Square announced a new monthly payment plan for small businesses today, which would allow merchants to pay one flat $275 monthly fee, with 0% processing fees and no additional costs or contracts.
The company says it is committed to offering prices that "eliminate uncertainty and are lower than those tradionally only available for big businesses".
CEO Jack Dorsey said, “For 62 years, merchants have suffered complicated, expensive processing fees. Square is the first company to rethink electronic payment pricing with the merchant in mind. We are giving merchants affordable, predictable pricing. With one monthly price, merchants know that the sales they’ve processed in a day is the same amount deposited in the bank.”
For 62 years small businesses have paid 3-7% to accept credit cards. No more: for $275 a month Square will charge 0%. https://t.co/bgFwNuHH
This should only serve to help boost adoption of Square as a payment option, following the huge news last week that Starbucks has partnered with the company to put Square in thousands of stores across the U.S. That deal could go a long way in expanding mobile payments in general.
Of course, Square is not the only one making waves in the space. A bunch of major retailers have banded together to form the Merchant Customer Exchange (MCX), another take on the space.
Google, just today, announced that Google Walltet users can now save their Discover cards to the new version of the app, and the company is working with other card issuers to expand the feature.