TransFS.com, the leading marketplace for comparing credit card processors, today announced the release of the Square Calculator. This tool is the simplest and easiest way to compare Square's fees against credit card processing fees for mobile transactions. There's no signup or lead generation form; merchants can see which option is better for their business in literally a matter of seconds.
"Square is awesome! At TransFS we LOVE payments innovation and are excited that merchants have more options. However, a few times per day a customer asks us -- what would be better for my situation -- Square? Or a more traditional credit card processor? We built this tool to help answer that question in an automated manner. And we lay out the assumptions so that users can understand the logic we use and ensure that the comparison is not biased," commented TransFS Co-Founder and CEO Sean Harper.
The Square Calculator works by comparing the main drivers of fees -- average transaction size and monthly volume of the merchant. It also gracefully handles the case of a merchant already owning an iOS device, such as an iPhone or iPad, in the cost comparison calculation. In addition, merchants who want to see a more exact comparison based on their particular credit card mix of credit, debit, reward, and business credit cards can do so -- again with no signup or personal information required.
The Square Calculator then takes these inputs and runs a real-time fee analysis between Square's rates and an average of the credit card processors that participate in the TransFS.com comparison shopping marketplace for merchant accounts. Because the rate structures for Square and merchant accounts vary widely, the Square Calculator relies on TransFS' proprietary software to translate between these different pricing mechanisms to provide an apples-to-apples comparison.
Co-Founder and CTO of TransFS Josh Krall noted, "No other tool exists which lets merchants compare the cost of Square and a traditional credit card processor side-by-side. The Square calculator makes the choice as easy as entering in a few data points and seeing the outcome."
The TransFS.com marketplace is the most robust comparison shopping site of credit card processing providers. A comprehensive marketplace of processors ensures that online and offline merchants can get the lowest rates from the provider that best matches their needs. To date, TransFS has helped its users save an average of 40% on their credit card processing costs.
"Merchants big and small benefit from using TransFS to comparison shop for their credit card processors. Nowhere else can a merchant receive a straightforward, apples-to-apples comparison for credit card processing costs," explained Sean Harper, co-founder and CEO of TransFS.
TransFS.com has many tools to help merchants get the most out of their merchant account. Today's release of the Square Calculator follows up TransFS' PayPal Calculator, which allows merchants to compare the cost between PayPal and a traditional credit card processor. Some other tools include the free TransFS iPhone Terminal which lets merchants use their iPhone as a credit card processing terminal in conjunction with the processor of their choice, and the TrueCostofCredit.com website where consumers and merchants can see how much credit card processing fees take out of every credit card transaction for various purchases.