Square eliminates its credit card transaction fee. Square took another step toward simplifying the credit card payment process today by getting rid of its 15-cent transaction fee.
That means businesses who accept credit card payments using the Square reader just pay the company a 2.75 percent fee across all their payments. The San Francisco startup’s chief operating officer Keith Rabois told me last month that Square is signing up between 30,000 to 50,000 merchants every month, many of them businesses who were previously cash-only. The advantage of Square is its simplicity and the fact that there’s no upfront financial commitment, so there’s very little risk for merchants who want to try it out. Today’s announcement adds another reason why merchants can get over their credit card qualms (or switch over from an existing system). Who’s Afraid of NFC? Not Square: Tech News and Analysis «
Square , the San Francisco-based personal financial services company co-founded by Twitter co-creator Jack Dorsey, has a simple mission: to become an iconic financial brand, much like Virgin is for airline travel and Apple is for mobile computing.
The grand ambition of the company is reflected in its brand-new office in the former San Francisco Chronicle building — it is massive but still sparsely populated.