Which Square Payment System is right for you?
Square announced today it is making a move to remove credit card fees and fees on payments, while still charging for services like credit card processing.
Square has been using a system called “cls” that charges credit card users for the transaction.
Square announced the move in its blog post today.
“With the cls system, Square charges credit cards for all transactions and services,” Square wrote.
“If you don’t use a credit card, you pay for all services using your Square account, and we won’t charge you a fee for this.”
Square also explained that it has removed the fee for third-party payment processors, including PayPal and Coinbase.
“We’re removing the cl-based credit card payment system fee, but we won.
We are continuing to charge credit card processors fees,” Square said.
The company also said it is working to get the cl system to be compatible with PayPal.
“At this time, PayPal will not support the cl cl system,” Square noted.
Square said it will also begin charging fees for SquarePay, the company’s online payments platform, on top of the cl payment system fees.
The move comes after the company said it would no longer accept PayPal payments for Square, saying it is not in the best financial position to do so.
Square will continue to accept PayPal and PayPal Plus for payments.