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Just got this email

 

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Our new rate will be 2.6% + 10¢.
Square is changing the 2.75% rate for tapped, dipped, and swiped transactions to 2.6% + 10¢. As an existing Square seller, this change will come into effect for you on November 1. We know a pricing change can feel complicated so we want to make sure you have enough time and information to understand this change.
For every payment Square processes for you, Square has to pay a set of fees that are both a percentage of the transaction and a fixed fee. The original 2.75% rate didn’t always cover all these costs, which is why Square is moving to 2.6% + 10¢ per tap, dip, and swipe.

 

99% of the time I use Paypal Payhere (2.7%) which was always lower than Square (2.75%).  The only reason I liked square was there was it allowed me to process transaction offline.  There are 2 places I would do shows that get so crowed with people that the cell towers could not handle everyone and Paypal would just fail.  Square fixed that for me.

 

When my Average ticket price at a show is just under $20 this ends up costing me more.  SIGH  

 

 

 

 

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Yup, I just did a show and roughly 2/3 of my sales were Square payments.  I should start offering a discount for paying cash.  LOL

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If you have orders over $100, Square will let you keep a bit more of your hard-earned cash.  For orders under $100, PayPal Here is the winner.

 

At exactly $100, they work out to be the same.  :)   

 

(This is all assuming that you are tapping, dipping, or swiping -- not entering the cc info manually.)

Edited by Crafty1_AJ

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Oh, and another friendly heads up.  Square doesn't just keep 2.6% of the amount of purchase.  They also take 2.6% of your sales tax collected. 

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50 minutes ago, Crafty1_AJ said:

Oh, and another friendly heads up.  Square doesn't just keep 2.6% of the amount of purchase.  They also take 2.6% of your sales tax collected. 

I have not checked, do Etsy, eBay and Amazon do the same now? Seems like it’s all just considered “financial processing” to keep people from hiding money in the area without a rate - Like $100 transaction in “tax”, but the sale is free product and free shipping. 

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On 11/10/2019 at 9:56 AM, TallTayl said:

I have not checked, do Etsy, eBay and Amazon do the same now? Seems like it’s all just considered “financial processing” to keep people from hiding money in the area without a rate - Like $100 transaction in “tax”, but the sale is free product and free shipping. 

 

I don't do eBay, so I can't tell you about that one.  But here is a paste up from Etsy's fee page.  Last line made bold and underlined by me:

 

"Payment Processing Fees

Online Sales. Eligible Etsy shops may use Etsy Payments to accept certain payments through Etsy (learn more about Etsy Payments below). Etsy charges a payment processing fee for each transaction through Etsy Payments. Payment processing fees vary based on the location of your bank account. See the Etsy Payments Policy to find payment processing fees by country. This fee is assessed on the total amount of the sale, including tax and shipping."

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2 hours ago, Crafty1_AJ said:

 

I don't do eBay, so I can't tell you about that one.  But here is a paste up from Etsy's fee page.  Last line made bold and underlined by me:

 

"Payment Processing Fees

Online Sales. Eligible Etsy shops may use Etsy Payments to accept certain payments through Etsy (learn more about Etsy Payments below). Etsy charges a payment processing fee for each transaction through Etsy Payments. Payment processing fees vary based on the location of your bank account. See the Etsy Payments Policy to find payment processing fees by country. This fee is assessed on the total amount of the sale, including tax and shipping."

Which makes sense, considering credit cards do the exact same any store around the world.  
the bugger is the 5% commission on top of all that. PayPal hosts the money side and the vendor side, so in essence they want 8% commission on everything to appease Wall Street. 

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I am debating "charging" sales tax on Credit Card Purchases.  1 - to help cover the costs associated with everything.   2 - To encourgae cash.

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I've done several markets since Square changed its rates. By comparison so far I am seeing around a few pennies difference by the end of the day's sales as compared to before the rate change. I did look into other merchant services after reading this thread and so far am not seeing any that are better than Square. I don't use Paypal because I just don't like them nor do I want shops like Etsy or Paypal. I use Square for both my CC processor and for my website. I love that their websites are free and they recently upgraded them but they have all that I need for my biz and so far I am happy to stick with them.

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13 hours ago, Candybee said:

By comparison so far I am seeing around a few pennies difference by the end of the day's sales as compared to before the rate change.

Same here. The difference at my last show with square and the show before the rate change was negligible. IMO, not worth worrying about. 

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