[New] Important update to debit card pricing

[nika]

Hi Sellers, 

Square is committed to helping you run and grow your business with easy-to-use tools that help you accept payments, take appointment bookings, track inventory, fulfill orders, and more.

We regularly review our pricing structure to ensure we continue delivering the value, technology, security, and support you expect from us. 

In light of the recent fee increases by Interac and the exponential shift to contactless and mobile debit payments – and for Square to more accurately reflect the increased costs associated with processing these transactions – we are adjusting our Interac debit card pricing for in-person transactions from 10¢ per transaction to 0.75% +7¢. Square has not increased its Interac debit pricing since enabling Interac acceptance in October 2017 and as we have made significant investments to improve the product since that time, we wanted to update the pricing to reflect that added value as we strive to best serve your business.

New pricing will take effect for new account signups at 9:00 am PST / 12:00 pm EST on June 21, 2023, and on September 21, 2023 for all sellers that have signed up for a Square Account prior to this time.

These changes do not affect credit card processing rates – only Interac debit in-person rates. If you have any questions or concerns, please visit our support centre, or visit our pricing page to learn more about our fees. 

We appreciate your trust in Square and your continued partnership. 

Thank you for selling with Square.

[monicasjams]

So it will be now more expensive for someone to purchase with debit and amost on par with credit. This is specifically to the priced items I sell. Not speaking for anyone else. Also, what is with the + 7 cents... Why can't you just make it a flat fee like previously? But like anything else these days fees goes up. I will continue to use square until it's no longer free.

[chickenshack]

I just switched to Square and I love it, this will most likely lead me to go back to Chase.  No one else is doing the interac increase except for Square, what gives???

[monicasjams]

Does Chase charge you a monthly fee? The free account with square doesn't charge you anything except the rates that they post right? Have you figured out a calculation for a $50 transaction if Square saves you money versus Chase? Before I signed up for square I was looking at Clover but that required a subscription in monthly fees on top of it. So I chose Square for the affordability. 

[boundary2]

We are switching to clover. There is no monthly fee, their rates are cheaper than square. 

[SNI]

This is outrageous! Especially for large sellers. Square has been upping subscription prices for the last year so the higher rates to subsidize the software is no longer an excuse. As a processor Square needs to offer competitive rates and are no longer doing so. 

[Lisa8]

This is so disappointing. Now a 200$ debit transaction will cost me 1.57 instead of 10 cents! That’s over 15 fold increase … way to support small businesses, Square! I’ll be looking at other options . 

[chickenshack]

Are all processors increasing the interact fee or just Square?  If this is just a Square rate increase than we’ll have to switch considering how unreliable their service is!