Square vs Chase, and what same-day funding is worth.
Chase publishes 2.6% + 10¢ in person against Square's 2.6% + 15¢, plus same-day deposits into a Chase business checking account. What Chase does not publish is its monthly fees, its term or its minimum.
What this page settles.
Three questions, in the order most people ask them.
The short answer
Chase’s published rates are better and its funding is faster. What it does not publish is the part to pin down.
Chase publishes 2.6% + 10¢ tapped, dipped or swiped, 3.5% + 10¢ keyed or by payment link, and 2.9% + 25¢ for e-commerce. Square’s free plan is 2.6% + 15¢, 3.5% + 15¢ and 3.3% + 30¢. So Chase is 5¢ cheaper per in-person item and 0.4% plus 5¢ cheaper online than Square’s free tier — though Square’s paid tiers match the online figure.
Chase also publishes same-day deposits at no extra cost, provided the money lands in a Chase business checking account. For a business where cash flow timing genuinely bites, that is worth more than the rate difference.
The gap is disclosure. Chase’s fee page says monthly fees may apply to certain products and pricing plans, without naming them, and publishes no contract term and no monthly minimum. Square publishes its plan fees plainly. So the comparison is between a known price and a better-looking price with unnamed monthlies attached, and the fix is to ask.
Published pricing, side by side
| Square | Chase Payment Solutions | |
|---|---|---|
| In person | 2.6% + 15¢ tapped, dipped or swiped on the free plan; 2.5% + 15¢ on Plus, 2.4% + 15¢ on Premium |
2.6% + 10¢ |
| Keyed | 3.5% + 15¢ | 3.5% + 10¢ also the rate for payment links |
| Online | 3.3% + 30¢ 2.9% + 30¢ on Plus and Premium |
2.9% + 25¢ |
| Pricing model | Flat rate | Flat rate |
| Monthly | $0 on the free plan; $49/mo per location (Plus); $149/mo per location (Premium) | Not published. The page says monthly fees may apply to certain products and pricing plans. |
| Contract | No contract. The page says “no hidden fees or locked-in contracts. Cancel or switch anytime.” | Not published |
| Monthly minimum | Not stated | Not published |
| Funding | Next business day free; instant transfer for a fee | Same-day deposits at no extra cost into a Chase business checking account |
| Chargeback fee | Not published on the pricing page | Not published |
| Hardware | Sold outright; prices on a separate page | Priced on a separate page |
| Account type | Aggregator (sub-merchant under Square) | Own merchant account with the bank |
Square: squareup.com — read 2026-10-08. Chase Payment Solutions: www.chase.com — read 2026-10-08.
Published prices change. These were read on the dates above and are list prices for a business buying direct — a quote you are given may differ, and should be compared as a quote rather than against a price list.
Square, also published:
- ACH via invoice 1%, $1 minimum
- Afterpay 6% + 30¢
- EBT 1.8% + 5¢
- Custom pricing available above $250,000 a year
Chase Payment Solutions, also published:
- Same-day funding is the distinguishing published feature, and it requires a Chase business checking account
Where they actually differ
Who holds the account. Chase is a bank, and the merchant account is with the bank. Square is an aggregator and you are a sub-merchant under Square’s master account. The bank relationship is the sturdier arrangement, and it is also why Chase underwrites you and Square does not. Merchant account versus aggregator.
Funding, and the condition on it. Same-day deposits require a Chase business checking account. If you bank elsewhere and do not want to move, the headline feature does not apply to you. Weigh moving your banking as part of the decision rather than after it. Funding times.
The software. Square’s business platform — till app, inventory, staff, reporting, invoicing, appointments, payroll — is substantially deeper than Chase’s payment tooling. If you want operational software rather than acceptance, Square is the stronger product and the rate difference is the price of that.
Hardware. Chase prices hardware on a separate page; Square publishes its range and sells outright. Get Chase’s hardware total in writing.
Undisclosed items on the Chase side. Monthly fees, contract term, monthly minimum, chargeback fee, PCI arrangement. All normal to have and all worth having named before you sign. Agreement red flags.
Both are flat rates. Neither shows you interchange, so neither lets you see whether a transaction downgraded or how your card mix is pricing you. Interchange-plus pricing.
Who each one suits
Chase suits a business that already banks with Chase, values same-day access to its card money, and wants a bank relationship rather than a platform. The rates are good and the funding is the real differentiator.
Square suits a business that wants no monthly fee, no underwriting, no negotiation and a full operating platform, and that can live with next-business-day money.
Neither suits a business at real volume looking for its processing to be priced properly. Both are flat rates. Above roughly $25,000 to $40,000 a month in card volume, interchange-plus usually costs less than either, with the caveat that you lose Chase’s same-day funding arrangement in the process.
What the comparison does not show
Get Chase’s monthly fees in writing. “Monthly fees may apply to certain products and pricing plans” is a sentence to turn into numbers before comparing anything. A $20 monthly fee reverses the 5¢ advantage below about $40,000 a month of volume at a $40 average ticket.
Same-day funding is conditional on where you bank. Confirm the cutoff times as well as the promise, because a same-day deposit with a 2pm cutoff is a next-day deposit for an evening trade.
Both published rates average across your card mix. A flat rate charges identically for a plain debit card and a premium rewards card. What rewards cards cost.
Being underwritten by a bank does not remove hold risk. It makes it less likely and gives you someone to talk to. Held funds and reserves.
How to settle it with your own numbers
Both of these are flat rates, which means both charge you the same whether your customer handed over a plain debit card or a premium rewards card. The published difference between Square and Chase is therefore real but narrow, and neither figure is your cost.
Your cost is your effective rate: total fees for a month divided by total card volume. Work it out, then price Square and Chase against it at your own average ticket — the per-item is often what separates them — and remember that neither can show you the card mix underneath, which is what decides whether a flat rate is treating you generously or not.
The calculator works it out from two figures on a statement, and what an effective rate is explains why it so often differs from the rate on the quote.
What we charge
Interchange + 0.50% + 10¢ in person, interchange + 0.75% + 25¢ keyed, with no contract, no monthly fee and no monthly minimum.
Both Square and Chase are flat rates, and so is the limitation they share: above roughly $25,000 to $40,000 a month in card volume, interchange passed through at cost generally costs less than either. Send us a statement and we will tell you which side of that line you are on — including when the answer is that you should stay where you are.
While we are on the subject
Is Chase cheaper than Square?
On published rates, yes — 5¢ less per in-person item and a cheaper online rate than Square’s free tier. Chase does not publish its monthly fees, which could change the answer.
Do I need a Chase bank account?
For the same-day deposit feature, yes — it applies to funds going into a Chase business checking account.
What are Chase's monthly fees?
Not published. The fee page says monthly fees may apply to certain products and pricing plans, so ask for the specific figures for the plan you are being offered.
Which has better software?
Square, by a clear margin. Chase’s strength is the banking relationship and the funding speed, not the operational tooling.