Square, which is only available in the US at present allows companies to take immediate payment for goods using an adapter plugged into their mobile device like an iPhone, iPad or Android phone and instead of taking a percentage for every credit or debit transaction, it wants to charge them one flat fee of $275 each month.
This fee structure is standard practice the world over until now as credit card companies charge merchants a percentage per transaction with all payment processing companies doing the same.
Square’s offer to charge a 0% transaction fee applies only to merchants who charge $250,000 per year or less. The startup will also continue to offer its transaction fee of 2.75%.
There is however no news as to when Square will venture to the UK to offer their services, but a europe wide version offering a similar mobile payment collection offer is iZettle.
Paul Jones
Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media's automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.
