Comparison: Square vs Gopayment
If you have a small business that currently doesn't accpet credit cards or just want a way to take payments on the go. Mobile apps like Square and Intuit's GoPayment will fill this need with the ablitiy to read magnetic strips on your card. We will compair both app's and fees so you can make an educated dicition on what to use. Intuit and Square will send you a free card reader once you are approved through there websites. Square users are sent a small postage-sized card reader that plugs into your smartphone’s headphone port. Square is also going to go on sale at local Apple store in the very near future.While GoPayment currently has a similar device that plugs into the headphone port, you can also buy a case like card reader like the Mophie Marketplace ($79) that connects through the dock port.
Square's processing fees are dead simple and they take all credit card types at the same price. When you swipe a credit card, Square takes 2.75% of that transaction with zero monthly fees. Keyed-in cards (typed rather than swiped) are slightly more per transaction, at 3.5% + $0.15.
GoPayment offers two types of plans: Low-Volume and High-Volume. Low-Volume is for people who take in less that $1,000 per month and High-Volume is for anything more than that. Low-Volume is 2.7% + $0.15 per transaction. The transaction fee for High-Volume is 1.7% + $0.30, plus a monthly charge of $12.95. Keyed-in transactions are 3.7% for Low and 2.7% for High.
GoPayment’s plans are more complicated and have different charges altogether for American Express. Because of its integration with QuickBooks (also by Intuit), GoPayment seems geared toward small businesses. While Square can be used for businesses, it also works well for small personal transactions.
With that said my thoughts are Square seems alot simpler but if your runing a high traffice small bussiness and currently use Quickbooks the intergration of Gopayment my benifit you more..
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Updated: 04.13.2012
I was contacted by intuit that there was an error in information with in this post concerning transaction fee's I have made the necessary corrections.
