Square discontinued new subscriptions to its flat rate $275 pricing on November 8, 2013. The flat rate pricing will be discontinued for all businesses currently using it by February 1, 2013.
In a statement on its web site, Square claims that, “we heard from many of our customers that caps and limits in the program were inhibiting growth—at a certain point, rates went back up the more you sold.”
We hate to say we told you so, but we will anyway. Flat rate credit card processing is not competitive when compared to the pricing offered by processors in CardFellow’s marketplace. Regardless of cryptic reasons Square provides to avoid confirming this fact — simplicity is expensive when it comes to credit card processing.
Don’t search for the simplest pricing. Instead, learn the fundamentals of credit card processing and use the knowledge to obtain a truly competitive processing solution.
Square now offers only the 2.75% swiped, 3.50% + $0.15 pricing that began its service. Just like the now defunct flat monthly fee, this pricing is just as expensive when compared to competitive pricing and terms offered by traditional processors in CardFellow’s marketplace.