Big news from merchant account provider, Square Payments: Rates are changing, effective November 1, 2019 for existing account holders. Here is the information as Square provided.
| Square is changing the 2.75% rate for tapped, dipped, and swiped transactions to 2.6% + 10¢. As an existing Square seller, this change will come into effect for you on November 1. We know a pricing change can feel complicated so we want to make sure you have enough time and information to understand this change. |
| For every payment Square processes for you, Square has to pay a set of fees that are both a percentage of the transaction and a fixed fee. The original 2.75% rate didn’t always cover all these costs, which is why Square is moving to 2.6% + 10¢ per tap, dip, and swipe. |
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| ….our actual fees may vary based on the dollar size of each sale, the number of sales, and the mix of tapped, dipped, swiped, and keyed-in card payments. We encourage you to use our new pricing comparison tool, which lets you select different time periods of your sales history to see the fee difference, and to read our Pricing FAQ. |
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