Square Eliminates Transaction Fee, Calls it a Revolution

Chris CrumIT Management

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Square, the mobile payments company co-founded by Twitter co-founder Jack Dorsey, just announced that it is removing a 15¢ transaction fee on credit card payments - a move that is sure to capture merchants' attention. The company says:

Now when you swipe a card with Square there is just one fee: 2.75%. What you see is what you pay.

Square lets you accept credit cards quickly and easily, using what you already have in your pocket: your phone. When you want to know how much money you’ve made, you no longer have to wade through a complex maze of hidden costs and fees. Just simple multiplication and you know what will be in your bank account.

Before dropping the fee, users had to pay both the 2.75% and the 15¢ fee. 

Today @Square removed the 15¢ fee on credit card payments. Swipe every card, pay 2.75%. Simply revolutionary: http://j.mp/sq-pricingless than a minute ago via web

Merchants don't know how much they pay to accept credit cards (a lot). That cost is passed on to you, the payer. No more: http://j.mp/g5601Fless than a minute ago via Twitter for iPhone

You know all those "under $10 cash only" signs you see? That's because of the 15 to 30 cents merchants pay. No more: http://j.mp/g5601Fless than a minute ago via Twitter for iPhone

@jack @square I am changing my frozen yogurt business over to Square + iPad because of the no fee change! Can't wait to chuck my P.O.S. POS!less than a minute ago via web

Chris Crum
Chris Crum has been a part of the WebProNews team and the iEntry Network of B2B Publications since 2003. Follow Chris on Twitter, on StumbleUpon, on Pinterest and/or on Google: +Chris Crum.