Photo: Square Inc.
Square just announced a new flat-fee plan for credit-card processing.For $275 a month, businesses can charge up to $250,000 a year with no per-transaction fees or cut.
Previously, a merchant would have paid $6,875 in fees at Square’s 2.75% rate. For merchants who consistently do less than $10,000 a month, the 2.75% rate is a better deal, and it’s still available.
This really turns things around in credit cards. Maybe Square is trying to send that message, because right now, the signup forms on Square’s pricing page are flipped around and the text is reversed. (It’s a bug, according to Square, but we think it’s apropos.)