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Square built its name on simplicity: one flat rate, no monthly fee, a free reader, and an app that just works. For a new or low-volume business, that is a genuinely good deal.
The flat rate is also the catch. Square charges the same percentage whether a customer taps a basic debit card, which costs Square very little, or a premium rewards card, which costs more. On low-cost cards, you subsidize the difference.
Square trades a little transparency for a lot of convenience. Past a certain size, that trade stops paying off.
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The Fee Auditor
We read the fine print
Watch for these as you grow:
- The flat rate ignores your card mix, so heavy debit volume often overpays.
- Instant transfers cost extra on top of your processing rate.
- At higher volume, interchange plus pricing elsewhere usually beats the flat rate.
Square is not the villain. It is just priced for convenience, and convenience has a number. An audit shows you exactly what that number is on your sales, at no cost to you.
Author:
We read the fine print
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