Payments where the customer is not present are charged a higher rate, i.e. every keyed-in, ecommerce and invoice payment costs 2.5% of the transaction amount. The keyed rate applies to both when the customer is and is not present.
With Square, you don’t commit to a contract period, neither do you need to sell every month or have certain sales volumes to qualify for the card rates.
Nothing is charged for refunds or chargebacks, the latter being dealt with for free by a dedicated support team for payment disputes.
Payments are deposited in your bank account as fast as the next working day – by default automatically, but you can also set it to manual deposits if that simplifies bookkeeping.
Square also offers Instant Transfers, a setting that enables you to receive transactions within 20 minutes (may take up to 2 hours) – if your bank is a Direct Participant of Faster Payments. This costs an extra 1% of the transaction amount, i.e. a total of 2.75% for card reader payments and 3.5% for key-in payments. Note that merchants may not have access to this feature before they have a sufficient sales history in the Square account.