Fee calculator | Square fees for Canadian businesses
Pros and Cons of Square for Canadian business
Square dominates the market with its user-friendly Point of Sale (POS) systems and continually expanding services, making it a go-to choice for businesses seeking convenience. Its seamless integration with inventory tracking, scheduling, payroll, email marketing, online sales, and customer loyalty programs streamlines operations. However, its pricing structure, characterized by high payment processing fees and monthly costs for each feature used, can pose a significant financial burden, especially for businesses with substantial revenue. Despite the expense, Square's ease of use, comprehensive integration capabilities, and robust reporting tools make it a compelling option. Nonetheless, for businesses experiencing the strain of high fees relative to revenue, negotiating with Square account managers for fee reductions could be essential for maintaining profitability and sustainability. If you are looking for the cheapest POS in Canada available, you may want to look into Moneris.
Square's Payment Processing Fees
Square offers transparent and straightforward payment processing fees for businesses of all types, including non-profit organizations. These fees vary depending on the type of transaction and payment method used.
Card-Present Transactions
For transactions where the card is physically present, such as inserted, swiped, or contactless payments using Square Readers, the processing fee is 2.65% of the total transaction amount.
Tap to Pay on Android
Payments made through tap-to-pay on Android devices incur a fee of 1.9% of the total transaction amount.
Debit Cards
Debit card transactions are charged at a rate of 0.75% of the transaction amount plus 7 cents per transaction.
Manually Entered Transactions
Transactions that are manually keyed-in, including virtual terminal payments and card on file transactions, are subject to a fee of 3.4% of the total transaction amount plus 15 cents.
Square Invoices, Online Sales, and Others
Square Invoices, Square Online sales, Square eCommerce API transactions, subscription payments, and Square Appointments prepayments are charged at a rate of 2.9% of the total transaction amount plus 30 cents.
Exemptions from Fees
Certain payment types such as cash, checks, and other tender do not incur any fees.
Gift Card Fees
Square Gift Cards carry a 2.5% load fee of the total amount loaded onto the card. Digital eGift cards sold online through Square incur a credit card-not-present processing fee of 2.9% plus 30 cents.
Customized Solutions
Businesses with annual sales exceeding $250,000 in credit card transactions can contact Square's sales team to explore customized transaction rates tailored to their needs.
