Your guide to understanding Square Payment’s solutions for Canadian businesses

From Point of Sale (POS) systems to invoicing options, Square® is a simple payment solution for in-person and online businesses across Canada.

Read our full guide to Square Payment’s solution for Canadian businesses, including everything you need to know about key features, Square Payment fees, and costs. We’ll also take a look at how Wise can help your business grow – locally and globally.

Square Payment’s key features for Canadian businesses

Square offers a range of payment solutions for Canadian businesses of all shapes and sizes. Access convenient features to help your business grow and thrive, including online stores, in-person POS systems, and advanced reporting and cashflow tools.

Let’s take a look at some of Square’s key features for businesses in Canada.

Square Payment types

You can accept lots of different payment types with Square, such as:

• in-person sales
• online checkout
• Virtual Terminal
• instant transfers
• Interac e-Transfers

Square works with all Canadian-issued credit cards, as well as any international cards, prepaid cards, and Interac debit cards.¹

Square instant transfers let you move your money faster – but you’ll need to pay a 1.5% fee for this service. You can send a standard transfer for free if you don’t need to move your money straight away.²

With Square, you can also let your customers pay in instalments using Afterpay®, introducing buy now, pay later options for businesses across Canada.³ However, it’s important to remember that these payments may cost more in transaction fees.⁴

Use Square to take payments, pay for expenses, and process refunds directly from your POS system or your online Square account.

Invoicing systems on Square Payments in Canada

Send invoices to clients and customers with just the touch of a button. With Square invoicing, you can:

• access digital receipts for any payments
• issue refunds
• track your invoices in real time
• schedule recurring invoices

If you choose the free plan, you’ll not pay any monthly fees to send unlimited invoices. Square Plus invoicing costs 30 CAD per month, with advanced features for you and your business.

Whichever plan you choose, you’ll pay 2.9% + 0.30 CAD per invoice paid online, 2.65% per chip and PIN or contactless credit card payment, or 0.75% + 0.7 CAD per chip and PIN or contactless debit card payment.⁴

Square team management

Square offers all-in-one software for managing your team – and your business. If your business includes more than one person, use Square to improve your workflow and effectively manage your team.

Onboard new staff members and boost sales by accessing advanced reporting from your POS system.⁵

You can even get a Square Card for all your team expenses. Businesses don’t have to pay recurring fees, minimum balance fees, or account maintenance fees when using this card.⁶

Business operations with Square Payments in Canada

Use Square to improve your business operations, including analytics, reporting, business insights, and inventory management.

If you conduct business in different locations, you can also use your Square Dashboard to make business decisions from one place – and track sales or inventory in multiple locations.

You can also access:

• in-app sales reports
• low-stock alerts
• downloadable inventory reportsinventory management integration with software such as Shopventory® or Stitch Labs®⁷

eCommerce solutions in Canada using Square

If your business conducts most of its transactions online, Square offers eCommerce solutions for companies across Canada.

You can use Square to sell online and in-person, with your POS synching up your sales and inventory for all business transactions. You can also send your customers online checkout links to make purchases or sell eGift cards to loyal customers.⁷

Fees and costs associated with Square Payments for Canadian businesses

There are a few standard payment processing fees with Square, including costs for physical and digital payments.

Let’s take a look at the cost of some key Square transactions.

You may also need to buy POS hardware for your business to take payments, starting at 69 CAD.⁷

There are a few different Square account levels for Canadian businesses, each with associated fees. We’ve put together everything you need to know about each level.

The free Square account in Canada

It’s free to sign up for a Square account, with no monthly subscription fees. With a free Square account, you can:

• take in-person or online payments
• track stock and manage your inventory
• access item sales reports
• view your transactions
• collect customer feedback⁹

Although there are no subscription fees, you’ll still experience standard transaction rates.⁸

The Square Plus account in Canada

Square Plus is aimed at restaurants, retailers, and businesses that need to make a lot of appointments. You can choose which plan works best for you, with advanced POS features, inventory tools, reporting, and team management features for businesses.

You’ll pay 35 CAD per month for your Square Plus account, plus any standard transaction rates.⁸
Square Premium account

With Square Premium, you can access a customized plan for your Square account. From POS solutions to online sites, you can build a custom payment system for you and your business.

You may also be able to access custom processing rates with your Square Premium account, reducing how much you pay per transaction.

Prices for Square Premium can vary, with custom rates depending on your plan.⁸

Grow your business locally and globally with Wise

Use Wise Business to send and receive your money across the globe!

Manage your team expenses effortlessly with Wise, including easy payroll management and API Integrations for simple and convenient financial operations.

With the Wise Business account, you can:

• make batch payments for up to 1000 people
• send money abroad at the mid-market rate for reduced transfer costs
• easily organize and manage payments to your team members
• get an unlimited employee expense card – with no hidden fees
• move cash between business accounts at just the touch of a button

Your overseas invoicing just got a lot easier, with an app marketplace that supports integrations with platforms like QuickBooks or Xero payments.

Whether you’re paying a local business or invoicing an international client, choose Wise for fast, cost-effective transactions – all at the standard exchange rate.

Find out how to take your business global with Wise!

Go beyond borders with Wise