Square Review

ByTop10.com StaffJul.17, 2018

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In a Nutshell

Prioritizing ease and simplicity, Square’s focus on mobile devices made it a huge hit in the current economic climate, where modern processes and online devices are the main focus. Its pricing model is also straightforward with an intuitive interface. It takes little time to set up and you can be up and running within days. Square itself also has an A+ rating from the BBB, no mean feat for a company less than 5 years old.


  • Works for any sized business
  • No monthly or hidden fees


  • Rates increase for keyed-in transactions
  • Complicated tech support


Square’s original products catered to small businesses only, but recently has expanded its products and caters to any sized business.

Undoubtedly the most famous and recognizable feature of Square is its flagship merchant services device—Square Reader. With the same connection as your standard set of earphones, this miniature device connects to your smartphone or tablet; turning it into a merchant service for processing card payments. All that is required is the Reader and the Square app, the encrypted connection via a simple 3mm audio jack will enable the payments.

Along with this functionality, there are more apps which further increase the ability of the Square Reader. These include Register and Wallet, which offer analytics and stored fund payments respectively. Market is also another app recently released, which lets businesses design their own storefronts and offer an online payment option. Included within any Square service are business management tools, ranging from inventory management to customer loyalty programs and more.

Service Ideal For

Through the pioneering of its intuitive Square Reader, it's clear that this company is targeting the more tech-savvy retailers. Whether this means businesses that trade primarily online or on-the-go, or traditional brick and mortar businesses which just want to offer their customers more ways to pay—Square provides a stylish solution. Businesses must have either an Apple or Android device and the rates are friendliest to those with a maximum $400 per transaction and $21,000 per month. That's not to say that large corporations cannot use Square, just that the swipe rates will increase.

Signup Process

In-keeping with its favour toward smaller and younger businesses, single users of Square are not required to submit themselves for a credit check. Business accounts will be required to have a passable credit score, but the boundaries are still very friendly. Signing up is as simple as contacting the company and providing some information, with the only remaining step to download the Square app and purchasing the Square Reader. Once linked to your bank account, you can begin to take payments immediately.


As mentioned, pricing is at its friendliest for businesses with a transaction/monthly charges of less than $400/$21,000. There are 2 fee structures from Square, a monthly price or a per-swipe price. The monthly charge is unique in the industry, charging $275 per month without any processing fees. Paying per-swipe will set you back 2.75% per swipe, dip or tap, both options are without contract.

Monthly Statement FeeMonthly MinimumMonthly Gateway FeeSet Up Fees
$0 or $275NoneNoneNone

Credit Card Fees—Retail:

Average Discount RateRetail Transaction FeeEquipment Cost
1.69% - 2.75%NoneFree

Online Account Fees—No Card Present:

Online Discount RateGateway Transaction FeeAddress Verification Fee
2.52% - 3.75%NoneNone

Ease of Use

There isn't a more simple or easy-to-use method of accepting card payments. Square's merchant services are all intuitive, revolutionary and fantastically user-friendly. Low pricing and a focus on small businesses is earning Square a sterling reputation, furthered by the excellent customer support available via email and social media. As one of the very best merchant services providers currently on the market, we expect the company to keep growing and improving.

Bottom Line

Square is a revolutionary merchant services provider, revolutionizing the industry with its start-up tech culture. Taking the market by storm, this young company only founded in 2009 has radicalized the way that we accept credit card payments, and is ideal for businesses of all sizes.