Square facilitates keyed payments directly in the app for 2.5% per transaction, also applicable to Square’s email invoices and virtual terminal.
Online payments through Square’s ecommerce store, payment links and QR codes are 1.9% per transaction with a UK or European card and 2.9% for cards issued outside of Europe.
Keyed-in transactions are not possible with Zettle, but you can send payment links and invoices through the app so customers can pay remotely. These transactions cost 2.5%.
Both companies offer next-day settlement in your bank account, although Zettle sometimes takes 2-3 working days depending on the type of card used.
Square has an Instant Transfers service for payouts within 20 minutes for an extra 1% on top of the usual transaction fee. This is an optional setting that’s only available after you’ve accumulated enough transactions. Also, there has to be at least £50 in the Square balance for it to work, and only a maximum of £2500 per transfer can be deposited, so it’s less straightforward if your sales are irregular or larger in volume.
Zettle offers generous protection of up to £250 worth of chargebacks per month as long as you follow what is considered best practice. A chargeback is when a customer contacts their issuing bank and disputes a purchase – either because they are dissatisfied with the product or service or forgot about making the purchase (it does happen!).
Square goes a step further by eliminating all chargeback fees (i.e. there’s no maximum monthly chargeback protection) while offering free dispute support services.
Refunds are free to process whether you’re with Zettle or Square.