Square is one of the most feature-rich payment gateway providers on the market. Businesses can accept payments online and in person, manage them all in one place, and integrate with dozens of popular business applications. The company also sells point of sale (POS) and mobile payment hardware, including units that can accommodate contactless payment. Businesses even get a free magnetic stripe reader when they sign up.
What sets Square apart from most of the competition are its ancillary features. Square users can take advantage of powerful customer relationship tools to identify spending trends and stay connected with customers. Square also provides businesses with the tools they need to manage planning, scorecards, payroll, and more.
Square offers banking services, including a free account with no minimum and a debit card to store winnings. Next day bank transfers are free, and you can customize when your daily transfers should take place. Instant and same day transfer rates are 1.5%. Square users can also apply for loans and receive funding in as little as 24 hours.
Square charges between 2.6% and 3.5% plus $ 0.10 to $ 0.30 per transaction, depending on the type of payment, and does not charge a monthly fee.
Who should use it. Square is ideal for small businesses. You don’t need to be an IT assistant to get up and running, and Square has exceptional support to help you through the process. There’s also not a steep price to start with. Customers only pay when paid, and they don’t have to make monthly payments or maintain account minimums.