Mobile payment system Square is now offering a flate-rate monthhy fee to small business woners. Business that process up to $250,000 in cards with Square can pay the monthly rate of $275 with no additional fees and no contract.
Square is a mobile credit card reader that merchants can attach to their iPhone, iPad or Andriod phone. The reader works with Visa, MasterCard, Discover and American Express.
“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,” said Square CEO and co-founder Jack Dorsey. “With one monthly price, merchants know that the sales they’ve processed in a day is the same amount deposited in the bank.”
If a merchant exceeds the limits of $400 per transaction or $250,000 per year, Square will charge 2.75 percent per swipe.