If you run a business that uses Square for taking payments, you’re in luck. Today, Square has introduced a new monthly flat rate plan for their mobile payment service. For $275 per month businesses can sign up for unlimited transactions without having to pay 2.75% per transaction. And while this might seem like a good deal on paper, it only pays off if you pass more than $120,000 in Square transactions every year. Because of this, Square’s new unlimited plan should be a hit with successful small businesses, not the individual taking occasional payments via Square.
If you’re unaware, Square is a mobile payment service that allows Android and iOS users to accept credit and debit card payments with their smartphone. Users can either type in their client’s credit card number to complete a transaction or they can use the free Square Reader, which plugs into the user’s phone, tablet or iPod touch via the headphone jack. Users can acquire a Square Reader by signing up for a Square account and requesting a free reader. Once the reader is acquired, the merchant can download the Square app to their mobile device and can start accepting payments.