Square charges the same rate for debit and credit. That's not fair.
When we started our first business, we were excited to use Square. Simple, modern, easy to set up. But then we saw the bill.
2.75% on every single transaction. Debit or credit—same rate. We were processing $50,000 a month, and 60% of our customers paid with debit cards.
Do you know what debit cards cost processors? About 0.5% + $0.22. Square was charging us 2.75%. The math didn't add up.
We calculated we were overpaying $378 every single month—$4,536 a year—just because Square didn't differentiate debit from credit.
That's when we knew something had to change.