thread Re: Why was so much money taken off my first payment in Community Corner

Why was so much money taken off my first payment

SCBoss — Sun, 05 Nov 2023 15:36:52 GMT

i use my card for the first time to take £115 payment. I was led to believe that a 1% fee will be taken off my payment yet. After £115. I was left with 104. That is not 1%. What happened

Re: Why was so much money taken off my first payment

Sam_400º — Mon, 06 Nov 2023 09:44:38 GMT

How did you take the payment?

Square’s Payment Processing Fees

With the Square Point of Sale app, you’ll pay the following per-transaction fees:

1.75% for each contactless, chip and PIN or swiped card-present transaction.

2.5% for payments manually keyed-in to the Square Point of Sale app, recurring payments facilitated via Online Checkout links, Square Invoices and Virtual Terminal.

1.4% + 25p for UK cards and 2.5% + 25p for non-UK cards for our online payment products, including Square eCommerce API, Square Online, Online Checkout, Subscription Payments and purchases of Digital Gift Cards.

There are no minimum monthly transaction requirements, and fees are only charged when card payments are processed.

The transaction rates remain the same no matter what type of card is charged—Visa, Mastercard and American Express are all charged at the same rate.

Discover a more detailed breakdown of Square's fees and pricing.

Re: Why was so much money taken off my first payment

SCBoss — Mon, 06 Nov 2023 16:06:47 GMT

Thanks for answering so quick guys I’m obviously new to the forum so I really appreciate the advice. So from £115 bang on payment is £106.32 correct for a contactless UK bank card

based on my calculations, they should have took around £7 something not nearly £9 as it was not a keyed in transaction. It was a swiped transaction with a UK card.

Re: Why was so much money taken off my first payment

tonydow — Mon, 06 Nov 2023 17:22:57 GMT

1.75% of £115 is £2.01 or am I missing something

Re: Why was so much money taken off my first payment

Sam_400º — Mon, 06 Nov 2023 19:23:02 GMT

What @tonydow has said below seems to be what the costs should be.

Because this is so account specific I'd suggest giving Square a call in the morning and they'll be able to look at the details of the transaction and all the info.

The number is 0800 098 8008

Re: Why was so much money taken off my first payment

Breffni — Tue, 07 Nov 2023 14:35:36 GMT

Hi @SCBoss thanks for your post and welcome to Square/The Seller Community.

Our transaction fee is 1.75% for any contactless or chip-and-pin payment.

Do you know where you saw 1%? I wonder if you saw the fee for Instant Transfers and mixed the amount up?

To clarify, Square takes % of each payment (1.75% usually) and then if you use our automatic transfer schedule, there's no additional fee. But if you initiate an instant transfer, you'll incur an extra fee of 1%.

If you are still in doubt about this specific payment, please do call our support team on the phone number below so that they can check it out.

If you have any other questions, let us know! 🙂