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Many restaurants are moving away from traditional merchant card processing services and turning to Square to process their credit card transactions. While traditional credit card processors charge multiple fees for the privilege of accepting credit card payments, Square charges one flat rate per transaction. A flat rate means you know exactly how much you’re spending to process credit card payments, and can boost sales without taking a financial hit. The key is knowing how to use a Square POS system to maximize revenue. Learn more about how to use a POS system in a restaurant.
Understanding the CostsSquare charges three fixed rates for various types of transactions. These include:
- A flat rate of 2.75% for in-store transactions
- 2.9% + $0.30 per transaction for online purchases
- 3.5% + $0.15 per keyed in transactions
Getting Started with Square1. Sign Up To get started, create an account with Square. You’ll be asked some standard questions about your restaurant:
- Type of business
- Business category
- Business name
- Estimated annual revenue
- Number of employees
2. Choose a Credit Card ReaderWith Square, you have the choice between a free Magstripe reader or a $29 Square reader that allows for contactless payments (e.g. Apple Pay) and EMV chip cards. Since credit card companies penalize businesses for fraudulent charges due to not having a chip reader, it is best to pay the $29 (your customers will love being able to pay with their phones, too).
3. Download the App and Configure Your SettingsBefore you can process payments, you will need to download the Square POS app to a phone or tablet. Once downloaded, you can configure the following settings:
- Personal and business information, including address and phone number
- Bank account for receiving deposits
- Deposit timeline — restaurants can spend an extra 1% to receive instant deposits rather than waiting 1-2 business days
- Physical location(s) of restaurant(s)
- Pricing and subscriptions. Square offers various plans and deals for loyalty customers, which is ideal for restaurant chains with numerous locations
- Receipt customization including colors, text, and logo
- Device syncing and codes so you can access the app from numerous devices without having to log in every time
- Purchase additional accessories such as more card readers or a tablet stand
- Configure tax forms to report online revenue