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We all enjoy the thrill of a good fright now and again. To feel our hearts beat faster, our neck hair stands on end, our breathing get heavy and our palms get sweaty all in anticipation of a big fright that ends with a blood-curdling scream! We enjoy this so much that a whole holiday was created just for that rush. What we don’t enjoy is when that feeling of fright comes on when we look at our merchant statement from Square. While it might not have happened yet, it will this Halloween when Square raises their rates.

On November 1st Square will raise their rates from a flat 2.75% to 2.6% and 10 cents per transaction. Now on the surface, this might seem like a small insignificant increase or just a different way of writing the same rate, a one-step forward-one step backwards kind of notion. It isn’t. That 10 cents per transaction will make a big difference in how fees are calculated.


With the old rate of 2.75%, your only fee is the percentage of the credit card sales you run at your company during the month. So if you have a line out the door with each customer charging $2 for your products or just five customers charging $200, you paid the same rate, it doesn’t matter.

However, with the new rate of 2.6% and 10 cents per transaction, every customer in line adds another small fee for you to pay. So as with the last example, the line of customers out the door charging $2 each will cause you to pay a significantly higher fee than just the five customers who are charging $200 each. Unfortunately, the .15% “reduction” in rate will not make up for it, as it will amount to just a penny or two difference and for the most part will disappear with the fractional rounding of the fees. 


Square is everywhere and like a zombie apocalypse, this rate increase will affect everyone everywhere. So why wait until this Halloween to be scared of your next merchant statement? Leave the fears and frights to the trick-or-treaters this year and contact us for a better solution that won’t leave you in a cold sweat.   

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