Food and beverage, retail, fast-casual food, home and repair, beauty, health and fitness, bars and breweries
Point-of-sale, physical terminals, credit card terminals, merchant services, business loans, bank transfers, virtual terminals.
Setup Fee: $0
Monthly Fee: $60/register/location
Swipe Rate: 2.5% + $0.10
Keyed-in Rate: 3.5% + $0.15
Early Termination Fee : $0
Square for Retail is a POS application offered by Square. Square itself was founded in 2009 by Jack Dorsey. It employs 3800 people and is headquartered in San Francisco, California. The company provides a full POS system for different business types, including retail and food and beverage. Square is an aggregator for mainly low-risk businesses, and the Square for Retail portion functions best to support traditional brick-and-mortar stores.
Square (and Square for Retail) mainly function as POS solution for all different kinds of retailers and small business owners. As an aggregator, it offers a flat rate, 2.6% + 10 cents, which only differs if the payment is online or the card isn’t present.
It also offers an affiliate and a partner program. Its reputation is mixed. BBB has them at a 1-star rating, but most of these complaints do not go towards its merchant processing services in particular. Other sites give better ratings, but account holds are a common complaint, along with withheld funds or even account deactivations.
Some of the features it offers are things like inventory management, management of vendors, and a free online store that syncs with your POS. It is well known for being used in small businesses and different kinds of retail stores. It also offers contactless payment options.
San Francisco, CA
Merchant Provider Risk Tolerance
Multilocation inventory management
Ease of use
Advanced employee management
Purchase ordering feature lacking
Hardware and Software:
Square has a full POS system. It will ship physical terminals to your store or restaurant, as well as supplying a free online website with a virtual terminal for online transactions. Card readers and registers come as some of the kinds of physical terminals. A free point of sale app is available as well for retailers.
Square offers a variety of different services besides its POS system. Things like small business loans, fast/instant fund transfers, integrated payments, invoices, and data security compliance with PCI standards are just some of the things that Square offers. Things like team reports and other useful internal features are available at higher plans and price points.
Payment Options Offered:
The kinds of payment options available are as follows: Open checks, credit cards, debit cards, contactless payments, gift and loyalty programs, mobile app payments, payment gateways, online invoicing, online payments. Square offers a large variety of different ways to handle the payments from your customers.
Discloses All Important Terms
Public Pricing Available
Square is very transparent with their pricing. They have a $60 monthly fee plus a 2.5% + 10c on a card being swiped or tapped. With a keyed-in transaction, it changes to 3.5% plus 15c. Ecommerce transactions and online invoices have a larger attached fee at 2.9% + 30c. Square offers custom pricing plans if you have over $250,000 in annual revenue. They also provide hardware add-ons like card readers, barcode scanners, and receipt printers that go along with their POS terminals. Their transparency and clear prices are among the best in the industry.
2.5% + $0.10
3.5% + $0.15
Mobile Payment Rate
Virtual Terminal Rate
3.5% + $0.15
Payment Gateway Fee
Early Termination Fee
PCI Compliance Fee
Equipment Lease Terms
$20/Month (Additional POS)
Address Verification Service (AVS)
Account Setup Fee
Gateway Setup Fee
Square has no early cancellation fees. Their contract is a month-to-month payment at a fixed price (unless on one of their custom priced plans) and only changes depending on how many locations you use their terminals/services at. They also offer a thirty-day advance notice if they plan on changing any aspect of their pricing.
Early Termination Fee
Square has a score of 1-star on BBB, but most of these negative reviews are related to Cash App and have nothing to do with their credit card processing services. Other sites give them better ratings. They consistently have a four or five star on many different merchant account review sites. The most common complaints and outstanding issues are deactivated accounts, withheld funds, and unresponsive customer service. Additionally, customer service is not available unless you’re an active member.
Additionally, due to the way that Square handles fraud, it’s not common for automatic holds to be placed on funds or accounts due to the way they calculate risk factors. These calculations or numbers are undisclosed and unknown to the public.
Square’s reputation leans towards vivacious; however, due to various issues (with the deactivation of accounts being the biggest of them), it is hard to say Square has an excellent rating or reputation because for a merchant, there’s almost no more significant problem than suddenly losing the ability to take credit cards.
Square is excellent as an aggregator and may work well for many business types, but the flaws it does have might be dealbreakers for some.
A (4600 complaints)
Total Online Reviews
Total Online Complaints
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