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Square charges $99 for Square Stand and $59 for its chip-based Square Reader. [54] The Square app is freely downloadable from the Apple App Store and the Google Play Store. Square charges a fee of 2.6% plus $0.10 on every electronically scanned credit card transaction [ 55 ] or 3.50% plus $0.15 per manually-entered transaction.
In 2013, Square launched Cash App, a peer to peer payment service. [26] In October 2014, the company launched the integration of a payroll feature into its Square payment processing system, following the integrations of a merchant cash advance offering, a customer feedback product and an invoicing service into the system.
A merchant account is a type of bank account that allows a seller, known as the merchant, to accept payments by debit or credit cards.A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions.
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