Slashdot Mirror
Square Is Discontinuing Monthly Pricing On February 1, 2014
An anonymous reader writes "Mobile payment startup Square has decided to discontinue its monthly pricing option on February 1, 2014. The company says it does not plan to reinstate monthly pricing at any point. If you are currently enrolled in monthly pricing, Square will give you "a grace period" through the end of January 2014, after which the per-swipe rate will apply to transactions. On January 2, monthly pricing subscribers will be billed their last monthly fee, which will cover the rest of the month."
It appears to be some kind of slashvertizement for a mobile credit card reader that plugs in to the headphone jack of an iphone.
The plan was $275/month or 2.75% per swipe. However, the 275 per month was limited to the first $10,000 (ie $275 in fees). After this, it defaulted to the 2.75% anyway. Therefore, if you chose monthly, and didn't use it all, you actually paid a higher price. By definition, you could always just take the 2.75%, so I don't know why anyone would ever choose the monthly plan in the first place.