If you're reading this piece, chances are you've had experience with Square POS and are exploring alternatives for your business. Whether you're a newcomer to the business scene or a seasoned entrepreneur seeking better software, customer support, or processing fees, finding the right POS system is crucial.
While Square remains a popular choice for many small businesses due to its ease of setup and low initial costs, there are some important considerations to bear in mind.
Chief among them is Square's notable processing fees, which can be mitigated with careful selection of a new POS system. In this article, we'll delve into the total cost of ownership associated with Square's retail POS system and highlight alternative solutions that may better suit retailers aiming to maximize sales while keeping costs in check.
Square's recent increase in processing rates begs the question: will it impact your small business? Understanding Square POS Fees
Square POS is favored by retailers for its straightforward setup and minimal upfront expenses. While some versions of Square offer a free POS terminal and remarkably low software subscription rates, there are additional charges that might catch retailers off guard.
In addition to being a point-of-sale provider, Square functions as a credit card processor, imposing fees of 2.6% + 10¢ per swipe or dip of a credit card and 2.5% + 10¢ per payment for contactless transactions like Apple Pay and Google Pay. Keyed-in payments incur a steeper fee of 3.5% plus 15¢ per transaction, considerably higher than swiped or dipped payments. Online transactions attract an extra charge of 2.9% + 30¢ per transaction.
Furthermore, Square levies a $15 monthly fee for each register, and deposit holds may apply to transactions, with additional costs possible for higher-risk transactions. For businesses employing POS gift cards, Square imposes surcharges ranging from $0.81 to $2 per card, along with a processing fee of 2.6% + $0.10 per transaction.
These cumulative fees can significantly impact a retail environment, prompting many store owners to seek alternative POS solutions.
Alternatives to Square POS for Retail Stores
Retailers have a plethora of POS options at their disposal, including viable alternatives to Square. Here are some key features to consider when exploring alternatives to Square's POS system:
Transaction Fees: Unlike Square's fee structure, which includes a 2.6% + $0.10 charge per transaction, some POS providers like SignaPay Direct offer fee-free transactions, enabling retailers to maximize profits.
Zero Fees for Gift Cards: Many POS systems waive fees associated with gift card transactions, a boon for retailers seeking to implement loyalty programs without incurring additional costs.
Customer Support: Robust customer support is vital for uninterrupted business operations. While Square primarily offers support via email and social media, some POS providers offer more reliable and expedient support channels.
POS Features to look for:
Automatic Inventory Management: Streamline inventory and auto-stock replenishment features, ensuring optimal inventory levels without manual intervention.
Enhanced Security: prioritizes security, employing stringent protocols to safeguard payment data against breaches and fraud.
Flexible Integrations: Seamlessly integrates with various online platforms and customizes integrations to suit specific business needs.
Real-Time Inventory Tracking: Stay informed about inventory levels in real time, enabling proactive inventory management and informed decision-making.
Comprehensive Reports and Analytics: Gain insights into sales data with robust reporting and analytics tools, facilitating informed business decisions and accurate forecasting.
Flexibility – Look for a processing provider that offers you a suite of technology options that best fit your needs. SignaPay Direct offers PayLo Dual Pricing technology on Clover, Revel and PAX POS platforms, so you can choose what works best for your business.
Conclusion
While Square POS remains a popular choice for many businesses, it's essential to weigh its fees against alternative solutions like SignaPay Direct’s suite of terminals and POS options. With its transparent pricing and robust feature set, Dual Pricing with SignaPay Direct is an ideal option for retailers seeking to optimize operations and reduce costs.
Ready to streamline your business with SignaPay Direct? Explore features and pricing today to see how it can elevate your retail operations. Click below to get started.
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