Square is one of the largest and most popular payment service providers, offering both affordable POS systems plus the ability to process payments on your website.
With over 4 million businesses using its system, Square’s user-friendly software and affordable hardware usually make it the first provider businesses consider when they want to accept card payments in person and online.
However, payment processing isn’t a one-size-fits-all solution, and Square isn’t the only option available. I’ll compare their top competitors in 2024.
Top Square Competitors: My Verdict
Stripe is an excellent alternative for processing website payments. The system supports over 135 currencies in over 30 countries, ideal for those with an international reach. However, the highly customisable features will overwhelm smaller businesses due to the system’s complexity.
For businesses that mainly accept in-person payments using UK-issued cards, the Revolut card reader is a fantastic option. Its transaction rate of 0.8% + 2p is one of the lowest available, but this does increase to 2.6% + 2p if your customers use an international card. The system also doesn’t support American Express, and hardware options are limited, so it isn’t suitable for large businesses or those that need to scale their solution.
If you’re willing to pay a monthly fee, SumUp can offer the best transaction rates available. For £19 + VAT per month, SumUp One members can access a transaction rate of 0.79% for in-person and online payments made with UK-issued consumer cards. However, transaction rates for non-UK and commercial cards (including American Express) increase to 1.99%, making it less suitable for B2B and international businesses.
Comparison of Alternatives to Square in 2024
| Payment Processor | Card Reader Cost | Monthly Cost | In-Person Transaction Rate | Online Transaction Rate | My Rating | Learn More |
|---|---|---|---|---|---|---|
| Square | £19 + VAT | £0 | 1.75% | 1.4% + 25p | ⭐⭐⭐⭐ ⭐ (4.5) | Visit Square |
| Stripe | £49 | £0 | 1.4% + 10p or 2.9% + 10p | 1.5% + 25p or 1.9% + 25p | ⭐⭐⭐⭐ (4) | Visit Stripe |
| Revolut | £49 | £0 – £79+ | 0.8% + 2p or2.6% + 2p | 1% + 20p or 2.8% + 20p | ⭐ ⭐ ⭐ (3.5) | Visit Revolut |
| SumUP | From £39 + VAT | £0 – £19 + VAT | 0.79% – 1.69% | 0.79% – 2.5% | ⭐⭐⭐ (3.5) | Visit SumUP |
| Tide | £89 – £99 + VAT | £0 – £49.99 + VAT | From 1.5% | From 1.5% | ⭐ ⭐ ⭐ (3.5) | Visit Tide |
| myPOS | £29 + VAT | £0 | 1.10% – 2.85% + 7p | 1.30% – 2.95% + 15p | ⭐⭐⭐ (3) | Visit myPOS |
| Adyen | On Request | £0 | Varies | Varies | ⭐⭐⭐ (3) | Visit Adyen |
| Zettle | From £29 | £0 | 1.75% | 2.5% | ⭐ ⭐ ⭐ (3) | Visit Zettle |
| PayPal | See Zettle | £0 | See Zettle | 2.9% + 30p | ⭐⭐⭐ (2.5) | Visit PayPal |
| Shopify | £49 | £5 – £259 | 1.5% – 5% | 1.5% – 5% + 25p | ⭐⭐⭐ (2.5) | Visit Shopify |
Top Square Competitors in 2024
Stripe
How Stripe Compares to Square
Stripe’s payment processing system works best for businesses with technical knowledge and resources.
The advanced customisation options make Stripe stand out, allowing you to optimise your checkout experience.
You can add pre-built form or UI components to your website for a smooth checkout experience. Alternatively, use email, SMS or social media payment links to accept online payments without a website.
While this added functionality is excellent for tailored solutions, it’s more complex than Square’s user-friendly system and will likely overwhelm most small and medium-sized businesses.
Another benefit of using Stripe is that it accepts over 100 payment methods, including American Express, buy now, pay later options, and real-time payments, helping to maximise sales opportunities.
