Payment Processor Comparison
PaymentsPlus vs Square
Square is great for getting started, but as your business grows, that flat 2.65% rate costs you more and more. See how switching to interchange-plus pricing saves growing Canadian businesses real money.
How Square Pricing Works
Square charges a flat 2.65% on every transaction. Sounds simple, but here's the problem:
- Debit cards cost ~1.0% interchange, but Square charges 2.65%
- Basic credit cards cost ~1.5%, but Square charges 2.65%
- You overpay on 80%+ of transactions
How PaymentsPlus Pricing Works
We charge interchange (what Visa/MC charge) plus a small markup:
- Debit cards: ~1.0% + 0.20% = 1.2% (save 1.45%)
- Basic credit: ~1.5% + 0.20% = 1.7% (save 0.95%)
- You pay fair rates on every transaction
When Does It Make Sense to Switch?
If you process more than $5,000/month, you'll likely save money with PaymentsPlus
Example: $15,000/month business
With Square
$397.5/mo
With PaymentsPlus
$295/mo
Monthly Savings
$102.5
Annual Savings
$1,230
Full Feature Comparison
| Feature | PaymentsPlus | Square |
|---|---|---|
| Card-Present Rate | Interchange + 0.20% | 2.65% flat |
| Card-Not-Present Rate | Interchange + 0.35% | 2.9% + $0.30 |
| Monthly Fee | $10/month | $0/month |
| Contract | Month-to-month | None |
| Equipment Cost | Free placement | $49-$799 purchase |
| Funding Speed | Next-day (same-day available) | 1-2 business days |
| Account Stability | Dedicated merchant account | Aggregator (holds possible) |
| Canadian Support | Phone & email | Email & chat only |
| Custom Pricing | Yes - volume discounts | Limited |
| Chargeback Protection | Full support included | Limited |
Why Growing Businesses Leave Square
Square's 2.65% rate seems simple, but interchange rates average 1.5-2%. You're overpaying by 0.65-1%+ on every transaction. That adds up fast.
As an aggregator, Square can hold funds or freeze accounts without warning. Many businesses have experienced this during their busiest periods.
When you have a problem, you can't just call Square. Email and chat support can take days to resolve urgent issues.
Square doesn't offer volume discounts. Whether you process $5,000 or $500,000 per month, you pay the same high rate.
Being Honest: When Square Might Be Better
We believe in transparency. Square might be the right choice if:
- •You process less than $3,000/month (the $10 monthly fee wouldn't be offset by savings)
- •You're a very new business testing the market
- •You only take occasional card payments at events
Processing more than $5,000/month? You'll almost certainly save with PaymentsPlus.Check our calculator to see your exact savings.
Frequently Asked Questions
Can I use my existing Square terminal?
Square terminals are locked to Square's system. However, we provide free equipment placement, so you'll get modern terminals at no cost when you switch.
How hard is it to switch from Square?
Very easy! We can have you processing within 3-5 business days. You can run both systems in parallel during the transition if needed.
What about Square's free POS software?
Our terminals come with built-in POS functionality, or we integrate with popular systems like Clover. Many merchants find they don't miss Square's software.
Will I have account stability issues like with Square?
No. With PaymentsPlus, you get a dedicated merchant account in your business name. No aggregator holds or surprise freezes.
What if I need help during evenings or weekends?
We offer Canadian phone support during business hours and email support around the clock. Most issues are resolved within hours, not days.
Ready to Graduate from Square?
Your business has grown beyond startup rates. Get professional-grade processing with rates that reflect your success.
No obligation. See your potential savings in 60 seconds.