Founded in 2009, Square payments have become a prominent name in the payment processing services industry. While the San Francisco-based company is just over a decade old, it already has a firm grasp over the credit card payment processing market.
Indeed, Square payments for accepting credit cards and Square for payment processing have taken off due to a variety of reasons. But why is Square payment processing so compelling in the online payments and general take payments industry.
With the ability to set up mobile payment hardware without relying on professional installation, Square payments made it possible for businesses to gain more accessible solutions and various other new features for their transactions. One of the most prominent qualities stood out as the compatibility of its payment hardware with available smartphones.
Square for payment solutions still holds the recognition of being one of the primary providers of these services. With that being said, Square’s fees range comparatively higher in pricing and with robust solutions such as Stax standing out as strong competition, particularly for small businesses.
If you are looking to choose a reliable payment processing services provider that could fulfill your modern payment needs, comparing Square Inc. with Stax is one of the most critical steps to take. This ensures that you can make an informed decision and choose affordable payment services that still satisfy your needs.
Learn more about Square payments and how they compare to Stax’ payment processing so you can choose the credit card processor that’s right for your business needs.
How Does Square Payments Compare to Stax?
Let’s quickly glance at the pricing before moving on to the services and products.
As mentioned above, Square Inc’s services come with a higher price tag than Stax (and many other payment options).
But Square payment systems are more affordable than many other payment processing service providers in the market. Yet it still falls short of expectations when compared to Stax, which offers even lower price points for the same types of services.
There is a Noticeable Difference in Pricing
While both companies charge transaction fees, Square’s are notably higher. Square charges 2.6% + 10¢ per transaction for every in-person payment (in addition to interchange rate). This includes credit card and debit card payments on the point of sale (POS) terminals and equipment, as well as mobile payments that are processed through the tap-to-pay solutions.
On the other hand, Stax has lower pricing for merchants who have a higher volume of sales.
Stax and Square have different pricing models. Stax offers a simple monthly subscription cost with variable costs ranging from six cents to fifteen cents depending upon your rate of transactions and method type. For instance, the variable costs differ in keyed and swiped payments.
This difference in pricing also shows up in card-not-present (CNP) payments. For Square Virtual Terminal, the pricing for entering and processing card details manually is 3.5% + 15¢ per transaction. This also applies to any card-on-file transactions through a virtual terminal.
Whereas, processing fees for online transactions through the Square payment processor where the customer enters their card details by themselves is t 2.9% + 30¢ per transaction. These charges are applicable for Square eCommerce stores, using Square eCommerce API in apps, and using the card on file for eCommerce transactions.
Stax’s pricing surpasses Square credit card processing rates in terms of affordability. For CNP transactions entered using the Stax Platform, the price stands at the monthly cost plus the interchange fees and the twelve cents or more per transaction. For online transactions such as shopping carts and invoices that are processed by the customer’s end, the charges will also vary but will have a simple monthly fee.
But the differences in pricing do not end there. They are also evident in terms of equipment pricing. For instance, Square’s premium POS system labeled the Square Register can cost a whopping $799 to set up.
The SquareUp pos can certainly provide value to businesses.
Similarly, your first Square card reader that connects to mobile devices is free, but you need to pay $10 for each additional reader that you acquire. Whereas, Stax-provided POS systems of the same level are offered at varying competitive prices depending on the model chosen.
This outlines that Stax is a far more affordable option than Square in terms of one-time equipment and ongoing transaction costs.
It should be noted that both merchant services providers will charge chargeback fees as well in the event of a customer placing a chargeback.
Retail Payment Services
Conventional or register-style POS terminal payment services are offered as a combination of Square’s hardware and software. Conversely, Square’s signature card readers attach to your smartphones or tablets.
These retail solutions give you the ability to accept all major credit cards and debit cards. You can also accept payment cards built with magnetic stripes and EMV chips alike. Suppose you move forward with software solutions that are designed for your service industry or retail goods business. In that case, you can also benefit from additional services such as appointment booking and inventory management.
The Square POS system comes in sleek hardware, which makes it easy for you to adapt it to your everyday activities. The intuitive software also remains simple to use, which further enhances its overall value proposition.
At the same time, the transaction costs for in-person transactions remain the same, regardless if you are swiping magnetic-stripe payment cards or processing payments through chip-based cards. Since Square is compliant with the Payment Card Industry Data Security Standard (PCI DSS), it also comes with optimal security mechanisms to safeguard your customers’ financial information.
In comparison, Stax offers all of these qualities with a POS integration that allows you to continue to use the POS terminal hardware you’re familiar with that’s supported by Stax’ robust all-in-one payments platform.
