Square stock: 5 Top Square Competitors for Small Businesses

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Seeking Different Fee Structures

Square’s fee structure might not fit with your business’s needs. Square’s fees will currently cost you as follows:

• 2.6% + $0.10 per magstripe, chip, or contactless payment with any of the Square hardware options
• 3.5%  + $0.15 per keyed-in transaction

Ultimately, with the same flat-rate across all of their devices, Square’s payment processing fees are better structured for businesses who want simple, easy to understand fees and make mid-sized transactions.

Square competitors, on the other hand, offer default fee structures that are better suited for larger transactions. For instance, Intuit GoPayment’s default payment processing fee is 2.4% + $0.25. With a lower percentage rate, despite the higher added cent fee, Intuit GoPayment might be more cost-effective, especially with larger transaction sizes.

With PayPal Here, on the other hand, their default payment processing fee is 2.7%, which while very straightforward, will generally be more expensive for your business, unless you have very small transactions. Therefore, if your business typically deals with transactions on either side of the size spectrum—either very small or very large, then a payment processing fee structure other than Square’s base 2.6% + $0.10 might be a better fit for your business.