(Credit: Screenshot by Donna Tam/CNET)
Square launched a flat-rate monthly fee today for small business owners, turning the credit card industry up on its head again.
The company will charge merchants who process up to $250,000 per year a monthly rate of $275 instead of 2.75 percent per swipe, according to a press release from Square. The monthly fee includes the usual Square perks -- no additional fees and no contract.
Square -- known for its small, square card reader that can be plugged into mobile devices to create an instant credit card machine -- said it is "leveling the playing field," since these types of discounts are usually reserved for bigger companies processing higher volumes.
"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, " Square CEO and co-founder Jack Dorsey said in a statement. "With one monthly price, merchants know that the sales they've processed in a day is the same amount deposited in the bank."
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via CNET http://feedproxy.google.com/~r/cnet/NnTv/~3/OwMvl-Pyhtk/
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