Unlike Square, Stripe can also accept JCB, Discover, and Union Pay cards, allowing you to cater to your customer’s preferred payment method.
Whilst Stripe’s transaction fees for standard UK cards are lower than Square’s, businesses that accept premium UK and international cards will find Square more cost-effective.
Another key difference between Square and Stripe is that Square has more hardware options for in-person transactions suited to a wider range of business setups.
Stripe also charges a £20.00 fee per chargeback, with PCI DSS compliance not included as standard, increasing your costs and admin.
For in-person payments, customers can opt for a range of devices, including the WisePad 3 device for £49, significantly more expensive than the Square Reader.
The card reader has an active use battery life of 15 hours and allows for digital tipping, which is ideal for service-based businesses.
Although the WisePad 3 claims to be a compact solution, it’s over double the weight of Square’s solution, making it less suitable for businesses that want to take payments on the go.
Pros
✅ Transparent pricing structure with no long-term contracts
✅ Accepts various payment methods, including every major credit and debit card, digital wallet, buy now pay later and more.
✅ Supports payments in over 135 currencies and offers subsidiary support in 30+ countries, ideal for international businesses
✅ Prebuilt payment forms, embeddable UI components and API-only integration for customisable checkout experiences.
✅ Send invoices and Payment Links to sell products and services without the need for code.
✅ iOS and Android SDKs enable you to accept payments through mobile apps and websites.
Cons
❌ Integrating and customising features requires technical expertise, which could be challenging for businesses without dedicated development resources.
❌ Works better for businesses that mainly process payments online rather than in person
❌ Unlike Square, Stripe charges £20.00 per chargeback
❌ PCI DSS compliance isn’t included as standard
Cost
| Payment Type | Pricing | Details |
|---|---|---|
| Card Reader | £49 | |
| Online: Standard UK cards | 1.5% + 20p | |
| Online: Premium UK cards | 1.9% + 20p | |
| Online: EEA cards | 2.5% + 20p | + 2% if currency conversion is required |
| Online: International cards | 3.25% + 20p | + 2% if currency conversion is required |
| In-person EEA card payments | 1.4% + 10p | |
| In-person Non-EEA cards | 2.9% + 10p | |
| Disputes | £20.00 per dispute | On card transactions |
| Point-to-point-encryption | 4p per authorisation | PCI-certified encryption for additional security in certain industries. |
Revolut
How Revolut Compare to Square
Revolut’s payment processing best suits small businesses that only accept UK consumer cards.
To accept payments through Revolut, you’ll need a Revolut Business account, with prices ranging from £0 to £79+ per month.
Whilst a free plan is available, this condition may be a drawback if you don’t want to open multiple business accounts.
The system supports payments in over 25 currencies and creates dedicated currency accounts, ideal for international businesses. However, companies that process online international payments will find Square’s transaction rate more favourable.
It’s also important to note that whilst Revolut supports Visa, Mastercard and Maestro cards and digital wallets such as Apple Pay, Google Pay and Samsung Pay, it doesn’t accept American Express, which could be inconvenient for your customers.
Payment settlement is available the next day, even on weekends or bank holidays, helping to improve your cash flow.
Businesses that want to accept in-person payments will find Revolut’s card reader more expensive than Square’s, priced at £49 with no monthly fees.
It has a low in-person transaction rate of 1% + 20p for UK consumer cards, but this increases significantly to 2.8% + 20p for all international and commercial cards.
In contrast, Square’s transaction rate is 1.75% for all chip & PIN and contactless payments, making it more cost-effective.
Additional features, including sales insights, digital tipping and colour-coded categories, are helpful but significantly more limited than those offered by Square.
The Revolut Reader can only be connected to an iOS or Android device via Bluetooth. However, the Square Reader can be connected by Wi-Fi or Bluetooth for a more reliable connection.
