• 180 million Americans carry credit cards.

• 66% of in-store transactions are made with credit, debit or pre-paid cards.

• Customers spend more when paying with card over cash.

I was actually surprised by this statistic.  Personally, I never carry cash.  I use my debit or credit card for everything.  It keeps track of all my expenses and actually keeps me on budget.  So does my business take credit cards?  Of course!

There are several options out there for small business.  You can apply for merchant services with your bank and expect to pay a monthly service charge as well as a Point of Service charge for every transaction, or you can go with some of the newer options out there.  Frankly, I love SquareUp.com.  Here’s why…

I’ve been following SquareUp since they came onto the scene back in 2010-2011.  I heard about them on NPR radio and just had to give it a try.  What the heck.  It’s free to sign up!  Here’s a little about them

Square currently provides its card readers for free to its users. The Square app is also freely downloadable from the App Store and the Google Play Store.  

Square charges a flat fee of 2.75% on every credit card transaction. This rate is higher than the rate charged by conventional credit card processors, but Square claims that the conventional credit card processors also include many hidden costs which are never disclosed to the customers. Square does not have any additional fees beyond the 2.75% per swipe (or the 3.50% plus $0.15 cost per manually-entered transaction) – there are no monthly fees or set-up costs. Square claims that its costs are, on average, lower than the costs charged by the conventional credit card processors. Square is regarded as a useful app for entrepreneurs, including for example consultants, food truck operators, and traditional retailers. In August, 2012, Square introduced a flat rate plan, whereby a flat fee of $275.00 per month is charged, and is all-inclusive.  This is fabulous if you are a small retailer making monthly sales that would exceed the $275 monthly fee by swiping at 2.75%.  The flat rate plan is available to all merchants with under $250,000 in yearly credit card sales, and no more than $20,833 in monthly sales. When the monthly or annual maximum sales are exceeded, the plan reverts to the traditional 2.75% model.

Swiped payments are deposited directly into a user’s bank account within 1-2 business days.  

Another benefit of Square?  You get a free listing in the Square Business Directory.  Upload your services, menu items, pricing, images of your business and more!  Offer discounts to your Square customers.  Create a digital Punch Card.  And it’s easy.  Not to mention it’s a great back-link to your business.  Take a look at my new listing.

(Important note: this is NOT an affiliate post. I receive nothing from SquareUp for promoting their product. I just think it’s important that small businesses are aware of affordable solutions to help grow their business.)