Is Using the Square Payment Processing App Right for My Business?

Over the past few years Square has gained prominence in the credit card processing space as a way for merchants to easily accept payments. With a sleek look and the vision of Twitter’s co-founder Jack Dorsey, Square became the cool kid at the lunch table that had been crowded by legacy companies for decades. Square has done an excellent job of branding and defining their place in the market. In fact, at True Merchant, we are often asked by potential customers if “we sell the Square cube.”

Does True Merchant Sell Square?

The answer is, in fact, yes we do, however, it’s our own product and has nothing to do with Square. After some explanation, we will educate the merchant that Square is just one of a number of providers that provides a mobile payments solution.

How is True Merchant different from the Square App?

The follow up question from the merchant is typically, “So how are you different from Square?” It is a great question. Square is ideal for some merchants, as True Merchant is ideal for others. Below we will take a look at scenarios when Square or True Merchant might be a better choice for a business to accept credit and debit card payments.

If You’re Looking for Support:

If timely Technical and Customer Support matter to you… True Merchant is your solution. Square provides online only support, meaning the only way you can receive answers to questions or technical support issues is by email. If a merchant needs instant technical support, Square does not pass this test.
True Merchant provides 24/7 Technical Support with a live representative and also has translators available for foreign speaking merchants. Customer Support is available Mon-Fri 8:00 AM-10:00 PM EST for issues that are not related to needed instantly for running a business. True Merchant also provides customer support through its website or support email channels.

How Many Forms of Payment are Needed?

Merchants can accept Visa, MasterCard, Discover, and American Express with both Square and True Merchant. However, a merchant may want to accept additional forms of payment if they are looking to increase cash flow. True Merchant provides its merchants with the opportunity to accept forms of payment such as Pin Based Debit and EBT, as well as Fleet Cards such as Wright Express and Voyager.

What’s Your Average Transaction?

$10 is the Magic Number!
If your average per swipe falls below $10 then Square proves to provide a better cost structure for merchants. An average transaction of $10 or more, True Merchant can provide more competitive pricing for a business.

How Much are you Processing Each Month?

Merchants that process less than $1,000 per month will find Square is the better choice. The reason is Square is what is called an Aggregator and combines businesses under one merchant account. For this reason, Square does not need to charge any monthly fees, so a brand new 1-2 person business might find Square’s services more appealing.
For merchants processing between $1,000 and $3,000 per month, it is a coin flip between Square and True Merchant. For merchants processing more than $3,000 per month, True Merchant provides a better solution due to the significantly lower rate structures available.

How Soon Do you Need your Deposits?

Both Square and True Merchant provide Next Day Funding solutions for merchants who settle batches prior to 8:00 PM EST.

At True Merchant, we believe we offer the best processing solutions available for most businesses, but not all, and we do not hesitate to recommend other opportunities when this is the case. If you have any questions, please let us know, we are here to help!

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Vice President of True Merchant.
Really Nice Guy.