Square is the original no monthly fee, no equipment cost swipe-based smartphone processing system. As well as being the OG, Square is without a doubt the processing system with the most features, that doesn’t require a monthly fee. The only competitor near to this would be an advanced iPad POS, which would cost at least $60 a month plus processing rates.
Perhaps Square’s biggest draw is the flat rate processing fee of 2.75% for every swiped and online transaction. There is no monthly fee, no monthly minimum, and the rate is the same no matter how big or small the transaction is. Square also provides your business with a sleek and stylish online store that syncs with your in- app inventory and inventory counts. Along with these features comes an e-invoicing solution, online ordering selection, basic customer management, and advanced analytics.
All of these features are great and very useful, especially at such a low cost, I do have to tell of some of the drawbacks of Square. The drawbacks of the product exist in the form of account instability and no so great customer support. Square customers have complained about there accounts terminated and funds being withheld for up to 180 days, and when the customer tries to get customer support for these and other problems it is sometimes not up to par. But, with this bad news there is good news! Square has show signs of become considerably better with these problems and they are working to eliminate these completely. While there is a small level of risk with using the product, Square offers a great list of features and is easy to use.