Whilst the Revolut Reader can connect to a separate POS system, hardware is much more limited than Square’s, which could be a drawback for growing businesses looking to scale their system.
Pros
✅ Low transaction rate for UK consumer cards
✅ No monthly account fees or subscriptions
✅ Next-day settlement gives you quick access to your funds
✅ All-day battery minimises interruptions to your business
✅ Create custom catalogues with colour-code products and categories to improve sales efficiency.
Cons
❌ Need a Revolut Business account, which may be a drawback if you don’t want to open multiple bank accounts
❌ Transaction rate for international and commercial cards is higher than Square
❌ Limited hardware options to scale your system as you grow
❌ Doesn’t accept American Express
Cost
| Item | Price |
|---|---|
| Hardware Purchase | £49 |
| In-Person – UK Consumer Cards | 0.8% + 2p |
| In-Person – International & Commercial Cards | 2.6% + 2p |
| Online – UK Consumer Cards | 1% + 20p |
| Online – International & Commercial Cards | 2.8% + 20p |
| Online – Revolut Pay | 1% + 20p |
| Online – Easy Bank Transfer | 1% + 20p |
SumUp
How SumUp Comapres to Square
SumUp is an excellent alternative to Square’s payment processing services, offering affordable solutions for both in-person and online payments.
The system supports various payment methods, including major card brands, Apple Pay, and Google Pay, ensuring businesses never miss a sale.
The Pay-as-You-Go plan has no monthly fees or contracts, which is ideal for casual sellers and those who need extra flexibility.
Transaction rates are transparent, with in-person payments incurring a 1.69%, or 1.49%, if you open a SumUp Business account. The online transaction rate is 2.5%, significantly higher than Square’s 1.4% + 25p rate.
If you’re willing to commit to a monthly subscription, signing up for the SumUp One package will reduce your transaction rate to 0.79% for UK Consumer card payments.
However, even with this membership, the reduced transaction rate of 1.99% for international and commercial cards is still more than Square’s standard rate.
Unlike Square, chargebacks will incur a £10 fee, increasing costs.
For online payments, Payment Links allows businesses to accept online payments by simply sharing a link with their customers. This feature streamlines the payment process without coding or even a website.
However, if you want a website, SumUp’s online store builder helps you create bespoke online storefronts without coding expertise.
The platform seamlessly integrates with major e-commerce platforms such as WooCommerce and Wix, ensuring a smooth payment experience across various channels.
For businesses requiring tailored payment solutions, SumUp offers integration options through its API and widget.
This feature enables businesses to embed SumUp functionality directly into their websites or apps, ensuring a seamless and personalised payment experience for customers.
SumUp has a range of card readers for in-person payments to suit different needs.
The Sum Up Air card reader is priced at £39 + VAT, double the cost of Square’s Reader.
Boasting a long battery life that can process at least 500 transactions on a single charge, the Air reader connects to your smartphone or tablet via Bluetooth.
Alternatively, the SumUp Solo reader, priced at £79 + VAT, works with Wi-Fi or built-in mobile data for a more reliable connection for uninterrupted payment processing.
Pros
✅ Choice of pay-as-you-use plans or subscriptions to suit a range of budgets
✅ Supports a wide range of payment options, including major card brands, Apple Pay, Google Pay and more, to cater to diverse customer preferences
✅ Integrations with eCommerce platforms and offers API and widgets for customised integration
✅ Access funds the next day by 7 am with a SumUp One membership
✅ Transparent, free structure helping you to anticipate costs.
