Essentially, a 1.32% transaction fee for all revenue under $250,000, 2.75% on all revenue over.
Deal gets worse for the business the further your revenues are from the $250K limit.
Definitely a big deal though.
Deal gets worse for the business the further your revenues are from the $250K limit.
Definitely a big deal though.
I'm guessing they were having issues with adoption in that sector so they rolled this out to make it a little tastier.
They probably have the best penetration in the under $120k/year sector, because of the ease of setup, low overhead, no monthly fees, etc.
I have a good friend who runs a small shop (> $50k/year) and she loves square. Got them up and running painlessly, their iPad is their cash register / POS system, and she pays a manageable amount to Square for it. She keeps asking me when Square is going to start doing online payments, because their transactions tend to be small online PayPal's 2.9% + 30¢ is painful in comparison.