Square is one of the most popular brands in iPhone credit card processing. It has no monthly fees and has one flat-rate processing cost for all swiped transactions. This processor also has a quick, simple application process. These features and more earned Square our Top Ten Reviews Gold Award.
Fees & Pricing
After signing up for Square, you’re shipped a free credit card reader for your iPhone. EMV-compatible card readers and technology compatible with contactless payments, like Apple Pay, are also available through Square, but you must pay for them. Rebates are available for Square’s EMV-capable iPhone credit card readers. In addition, once you order an EMV-capable card reader, Square will assume responsibility for fraudulent charges that may come about using the older swiper until you receive the new EMV-compatible equipment.
Square also offers equipment that lets your iPad double as a POS system, such as cash drawers and printers. If your business provides services, you can take advantage of the Square Appointment app, which lets you schedule and track appointments. The Square Appointment app is available in conjunction with the regular Square Register app.
If you plan to expand your business online, Square also has online processing options. This processor has no processing limits; if you process over $100,000 a year, however, you may have to open a merchant account.
While many credit card processors have complex pricing structures with different rates for different types of cards, Square offers a simpler pricing plan, with a 2.75 percent cost for every swiped card. This processor does not distinguish between different card types, so whether it’s a debit, credit, rewards or corporate card, your rate is 2.75 percent. If you have to enter a card’s number manually, however, you are charged a 3.50 percent plus a $0.15 per transaction.
Apart from the aforementioned processing costs, Square has no monthly fees you have to pay. This may be an advantage for small businesses with tighter margins, especially since you can gauge the cost of this service each month based on your monthly sales.
Setup & Service
Square combines all of its user accounts under one umbrella account rather than giving you your own a merchant account. This is typical in this industry and helps limits your costs by eliminating typical credit card processing fees, such as the PCI-compliance fee.
Square earned top marks for transparency and consistency in our review. It provided our reviewers with thorough, accurate information, which was consistent with the data posted on its website.
Square has some of the best setup and service terms of all of the mobile processors we reviewed. It earned 100 percent for our ease of application score as you can sign up online with only a few information requirements, which makes it a quick signup process.
Square does not require a lengthy contract, which means you don’t have to worry about any cancellation fees. This was something we considered important when we reviewed mobile processors that provide iPhone card readers because it allows you to move on from a service if it’s not working for you.
With Square’s setup process, you can usually be up and processing cards the same day you sign up. Of course, it does take time to get your swiper, so until you receive the equipment, you have to process at the higher, manually-entered rate. It can take up to ten days for your free swiper to come, or you can purchase one at a local electronics store and receive a refund on the purchase price.
This mobile processor that provides iPhone card readers doesn’t have some of the customer service features we looked for in credit card processors. No live chat option is available on its website, and there’s no dedicated representative offered for your account. It also lacks 24/7 phone support, and you have to be a Square user to access its telephone support. This means that if you have questions about Square’s service before you sign up, you cannot call and ask questions. However, you can find in-depth information about Square’s services on its website.
Square earned a lower customer service score because we couldn’t reach a representative by phone. However, when we contacted Square via email, company agents were helpful and quick to follow up with us.
Square is one of the most popular mobile processors that offer iPhone card readers. We scored it highly in our review due to its pricing and fees as well as its quick setup time and lack of contractual requirements. However, Square doesn’t offer some customer service features, like 24/7 support and dedicated account representatives.