Square Introduces a Flat Rate Plan That May Appeal to Small Businesses
If you run a business that utilizes Square for taking payments, you might be in luck. Square recently introduced a new monthly flat rate plan for their mobile payment service. For $275 per month, businesses can sign up for unlimited transactions without having to pay 2.75% per transaction. Now, for those of you who utilize Square and think this might be a good idea, it might be important to note that it only pays off if you pass more than $120,000 in Square transactions every year. This make’s Square’s new unlimited plan very attractive for successful small businesses. For those individuals who take occasional payments via Square, this is obviously not worth it for you.
For those of you who didn’t already know, Square is a mobile payment service that allows Android and iOS users to accept credit and debit card payments with their smartphone. Users can either type in their client’s credit card number to complete a transaction or they can use the free Square Reader which plugs into the user’s phone, tablet, or iPod Touch via the headphone jack. For those of you who might be interested in acquiring a Square Reader, you can do so by signing up
for a Square account and requesting a free reader. Once you obtain the reader, you can download the Square App to your mobile device and start accepting payments.
This change should help increase the popularity of Square further as the service continues to expand. Most recently
, Square signed a deal with Starbucks so consumers should be able to pay at Starbucks via Square. This goes to show that mobile payments are going mainstream and are expected to be a vital part of business transactions in the future.
via The Verge