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Square now offers $275 monthly plan that eliminates processing fees

Square has introduced a monthly pricing plan that should benefit businesses that use the start-up service to process more than $10,000 in transactions.

The company announced it’s now offering business the option to pay a $275 monthly fee instead of paying 2.75% of each transaction. The new plan allows businesses to skip paying a processing fee for every swipe.

“Square is committed to offering prices that eliminate uncertainty and are lower than those traditionally only available for big businesses,” the company said in a press release.

The new plan will benefit businesses who process more than $10,000 a month using Square, other mobile payment systems or credit cards. While the plan does have a $250,000 a year limit, it’s so business-friendly it could result in Square losing money with some of its heaviest users, according to Business Insider.

Square is announcing the new plan the same week as news broke that Wal-mart, Best Buy, Target and other big retailers were partnering up to launch a Mobile payment system of their own, which poses a big threat for Square.

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But Square has been making big moves of its own. The company announced earlier this month that Starbucks will begin accepting it as a payment form later this year while also investing $25 million in the start-up.

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