✅ SumUp Solo card reader has built-in data connectivity for reliable service
Cons
❌ Hardware more expensive than Square
❌ Need to sign up for a subscription to access the best transaction rates
❌ Chargebacks incur a £10 fee
❌ Features such as inventory and reporting are more basic than Squares
❌ Need technical knowledge to customise your checkout experience
Cost
| Package | Cost |
|---|---|
| Pay-as-You-Go Plan | Monthly Cost: £0 In-Person Transaction Fee: 1.69% or 1.49% with a Business Account Bundle Online Transaction Fee: 2.5% |
| SumUp One Plan | Monthly Cost: £19 + VAT UK Consumer In-Person Transaction Fee: 0.79% UK Consumer Online Transaction Fee: 0.79% International & Commercial Transaction Fee (including Amex): 1.99% |
| SumUp Air Card Reader | £39 + VAT |
| SumUp Solo Card Reader | Reader Only: £79 + VAT Reader & Printer Bundle: £139 + VAT |
Tide
How Tide Compares to Square
Tide is most suitable for service-based businesses that invoice customers and clients within the UK.
Primarily a business bank account, Tide’s payment processing services are much more limited than Square’s.
You’ll need a Tide Business account to use the payment processing services and order a card reader, with packages ranging from £0 to £49.99 + VAT per month.
Tide’s Payment Links offer a convenient solution for businesses to securely accept card payments online without needing a website.
Although the system supports Visa, Mastercard card payments, and Apple Pay, these options are significantly more limited than Square and don’t include premium cards such as American Express.
There’s a minimum amount of £5 and a maximum amount of £5,000 for Payment Links transactions. There’s also a weekly limit of £20,000 and a monthly limit of £30,000, making it unsuitable for businesses with a high volume of transactions.
You’ll also be able to send invoices and upgrade your plan to include Invoice Assistant for automated chasing and payment matching.
For in-person payments, Tide offers a choice of two card readers.
The basic Tide Reader costs £89 + VAT and accepts Visa and Mastercard, Apple Pay and Google Pay payments. Payment must be initiated through the Tide app, and receipts can only be sent by e-mail.
Alternatively, the Tide Card Reader Plus, priced at £99 + VAT, has a built-in printer, which is ideal for businesses who want the convenience of physical receipts.
However, this device is over eight times heavier than Square’s, making it less portable.
Unlike Square, Tide’s card readers have built-in connectivity with a free 4G SIM with lifetime data included in the cost of your hardware.
This feature is particularly helpful for businesses that want to process payments on the go without relying on connections with other devices.
Tide offers customers a four-month device warranty, significantly less than Square’s limited two-year warranty.
Transaction rates start at 1.5% for UK domestic consumer card payments, with details of their international and commercial rates not provided.
While international payments are accepted, users should note that charges may vary, and transactions are currently limited to GBP, which may be inconvenient for international businesses.
Although you can usually receive your money within 1-3 business days, this is somewhat slower than Square’s next business day or instant access service.
Pros
✅ Card machines have built-in connectivity and include free 4G SIM cards with lifetime data
✅ No monthly fees or long-term contracts, suitable for casual sellers
✅ Create, send and track easily for professional and prompt payment collection.
✅ Payment Links allow you to sell online without a website
✅ Easily manage your payments on the go through the Tide mobile app
Cons
❌ Chargbacks incur a £10 fee
❌ Doesn’t accept a wide variety of payment methods, including American Express
❌ Online payment options are too limited for large businesses
❌ Payment Link limits make Tide unsuitable for businesses that process high volumes.
Cost
| Service | Cost |
|---|---|
| Tide Bank Account | £0 – £49.99 + VAT per month |
| Tide Invoice Assistant | £10 + VAT per month |
| Transaction Rate | From 1.5% |
| Tide Card Reader | £89 + VAT |
| Tide Card Reader Pro | £99 + VAT |
myPOS
How myPOS Compares to Square
myPOS payment processing is best suited to businesses that accept most payments from UK-issued consumer cards.
The system supports various payments, including Visa, Mastercard, American Express, JCB, Union Pay, Apple Pay and Google Pay.
Whether you operate through a website, social media channels, email, or chat, myPOS enables you to incorporate payment functionality into your online platforms effortlessly.
