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NewsPoster Nov 8, 2013 05:28 PM
Square ceasing monthly payment plans, reverting to per-swipe fees
Payment transaction facilitator for mobile devices <a href="" rel='nofollow'>Square</a> is discontinuing its monthly flat-fee pricing in February of 2014. On January 2, subscribers with a monthly fee will be billed, which will be the last monthly payment. Square is reverting its pricing for al users to a per-swipe fee, dependent on contract with the payment processor. <br />
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"We launched a monthly flat rate to offer flexibility in pricing for larger businesses," a Square spokesperson told <em>The Next Web</em>. "Over the past year we heard from many of our customers that caps and limits in the program were inhibiting growth - at a certain point, rates went back up the more you sold. We want our pricing to be simple: no more limits or complicated monthly caps at all. Just one low, flat per-swipe rate."<br />
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Square's standard rates are 2.75 percent per swipe. Manually entered transactions are 3.5 percent, plus $0.15. Square is able to negotiate better deals for businesses with higher volumes.
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