1. What is the Square Credit Card Fee Calculator?

The Square Credit Card Fee Calculator helps Canadian merchants estimate processing fees for credit card transactions using Square's payment system, including government-regulated fees.

2. How Does the Calculator Work?

The calculator uses the Square fee equation:

Where:

• \( A \) — Transaction amount in CAD
• \( R_f \) — Card fee rate (e.g., 0.029 for 2.9%)
• Fixed Fee — Typically $0.30 per transaction
• \( F \) — Total fee in CAD

Explanation: The equation calculates both the percentage-based fee and adds the fixed per-transaction fee that Square charges.

3. Importance of Fee Calculation

Details: Accurate fee calculation helps businesses understand their true net revenue from credit card transactions and comply with Canadian payment regulations.

4. Using the Calculator

Tips: Enter the transaction amount in CAD, the applicable fee rate (default is 2.9% or 0.029), and the fixed fee (default $0.30). All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What are Square's standard fees in Canada?
A: Typically 2.9% + $0.30 per transaction for most cards, but rates may vary for different card types or business accounts.

Q2: Are there government regulations on these fees?
A: Yes, Canada has regulations on credit card processing fees that merchants should be aware of, particularly regarding fee transparency.

Q3: Do fees vary by card type?
A: Yes, premium cards may have higher fees. Some cards may also have different interchange rates.

Q4: Can I pass these fees to customers?
A: Canadian law allows surcharging but with specific disclosure requirements. Check current regulations before adding fees.

Q5: Are there volume discounts?
A: Square may offer different rates for high-volume merchants. Contact Square for customized pricing.