If you don’t have a website, myPOS offers convenient alternatives like payment links, QR codes, tags, and buttons, allowing you to sell products or services without needing a dedicated website. These tools will enable you to quickly generate payment links or codes, ensuring quick payouts and hassle-free transactions.
For businesses with established websites, myPOS offers easy-to-integrate payment gateways, enabling you to accept debit and credit card payments securely on your e-commerce platform.
The ready-to-use plugins streamline the integration process, allowing you to focus on your core business operations.
For in-person people, the myPOS Go two portable card reader allows businesses to accept chip & PIN and contactless payments.
Priced at £29 + VAT, the myPOS Go 2 is more expensive than the Square Reader but does have a pre-installed 4G SIM card and Wi-Fi connectivity for reliable processing for on-the-go payments.
However, weighing three times more than Square’s Reader, it’s much less portable.
Additional features include tipping and digital receipts sent directly from the device to streamline payment processing and enhance customer experience.
There’s no long-term contract or monthly fee; you simply pay a fee per transaction.
However, the pricing structure is more complex than Square, with transaction fees varying significantly depending on the type of card used and payment method.
For example, in-person UK consumer cards have a low transaction rate of 1.10% + 7p. However, this increases to 2.85% + 7p for international and commercial cards, making Square much more cost-effective for most businesses.
Whilst myPOS offers instant settlement as a standard, this payment is deposited into their e-money merchant account. Withdrawals into another business account will incur a fee ranging from £2-4 per withdrawal, increasing your costs further.
Pros
✅ Card reader has a free 4G data SIM card for reliable connection
✅ No monthly fees or contracts for greater flexibility
✅ Instant settlement helps to improve cash flow management
✅ Offer multiple payment options, including payment links, QR codes, tags and buttons
✅ Seamless integration with websites, social media platforms, e-mail and chat
Cons
❌ £15 inactivity fee if not used account in 10 consecutive months
❌ Higher transaction rates for commercial and international cards
❌ Chargebacks incur a fee of £25
Cost
| Transaction Type | Card Type | Fee Structure |
|---|---|---|
| Card Present | Domestic & EEA Consumer Cards | 1.10% + 7p |
| American Express | 2.45% + 7p | |
| All Other Cards | 2.85% + 7p | |
| Card-Not-Present | Domestic Consumer Cards | 1.30% + 15p |
| American Express | 2.50% + 15p | |
| All Other Cards | 2.90% + 15p | |
| MO & TO Payments | Card-Not-Present Fee + 0.5% | |
| Inactivity Fee | – | £15 |
| Chargeback | – | £25 |
| MyPOS Go 2 Card Reader | – | £29 + VAT |
Adyen
How Adyen Compares to Square
Adyen provides a comprehensive payment processing solution for businesses that accept international payments.
With Adyen, businesses can accept payments online, on any device, and worldwide, enhancing revenue and reducing complexity.
Adyen’s support for various online payment methods, including credit cards, bank transfers, digital wallets, and subscriptions, ensures flexibility and convenience for customers.
However, Adyen’s transaction rate varies depending on the payment method, making it harder to determine your overall costs.
For example, Visa and Mastercard payments are charged Interchange ++ pricing + 11p, but American Express has a 3.95% + 11p.
In contrast, Square’s flat rate of 1.4% + 25p is more user-friendly and transparent, helping you manage your cash flow.
Although Adyen has several advanced features such as authentication and revenue optimisation, there are significantly fewer than Square and don’t include helpful tools such as inventory management, reducing its capabilities.
Online Payments through Adyen can be made in-browser using payment links or apps built on iOS, Android, and React Native.
Like Square, Adyen offers multiple integration options, including pre-built components, API access and over 34 eCommerce platform plugins.
However, you’ll still need technical knowledge to customise and optimise your checkout experience, which could overwhelm small businesses.
Businesses who want to accept in-person payments can choose from a wide range of hardware, including the NYC1.
