5/18/2023 0 Comments Square transaction feeThe terminal is a lot chunkier than the reader, but it is still a handheld device and definitely small enough to take out on the road. Square’s £16 card reader may be a simple and straightforward piece of hardware but its terminal, which is a lot pricier at £149 +VAT, is an all-in-one card reader and receipt printer. Our in-depth research finds that most of the providers we looked at offer small, basic card readers. It takes three days for a transfer, compared with Square’s, which takes less than 24 (working) hours. While Tyl scores the same as Square in our research, ( 4.4/5) it has less integrations than Square and it has a slower transfer time. Square’s reader costs £16, the second cheapest card reader after Tyl, which offers one for £6.99 per month and another for a one-off £13.99. At £16, Square’s is one of the cheapest readers, beaten only by Tyl, which offers a reader from £13.99, plus a pocket reader from £6.99 per month. The card reader is a fairly simple piece of hardware, but it's in line with the other card readers that competitors offer. Square’s basic card reader costs £16 and its terminal is £149 +VAT. A plus is that Square doesn’t have a monthly fee, which means your only recurring cost will be the transaction fees. A 1.75% transaction fee on a large transaction is a smaller dent than a 0.8% +2p fee on 100 small transactions. Revolut’s lower fee may not be suitable for businesses that process lots of small transactions, compared with bigger transactions. The lowest transaction fee comes from Revolut, which charges 0.8% +2p for in-person transactions, a much lower fee when compared with Square’s 1.75%. Square’s transaction fees, alongside Zettle, are the highest of all the providers we compared. Squares scores 3.3/5 for its pricing, one of the lowest in our research, with Revolut taking the top spot with a 4.6/5, due to its low transaction fees.
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