Square does not mail a traditional merchant statement. Fees are deducted from each payment before the money reaches your bank, and the record lives in Square Dashboard reports. This guide shows where to find them and what the numbers mean.
Where Square shows your fees
Fees report. In Square Dashboard, go to Reports > Accounting > Fees. Use the date selector to set a range and apply filters. Square describes the report as a comprehensive view of all transactional fees, taxes on fees and the cost of taking payments.
Your rates. Go to Settings > Account & Settings > Pricing & subscriptions. If you have more than one location, select the location to view its rates.
How Square prices transactions
Square publishes flat rates by payment method and plan. Standard U.S. rates at time of writing:
| Payment type | Square Free | Square Plus | Square Premium |
|---|---|---|---|
| Tap, dip or swipe in person | 2.6% + 15 cents | 2.5% + 15 cents | 2.4% + 15 cents |
| Online and invoices | 2.9% + 30 cents (up to 3.3% + 30 cents by method) | same | same |
| Manually entered or card on file | 3.5% + 15 cents | same | same |
| Afterpay | 6% + 30 cents | same | same |
| ACH bank transfer | 1%, $1 minimum | same | same |
Add-ons and exclusions:
- Cards issued outside the United States carry an additional 1.5%.
- Fees are taken out of the total amount of each transaction, including tax and tip.
- Square states there are no fees for activation, chargebacks and dispute management, support or account inactivity.
- Cash and check payments are free.
Reading the Fees report
Because Square's rate is flat, the report will not show interchange or assessments. What it does show, by transaction and in totals:
- Gross amount of the sale, including tax and tip.
- The fee charged (percentage plus cents).
- The net amount transferred.
To get your effective rate, divide total fees by total card sales for the same period. Then look at the mix: how much volume was tapped or dipped versus keyed or online, since the keyed rate is higher. See Effective Rate: How to Calculate Your Card Processing Rate.
What to check each month
- Keyed and card-on-file share. Every keyed transaction costs 3.5% + 15 cents on all plans.
- International cards, which add 1.5%.
- Subscription fees for Plus or Premium, and whether the lower in-person rate covers the subscription at your volume.
- Afterpay transactions at 6% + 30 cents.
- Taxes on fees, which the report lists separately.
Exporting for analysis
Set the date range to a full calendar month, apply no filters, and save the report as a PDF or CSV. Merchant Statement Analyzer reads the Square Fees report and totals the fees by payment type.
FAQ
Does Square send a monthly statement?
Not a traditional one. Fees are reported in Square Dashboard.
Does Square charge interchange separately?
No. Square's flat rate includes interchange, network fees and Square's markup in one number.
Why was my Square fee higher than 2.6%?
The transaction was probably keyed, online, card on file, international, or on a payment type with a higher rate. Check the payment method on the transaction.
Are refunds charged a fee?
Square's fee pages do not state whether fees are returned on refunds. Check the transaction detail for a refunded sale in your Dashboard.
See every Square fee explained
Merchant Statement Analyzer is free. Upload last month's Square Fees report to the analyzer and see your effective rate by payment type, plus what other pricing plans would have cost on the same transactions.
Sources
- Square, Learn about Square fees: https://squareup.com/help/us/en/article/5068
- Square, Fees and payments FAQ (where to view processing rates): https://squareup.com/help/us/en/article/6109
- Square, View fee reports (Reports > Accounting > Fees): https://squareup.com/help/us/en/article/7741