Unlike the Square Reader, the NYC1 can only be connected to your mobile device through Bluetooth, and you will also need to attach it through a built-in magnet.
Although nearly double the weight of the Square Reader, the V400m has additional features, including digital tipping, tax-free shopping and dynamic currency conversion.
Pros
✅ No set-up or monthly fees, giving you greater flexibility.
✅ Customise your checkout based on your customer’s location, including language localisation and location-based payment options.
✅ Wide range of online payment methods, including payment links, to enhance customer convenience and boost conversion rates
✅ Authentication and risk management tools to protect businesses against fraud
✅ Multiple integration options tailored to different business setups, including API access and over 34 e-commerce platform plugins.
Cons
❌ Low Trustpilot rating of 1.6, indicating poor customer satisfaction
❌ Confusing pricing structure, with fees varying depending on payment location and method.
❌ Integrating and customising your payment process requires technical knowledge, which may overwhelm small businesses.
❌ Limited additional features, including no inventory management.
Cost
Rates vary depending on payment location and method.
| Payment Method | Pricing |
|---|---|
| Card Reader Hardware | Price on request |
| Visa & Mastercard | Interchange + Pricing + 11p |
| American Express | 3.95% + 11p |
| BACS Direct Debit | 55p + 11p |
| Afterpay & Clearpay | 4.19% + 30p + 11p |
| Klarna | 4.88% + 20p + 11p |
| Apple Pay, Google Pay & Samsung Pay | Define by card used + 11p |
| Diners | 3.95% + 11p |
| Discover | 3.95% + 11p |
| JCB | 3.75% + 11p |
| PayPal | Direct contract with Paypal, management service fee + 11p |
| PaybyBank/ Open Banking | 50p + 11p |
| UnionPay | 3% + 11p |
| WeChat Pay | 3% + 11p |
| Refund by BACS Direct Debit, Klarna, Afterpay & Clearpay | 22p + 11p |
Zettle
How Zettle Compares to Square
Whilst online payments are processed by PayPal directly, businesses who want to take in-person payments can use Zettle by PayPal.
Previously known as iZettle, Zettle by PayPal is best suited to businesses that take in-person payments infrequently due to its limited chargeback support and additional features.
The Zettle Card Reader 2 offers convenient card and contactless payment solutions for in-store and on-the-go sales.
It accepts all major cards and digital wallets, including American Express, Apple Pay and Google Pay.
Unlike Square, you’ll also be able to accept JCB, Union Pay and Discover, allowing you to give your customers greater payment options.
Although more expensive than Square, Zettle card reader prices start at an affordable £29 + VAT, with no monthly fees.
Like Square, Zettle has a transparent and straightforward payment structure, charging a 1.75% transaction rate for all major cards and mobile wallets, including American Express.
There is some online payment functionality through Payment Links, but with a transaction rate of 2.5%, this is significantly more expensive than Square.
It’s also worth noting that as Zettle doesn’t include a payment gateway, you’ll be unable to take payments over the phone, limiting your sales process.
As part of the PayPal family, Zettle offers seamless integration with PayPal Business accounts, ensuring quick access to funds within minutes of the customer’s payment for improved cash flow management.
However, it will take between 1 and 2 working days for money to be transferred to your bank account.
Battery life lasts approximately 8 hours, or around 100 transactions, significantly lower than that of other card readers.
PCI DSS compliance and chargeback protection are included, but this is limited to £250 per month, which could be an issue if you experience a higher volume.
The card readers come with a free 12-month warranty, half the length Square offers.
Through the Zettle POS app, you can use additional features such as inventory management, data reporting, and employee management.
Whilst helpful, these features are less advanced than Squares and will be too limited for large businesses.
