Square stands out with its comprehensive, easy-to-use free tools and back office. Merchants have no obligations, no need to sign a contract, and pay only if they have a transaction – a single fee of 2.6% + 10¢ per swipe, dip and tap payment through any of Square’s card terminals, or 3.5% + 15¢ per keyed transaction. Square is also one of the few mobile card reader companies that do not require a credit check.
Square will transfer the amount the next business day if the transaction takes place before 5pm. If not, the amount will reach the merchant’s bank account on the following business day. There is also an Instant Transfer option for immediate bank account payouts (costing a 1.5% fee), or you can order the free Square Card for real-time access to Square Balance funds.
The popular Square Reader for Contactless & Chip currently costs $49 and comes with a free magstripe reader with a Lightning plug for newer iPhones or audio plug for older iPhones.