13% charge

I was told that when I purchased the Square from Staples that it would charge 2.5% per transaction but it’s charging 13%.

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Square Champion

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@StaciRene the standard cost for in person transactions is 2.6% of the purchase plus .10c  (ten cents) per transaction.

 

So if your average transaction is only 1 or 2$ then it will effectively cost something like that on a report.  That is an effective rate.  Here is an example:

 

1.00 transaction average (minimum amount by the way) costs 12.6 cents or 12.6% effective rate.

 

A 500.00 average transaction would cost $13.10 or 2.62% effective rate.

 

Hope this clarifies.

 

Square fees and payments 

Donnie
Multi-Unit Manager | Founder, Table & Ledger
tableandledger.com

Square AI Champion | Using Square since July, 2017

"Good judgment comes from experience, and experience comes from bad judgment."

"You can have everything in life you want, if you will just help other people get what they want." - Z.Z.

"AI doesn't replace your judgment. It gives your judgment better information to work with."

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Square Champion

Solution

@StaciRene the standard cost for in person transactions is 2.6% of the purchase plus .10c  (ten cents) per transaction.

 

So if your average transaction is only 1 or 2$ then it will effectively cost something like that on a report.  That is an effective rate.  Here is an example:

 

1.00 transaction average (minimum amount by the way) costs 12.6 cents or 12.6% effective rate.

 

A 500.00 average transaction would cost $13.10 or 2.62% effective rate.

 

Hope this clarifies.

 

Square fees and payments 

Donnie
Multi-Unit Manager | Founder, Table & Ledger
tableandledger.com

Square AI Champion | Using Square since July, 2017

"Good judgment comes from experience, and experience comes from bad judgment."

"You can have everything in life you want, if you will just help other people get what they want." - Z.Z.

"AI doesn't replace your judgment. It gives your judgment better information to work with."
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