Pros
✅ Accepts a wide range of payment methods, including American Express
✅ Transparent pricing structure with no additional fees for Amex transactions
✅ Scaleable solutions for growing businesses
✅ No monthly fees or long-term contracts
✅ PCI DSS certification and chargeback protection included as standard
Cons
❌ Chargeback protection is limited to £250 per month
❌ Hardware and accessories are more expensive than Square
❌ 12-month warranty is shorter than Square’s
Cost
| Product | Price |
|---|---|
| Zettle Reader 2 | £29 + VAT for first reader£59 + VAT for additional devices |
| Zettle Reader + Dock 2 | £68 + VAT for first reader£98 + VAT for additional devices |
| Card Transaction Rate | 1.75% |
| Payment Links | 2.5% |
PayPal
How PayPal Compares to Square
PayPal’s payment processing service is best suited to eCommerce businesses with no physical presence.
There aren’t many customers who won’t associate online transactions with the PayPal brand, instantly trusting your payment process when they see the familiar logo.
Although PayPal has a range of features like eCommerce integrations, Pay Checkout, and Pay in 3, customers enjoy flexible payment methods, but these are much more limited than Square. For example, there are no inventory or employee management tools.
PayPal is designed to facilitate international transactions, accept all major credit and debit cards, and offer global alternative payment methods.
However, the transaction fees are much higher than Square, with additional fees for chargebacks and disputes further increasing your costs.
The pricing structure is also more complex than Square’s, with fees based on the currency received or the sender’s location, which could make understanding your costs difficult.
Whilst PayPal doesn’t offer in-person payment options directly through the PayPal brand, it does have a range of solutions through Zettle.
Pros
✅ Wide range of payment methods, including credit/debit cards, PayPal Checkout, Pay in 3 and cryptocurrencies, catering to diverse customer preferences
✅ Recognised brand instils customer trust, potentially increasing conversion rates and reducing card abandonment
✅ Supports transactions in multiple currencies and is widely accepted globally, making it suitable for businesses with an international customer base
✅ Seamlessly integrates with popular eCommerce platforms such as Shopify, BigCommerce and WooCommerce, simplifying the payment process for online businesses
✅ Optimised mobile-friendly checkout for a smooth customer experience
Cons
❌ Low Trustpilot score of 1.4, indicating low customer satisfaction
❌ Complex payment structure with various fees for different types of transactions, potentially leading to higher over costs for merchants
❌ Limited in-person capabilities make it unsuitable for businesses accepting in-person transactions
❌ Chargebacks and disputes incur an additional fee
❌ High international transaction fees increase your costs
Cost
PayPal transaction rates and fees vary depending on the sender’s location and the currency in which the payment was received.
| Payment Type | Rate |
|---|---|
| Card payment from a user without a PayPal account | 1.2% + 30p |
| QR Code Transactions – GBP 10.01 and above | 1.5% + 30p |
| QR code Transactions – GBP 10.00 and below | 2% + 30p |
| All Other Commercial Transactions | 2.9% + 30p |
| Additional percentage-based fee for international commercial transactions where the sender is from | EEA – 1.29%All other markets – 1.99% |
| Increased Rate for High-Risk Businesses | Up to 5% per transaction |
| Website Payments Pro Monthly Fees (including Express Checkout, Direct Payments API and Virtual Terminal) | £20.00 |
| Virtual Terminal Only Monthly Fees | £ 20.00 |
| Recurring Payment Tool | £20.00 per month |
| Chargeback Fees | Based on currency received. Approximately £14. |
| Dispute Fees | Based on the currency of the original transaction. Approximately £12.00, or £24 for high volumes |
Shopify
How Shopify Compares to Square
Shopify is best suited to eCommerce businesses that don’t have a physical presence.
Both systems allow you to accept various payment options, including Visa, Mastercard, American Express, Apple Pay and Google Pay.
They also both have a user-friendly interface, allowing businesses to start accepting payments instantly without completed integrations.
Square offers better value for money than Shopify, with no monthly account fees and lower transaction rates than most of Shopify’s tiered plans.
