Per AllThingsD.com, Square said it is discontinuing a monthly flat-rate plan it had designed for larger businesses.
“Over the past year we heard from many of our customers that caps and limits in the program were inhibiting growth — at a certain point, rates went back up the more you sold,” the company said in a post on its website. “So, effective February 1, 2014, we’re replacing the Square monthly pricing program with one low per-swipe rate for your business. We want our pricing to be simple: no more limits or complicated monthly caps at all. Just one low, flat per-swipe rate for your business.”
The company said those enrolled in the program can keep it through the end of January, but the company said it has no plans to bring back the monthly rate plan.
Square’s standard rates are 2.75 percent of a transaction where a credit card is swiped and 3.5 percent of manually entered charges, plus a 15-cent fee.