Hi @Michael224 ...
Surprised that no one has replied to your post yet. We missed (or forgot) about the increase notice in June but based on our sales and transaction numbers in Square Reports (Payment Methods > Click to Expand the "Brand" section), this change will double our fees each month related to Interac transactions.
Not great, but partially understandable. We are a small coffee shop and using Square's free plan (as we didn't need the paid features), so we will stay with Square and monitor future fee increases. We invested in one Square Register and two printers (Receipt and Kitchen) when we started over a year ago. Compared to the circus of other merchant services, term contracts and fine print fees, we think that we are still ahead with Square.
Could we save a few dollars each month on fees somewhere else.. probably but the simplicity of the accepting all premium credit cards, smartphones/watches, online ordering that is included, features to change the POS, items, inventory, and online, all remote using the Dashboard ourselves, plus the transparency of the fees, is still good enough for us. That wasn't meant to sound like a fan-boy speech... LOL
FYI - We did an Excel sheet to compare this change in fees per transaction and the break even appears to be $4.00 CAD. Meaning that the fees charged for sales under $4 will be lower than the current $0.10 per transaction and everything over will be more.
Good luck and hope this doesn't have a big impact on your business. Again, good post!
Purple Penguin Cafe
Toronto, Canada