Although you could get a low transaction rate of 1.5% + 25p with Shopify, this would mean signing up for the Advanced plan, priced at £259 per month, cancelling out potential savings for most businesses.
Shopify also charges £10 per chargeback, which is included as standard with Square.
Square and Shopify both give customers a wide range of additional features, including reporting and inventory management. However, you may have to purchase an add-on to access Shopify’s more advanced features.
For example, a Shopify POS Pro account, priced at £69 per month per location, is needed to use most of the inventory and staff management tools.
In contrast, Square customers can opt for specific add-ons, such as Advanced Team Management, for £20 per month per location, so you’ll only pay for the features you use.
Another difference is the range of hardware available for in-person transactions.
Whilst Square’s versatility allows businesses to accept payments in various settings through mobile and countertop solutions, Shopify’s options are more limited, making the system more suitable for eCommerce businesses.
Like Stripe, Shopify is compatible with the WisePad 3 Reader, connecting to iOS and Android devices via Bluetooth.
The device is priced at £49, is more expensive than the Square Reader, and is heavier and larger.
Shopify offers a standard 1-year warranty, extending to 2 years with a POS Pro account. In contrast, Square provides a 2-year limited warranty as standard, minimising disruptions to your business.
Pros
✅ Transapart pricing allows you to choose a plan that aligns with your budget
✅ Accepts multiple payment methods, including credit cards, digital wallets and alternative payment options
✅ Wide range of eCommerce features, including customisable website templates and extensive integration options
✅ Scalable solutions suitable for businesses of all sizes
✅ Integrated back-office functionality allowing you to track orders, manage inventory and monitor finances from a single dashboard.
✅ Extensive app marketplace provides access to a wide range of 3rd party apps and integrations
Cons
❌ Low Trustpilot rating of 1.2, indicating poor customer satisfaction
❌ One of the few payment systems that charge a monthly fee
❌ Need to sign up for a POS Pro account to access the advanced features
❌ High transaction rates for most packages
Cost
| Package | Fee | In-Person Transaction Rate | Online Transaction Rate |
|---|---|---|---|
| Card Reader | £49, one-time | – | – |
| Starter | £5 per month | 5% | 5% + 25p |
| Basic | £19 per month | 1.7% | 2% + 25p |
| Shopify | £49 per month | 1.6% | 1.7% + 25p |
| Retail | £69 per month | 1.7% | 2% + 25p |
| Advanced | £259 per month | 1.5% | 1.5% + 25p |
Frequently Asked Questions
Who is Square’s biggest competitor?
It depends on which payment tool you’re considering. Stripe and PayPal are Square’s biggest competitors for payment processing. Revolut, Tide and Zettle are the main alternative card readers.
Are any notable features or functionalities set Square apart from its competitors?
Square’s emphasis on user-friendly interfaces and transparent pricing contributes to its popularity among small and medium-sized businesses. It offers various features, including inventory and employee management tools and hardware devices like card readers and terminals, to suit different business needs.
How do I choose the right payment processing provider among Square and its competitors?
Consider factors such as transaction fees, ease of use, hardware compatibility, customer support, and additional features like analytics and invoicing capabilities. Assess your business’s specific needs and review user reviews and testimonials to gauge the overall satisfaction of each provider’s services.
Can I easily switch between Square and its competitors, and what is the process?
Switching between Square and its competitors is straightforward as Square doesn’t have lock-in contracts. You can start the process by opening an account with your chosen provider and ordering the necessary hardware. Then, update your payment processing settings across your sales channels and inform your customers of the change. Ensure a smooth transition by transferring essential data such as customer information and transaction history, and consider consulting with your new provider for guidance throughout the process.
What are some common challenges businesses face when switching from Square to a competitor?
Switching from Square to a competitor can present challenges such as data migration complexities, integration issues with existing systems, the need for employee training, contractual obligations with Square, and effective communication with customers.