If you seek to collaborate with Stax, you can install your respective POS device from the market and integrate its solutions or work with Stax to acquire the right machine and integrate the software to run your operations. Stax aims to make the process as simple as possible while delivering cost-effective solutions that help you seamlessly process credit card transactions.
Mobile Payment Services
Square’s name comes from the shape of its distinct card reader. This compact reader can attach to any modern iOS and Android device to turn it into a mobile payment processing solution. This secure card reader can then accept credit card and debit card payments in a variety of ways.
Like the company’s retail or in-person POS solutions, the Square mobile card reader can also accept magstripe and EMV chip payments. With the attachment of a smartphone, the card reader can be operated anywhere. But apart from being a substitute POS equipment that can be used remotely, it can also accept mobile payments itself.
This ensures that if you plan to branch out to contactless payments, you can easily do so through tap-to-pay solutions such as Google Pay, Samsung Pay, and Apple Pay. These payments are powered through NFC and can occur if the customer has a compatible cell phone and features. It is prudent to note that these tap to pay services are also available at Square POS solutions. The wireless payment processing software is merely a foundation that enables processing in many forms.
In comparison, Stax also offers state-of-the-art mobile payment solutions that go beyond card reading or wireless operations. Through this equipment, you can also accept mobile payments through tap-to-pay services. This hardware is also available in the form of cellphone-powered equipment.
Online Payment Services
These online payment solutions include an eCommerce payment platform that can integrate your website’s shopping cart and an eCommerce API that can be utilized within your apps. This allows you to easily take online orders for your products and services through a reliable platform or to generate payment links. If you want to take orders over the phone, you can also use Square’s Virtual Terminal to enter transactions manually.
Suppose you run a hybrid selling model where you take in-person and online payments alike; Square also lets you import your Square POS inventory to your new online stores. This cuts through the time it may take you to streamline operations between your card-present and card-not-present transactions.
The Square payments online services are robust and safe, all due to their overall infrastructure and modern security mechanisms. These solutions are also PCI compliant, which makes them a trustworthy mode of payment for your customers. Perhaps one of the best parts about integrating Square’s online payment into your website and apps is its ease of use. With features such as recurring payments, you don’t have to make your way around a steep learning curve to handle your online payments.
Referring to Stax’ more affordable services, its online payment products provide radically simplified solutions all in one easy-to-navigate platform. With its firm grasp on the latest payment solutions, Stax offers highly dependable and modern services that are more cost-effective for your business in the long run.
Stax Offers Compelling Services Cost-Effectively without Hassles
Since both Square and Stax offer a similar line of services, it may make it difficult for you to select one of them.
But you must remember a few points as you make your decision.
First, you may notice that customers experience further difficulties in using Square due to various factors. These factors range from issues with payment processing on mobile devices to other problems such as frozen funds or payments not going through in general.
While most Square customers may not experience these payments, a portion of customers has noted issues with these points.
Next, customers are not pleased with the level of customer service that Square offers. For instance, they are not able to reach Square support as quickly as they would like and may wait days at times to engage with Square for support.
Is prudent to note here that customer service is not a high priority until a problem occurs. As more people go online and business processes payments virtually, it is of the utmost importance to have full support from your provider. If you cannot reach your provider and work with them to solve your problems as efficiently as possible, you will not have a pleasant experience and may have constant hassles leading to excess frustration.
Stax understands this and seeks to rise above in every interaction with clients. That is why Stax aims to shine in all aspects, from in-house customer service to seamless service and pricing.
Finally, when you think of the pricing, the choice gets pretty clear. In this aspect, Stax stands out as the winner by a large margin.
The costs are not only about the pricing but the time and the quality of interaction you have with your provider and your end clients. The smoother the experience in every single way, the better it is for all involved.
With that, the ultimate decision rests with you and your level of comfort. For an optimal approach, speak with a company representative and directly discuss your questions with them. This way, you can make an informed decision based on concerns and solutions that are critical for your business.
The Stax Value
Stax provides significant value to businesses of all types in more ways than one; here is an overview of what it has to offer to your business and answer your FAQs.
Its overall design rests on the idea that payment processing shouldn’t be a hassle. Businesses should be able to process payments at scale with minimal costs, have zero surprises, and have as much flexibility as possible. That is why you will notice that Stax comes with direct access to the direct cost of interchange, a simple flat fee monthly oriented pricing, and effective technology services.
