Square also enables you to keep client credit cards on file and schedule prepayment before visits. There’s a feature for customers to book online and you can send them reminders through the app. Square is better suited for in-person transactions and offers business integration tools for in-store and online payments, including a feature to schedule appointments within the app so that you can integrate your calendar with your payment platform. Square and Stripe are built for different business needs and purposes. ![]() SKU IQ, Linktree, Acuity Scheduling, GoDaddy Websites + Marketing, Wix, WooCommerce, JotForm (and more)ĭrupal, PrestaShop, Magento, Shopware, WooCommerce, WordPress (and more)įirst reader is free (each additional card reader is $10)Ģ.6% plus $0.10 per transaction, no monthly feesĢ.7% plus $0.05 per successful card charge (1% for international cards, additional 1% if currency conversion is required), no monthly feesīoth Square and Stripe were rated one of our top 10 POS systems in 2023. Live chat, knowledge base, 24/7 phone support, blog Live chat, knowledge base and blog, no 24/7 phone support Square, on the other hand, offers more hardware options and is best suited for in-person transactions. Stripe also focuses on subscription payments for software-as-a-service (SaaS) businesses. The payment processing platform is specifically suited for developers and comes with extensive customization tools for the checkout process in an online store. Overall, Stripe is a leading payment processing platform for e-commerce and online stores. If you frequently issue returns, you’ll want to factor in these additional charges.īoth options ranked well in our comparison of the top 10 credit card processing companies. Finally, Stripe does not refund merchants the transaction fee when a customer issues a return, while Square does return the transaction fee to the merchant. Additionally, Stripe charges an extra 1% for international transactions while Square does not. To get a more accurate quote of the fees you’ll be paying for Square, you can look at their fee calculator.Īpart from these differences in transaction fees, there are other variations in fees to be aware of-Stripe charges merchants a fee of 0.40% for chargebacks, while Square does not have chargeback fees. In general, Square is best suited for smaller businesses making less than $5,000 per month. However, the transaction fees for both Stripe and Square vary significantly according to several factors, including the amount of each transaction, how much money you process per month and the method of accepting payment. Square and Stripe fees for swipe/chip transactions are about the same―2.6% plus 10 cents per transaction for Square, and 2.9% plus 30 cents for Stripe―but Stripe’s fee is significantly lower for keyed transactions―3.5% plus 15 cents for Square and no change in fee for Stripe. No additional fees for international credit cardsġ% for international cards, additional 1% if currency conversion is required (cards and wallets) Stripe does not return original transaction feesĪcuity Scheduling, GoDaddy Websites and Marketing, Wix, WooCommerce, JotForm, and moreĭrupal, PrestaShop, Magento, Shopware, WooCommerce, WordPress, and more No fee (when a merchant issues a refund, the customer receives their full payment and the merchant receives the transaction fee in return) Merchants can accept all major credit cards, buy now pay later options, international cards and payments in over 135 different currencies and more ![]() Merchants can accept all major credit cards, Cash App and prepayment options for appointments ![]() Forbes Advisor compared the two platforms to help you decide the right fit for you.Ģ.9% plus 30 cents per successful card charge (1% for international cards, additional 1% if currency conversion is required) Stripe and Square are dominant payment processing companies for small businesses. Both enable merchants to charge customers’ credit cards even when they’re just starting a business-whether it’s bringing in $3,000 or $30,000 in revenue per month. Both of these companies give small business owners an easy way to process payments and the ability to accept credit card payments without a minimum monthly revenue or an application process. Square and Stripe are two of the most popular and well-known payment platforms on the market. There’s a lot of information to consider and transaction fees can vary significantly depending on factors like the amount of your average transaction and whether you charge customers in person or online. However, finding the right payment platform can often be a challenge-or tedious, at the very least. If you’re planning to run a business of any kind, you need to be able to accept payments from your customers.
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