This post has been updated on 17th November, 2022.
Hi Seller Community,
Square is changing online card transaction fees as a result of the UK leaving the European Union and card network cost changes. The new fees will go into effect for all sellers from today 17th November 2022. Payments taken via Invoices, Virtual Terminal and manually keyed-in on the Square Point of Sale app will still be charged at 2.5% per card transaction. Our In-Person payments rates are also not affected by this change.
Please review the FAQ below to understand what changes may impact your business.
What products are impacted by this fee change?
This change affects the fees for our online payment products. Payments taken via Invoices, Virtual Terminal and manually keyed-in on the Square Point of Sale app will still be charged at 2.5% per card transaction. Our In-Person payments rates are also not affected by this change.
Online processing rates will change for the following products: eCommerce APIs and SDKs, Square Online (all plans), Square Online Checkout, eGift Cards, Square Appointments, Square for Retail, Square Subscriptions.
Online transactions will be charged at:
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Current price
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New price from 17th November
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Transactions with UK cards
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1.9%
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1.4% + 25p
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|
Transactions with non-UK cards
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1.9% if EEA cards
2.9% if non-EEA cards
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2.5% + 25p
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For Square Online Premium users, online transactions will be charged at:
| |
Current price
|
New price from 17th November
|
|
Transactions with UK cards
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1.75%
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1.4% + 15p
|
|
Transactions with non-UK cards
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1.75% if EEA cards
2.9% if non-EEA cards
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2.5% + 15p
|
Monthly subscription fees for all Square Online plans, Square for Retail, Square Appointments will not change.
Why are we changing our payment processing rate?
Square’s goal has always been to build accessible, easy to use tools to help sellers of all sizes start, run and grow their business. Square periodically revisits both product and processing price levels to account for the changing costs to build our products and serve our customers at the highest level possible.
As a result of Brexit, the UK is no longer subject to the EU Interchange Fee Regulation; major card networks have modified the structure and amount of interchange rates (fees set by card networks).
In order to offer more competitive rates and to continue offering the same quality of experience that you have come to expect from Square, we are changing our fees to reflect these underlying market changes effective on 17th November 2022.
Will this impact other products and processing rates?
No – Payments taken via Invoices, Virtual Terminal and manually keyed-in on the Square Point of Sale app will still be charged at 2.5% per card transaction.
Our In-Person payments rates are also not affected by this change.
All merchants will continue to receive all other benefits they have today by selling with Square:
- No startup fees, statement fees or PCI compliance fees
- No refund or chargeback fees
- No separate or additional fees for American Express cards
- Secure and encrypted payments
- Speedy transfers
Do I need to take action?
No. Fees will automatically update on 17th November 2022 if you process transactions that are subject to the price changes above.
Can I switch to the new rate earlier than 17th November 2022?
No, but you will be automatically moved onto the new rate if you process transactions that are subject to the price changes above from 17th November.
What if I’m a new Square seller?
You will be automatically moved to the new rates on 17th November 2022. Until then, you will be on the current rate outlined in the terms and conditions you read when you signed up.
Why are card-not-present transactions processed at a higher rate?
The fees for card-not-present transactions are higher because they are typically associated with higher risk, as neither the card holder nor the card itself have to be present for the transaction to occur.
Is there a way to prevent customers from paying with a non-UK card on my Square Online site or Checkout Links?
We are unable to prevent customers from completing a transaction with a particular payment card.
Where can I see my card processing rate?
To view your card processing rates, visit Pricing & Subscriptions in your Square Dashboard, then select a location using the dropdown titled Main Account (found above VAT ID).
How can I tell if a payment was made with a non-UK card?
Open your online Square Dashboard, then go to Transactions. When you tap on a specific payment, you will be able to see the card brand used and fee charged.
Where can I see the fees I’ve previously paid to Square?
There are two ways to view a breakdown of card processing fees paid by payment type:
Payment Method Report
The Payment Method Report provides a high-level overview of fees paid, categorised by payment type.
- Visit Reports > Payment Methods in your online Square Dashboard.
- Use the date selection tool to select a custom date range or click Last Year to view fees paid in 2021 or This Year to view fees paid year-to-date for 2022.
- Click Export. The report will download to your computer as a CSV file where you can see a breakdown of fees paid for card-present and card-not-present payments in the date range selected.
Transactions Report
The Transactions Report, once downloaded to your computer as a CSV file, provides a detailed account of all payments accepted in a given time period. You’ll see a full breakdown of transaction details, including individual payment method, amount, fees paid and more.
- Visit Transactions in your online Square Dashboard.
- Use the date selection tool to select a custom date range or click Last Year to view fees paid in 2021 or This Year to view fees paid year-to-date for 2022.
- Using the filters, select Card as your Payment Method.
- Click Export > Transactions CSV.
- This report will download to your computer as a CSV file you can open using a spreadsheet program.
Tra
Community Manager, Square
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