What square does is make merchant services much better for brick & mortar. They might move online, but I doubt they would defocus within a year. The underserved offline market is too big
I don't think they are making it that much better. They are making it nice looking.
They charge a ridiculous rate? 2.75% for swiped and 3.5% for virtual terminal. That is more than double what typical rates go for swiped and cnp transactions.
So the more volume you do the more you lose to them, for what, a fancy card swiper? I get it maybe if you are a small mobile vendor at a place with no connectivity, but once you have a brick and mortar I think you are probably better off doing a regular setup since those percentages eat into your margins.
Have you ever processed credit cards? That they have a single rate is a feature. Confusing rates is one of the myriad of problems that are intentionally created by merchant service companies.
The ease of extracting money is also an excellent feature.
My bet if that you've used neither square nor tried to accept credit cards for your business.
