValue
Standard deposit speedNext 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 fee1.95%Source: Square (opens in a new tab)For instant and same-day transfers, from $25 up to $10,000 per transfer.
Holds and reservesSquare 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
Data pointValue
Contract termMonth to monthSource: Square (opens in a new tab)
Automatic renewalMonth to monthSource: Square (opens in a new tab)Month to month, with no renewal term.
Notice to avoid renewal0 daysSource: Square (opens in a new tab)No notice: you deactivate your account.
Notice to cancel0 daysSource: Square (opens in a new tab)You end the agreement by deactivating your account, with no notice period.
Early termination feeNo 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 calculatedNo 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 clauseNoSource: Square Support Center (opens in a new tab)No early termination fee or liquidated damages.
Price increases during the contractWith 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 pricesSquare 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 signerNo()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
Data pointValue
Dual pricing or surcharge programYesSource: 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 coversCredit cards only (surcharge)Source: Square Support Center (opens in a new tab)
Monthly fee for the programUnconfirmedSource: 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
Data pointValue
Works with these restaurant POSSquare, 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 POSNoSource: 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$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 businessesNoSource: 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 networkNot 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
Data pointValue
24/7 support for merchantsNoSource: 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 channelsPhone, 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).
Language
Data pointValue
Support in SpanishSays it offers it, without a channelSource: Square (opens in a new tab)Square announced Spanish-language support in 2022 and its pages invite you to contact support in your preferred language; it doesn't say which channel or hours. Its help center is in US Spanish.
Merchant dashboard in SpanishYesSource: Square (opens in a new tab)
Contract or terms in SpanishYesSource: Square (opens in a new tab)
US website in SpanishYesSource: Square (opens in a new tab)

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