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Square drops transaction fees for merchants
February 21, 2011 by James Wester
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ClaudeMobile payment start-up Square has announcedit will be dropping per-transaction fees charged to its customers. Merchants using the service to accept credit cards using their smartphones will only be charged a discount rate of 2.75 percent on any transaction where the card is swiped. Card-not-present transactions will still be charged a per-transaction fee of 15 cents as well as a higher discount rate of 3.5 percent.
The news comes during a particularly active time for companies in this space that allow merchants to use their smartphones as mobile point-of-sale terminals using a combination of hardware and installed applications. Square recently announcedit had secured $27.5 million in venture funding. Competitors Intuit, Sage Payment Solutions and Verifone have all made significant announcements in recent weeks as well.
About James Wester
James Wester is a technology writer and blogger with over 15 years of experience in marketing and communications in the technology and payments sectors. Prior to joining MobilePaymentsToday.com as editor he worked as Director of Corporate Communications for Chase Paymentech and ran payment operations for AOL. James has a BA in English from Drury University in Springfield, MO and an MS in IT Management from the University of Virginia.
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