Businesses can take comfort in the fact that they should only pay for the flat rate monthly subscription to process their payments and bear their transaction and interchange costs. It’s simple, there’s no confusion about pricing, and they can benefit from payment processing savings while focusing on other aspects of the business. There are no random and surprising fees, no additional markups, or other issues.
Finally, businesses have the peace of mind to switch providers without any contract breakage costs.
Where Else Does Stax Provide Additional Value?
The firm is also known for its adherence to industry standards and overall security with PCI compliance. What’s more, the firm will ensure simplicity in analytics. For instance, you can take advantage of the Stax Platform and simple setup to get started and overview the crucial points in your sales.
These keen analytics and data presentation settings present within the Stax Platform can help you manage your business and understand what is going on without downloading Excel charts and other more tiresome tools and programs.
Stax knows that company leaders want to simplify their payment processing, understand what is going on with their business, have only the functionality they use, and deliver the best overall experience while saving time and money.
That’s why you can take advantage of Stax’ key features for your business needs.
Stax’ Critical Features:
- Subscription pricing
- Zero contracts or additional fees
- Real-time analytics and data visualization
- Real Customer service when you want it
- Over 200 software integrations to customize and improve your experience as you see fit
- Quickbooks connectivity
- PCI Compliance help
- Mobile processing
- Payment gateways and Virtual Terminals
- Fast funding for verified entities
- POS System compatibility
The team at Stax ensures simplicity throughout the process. That means you know what’s going on every step of the way. From deciding to partner with Stax, setting up the Stax payment solution, and talking to a real live representative, Stax is there throughout the process.
When it comes to customer success, Stax Payment Experts know that you need knowledgeable professionals there to help whenever you call. Our customer support and knowledge base are here to help business owners with both high volume and low volume credit card processing.
Payment processing is crucial to your business.
As such, Stax’ Payment Consultants will always help out as quickly as possible. Our representatives know the most frequent questions, can deal with unique problems and will address them as soon as possible.
You don’t have to worry about additional costs, having a contract, or having to pay more to switch to someone else. With Stax’ payment solutions and its overall flexibility, you can make your decision to stay or leave with peace of mind.
Learn more about Stax’ payment processing and what it can do for your business today.
Quick FAQs about Square Payments and Stax
Q: What are Square Payments and Stax?
Square Payments and Stax are both payment processing service providers that offer businesses a variety of solutions to process credit card and debit card transactions. They provide services for in-person payments, online transactions, and mobile payments.
Q: How do Square Payments and Stax compare in terms of pricing?
Square’s services come with a higher price tag, charging 2.6% + 10¢ per transaction for every in-person payment. On the other hand, Stax offers more affordable pricing, especially for merchants with higher volumes of sales, with variable costs ranging from six cents to fifteen cents depending on the rate of transactions and the method type.
Q: What is the difference in equipment pricing between Square and Stax?
Square’s premium Point of Sale (POS) system, the Square Register, can cost up to $799 to set up. The first Square card reader that connects to mobile devices is free, but each additional reader costs $10. Stax, on the other hand, offers POS systems at competitive prices depending on the model chosen.
Q: What types of payment services do Square and Stax offer?
Both Square and Stax offer retail payment services, mobile payment services, and online payment services. They provide solutions for accepting all major credit and debit cards, as well as tap-to-pay solutions like Google Pay, Samsung Pay, and Apple Pay.
Q: How does Stax compare to Square in terms of customer service?
Some Square customers have reported difficulties in reaching Square support and experiencing issues with payment processing. Stax, on the other hand, emphasizes providing top-notch customer service and aims to quickly address any concerns or issues.
Q: What are the unique features of Stax?
Stax offers features such as subscription pricing, zero contracts or additional fees, real-time analytics and data visualization, over 200 software integrations, Quickbooks connectivity, PCI Compliance help, mobile processing, payment gateways and Virtual Terminals, fast funding for verified entities, and POS System compatibility.
Q: What are the benefits of using Stax over Square?
Stax provides a more cost-effective solution, especially for businesses with high volumes of transactions. It also offers a simpler pricing structure, no contract obligations, robust customer service, and a wide range of features to improve the user experience.
Q: What are the common issues faced by Square users?
Some Square users have reported issues with payment processing on mobile devices, frozen funds, and payments not going through. Additionally, some users have expressed dissatisfaction with the level of customer service provided by Square.
Q: Is Stax a better option for small businesses compared to Square?
While both Stax and Square offer similar services, Stax stands out as a more affordable option, especially for businesses with high transaction volumes. Additionally, Stax offers robust customer service and a simple, transparent pricing structure, making it a preferred choice for many small businesses.
