The company charges businesses 2.75 % of each credit card swipe — 3.5 % and 15 cents for each manually entered transaction. Last year, it began offering a monthly flat fee option of USD 275 a month for businesses processing charges of less than USD 250,000 a year. Square will no longer provide that option starting in February.
Square allows businesses to process credit card payments by swiping them through a plastic iPhone attachment.
In recent news, Square has launched Square Cash, a product that allows consumers to send money to contacts via e-mail.
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