Square is changing their pricing on swipe/dip/tap transactions beginning November 1, 2019. Instead of a flat 2.75% fee, the fee will become 2.60% + a 10¢ fee per transaction/swipe.
Depending on the nature of the business, some people will save money and some will lose. Anyone who uses it to process larger transactions can save quite a bit from this change. Square is from the most popular payment processors, especially for small time operations, and I’m sure there are a number of readers who use them.
Note: These changes are only for physical swipe/dip/tap transactions. Online stores have always paid 2.90% + 30¢ which will continue as before. Card-not-present transactions have always been 3.5% + 10¢ which will continue as before.
Hat tip to reader Michael
