Square has hiked up the rates on one of its newest products
REUTERS/Lucas Jackson
Jack Dorsey, CEO of Square and CEO of Twitter, stands with his parents Marcia and Tim Dorsey while waiting for an event outside of the New York Stock Exchange to celebrate the IPO of Square Inc., in New York November 19, 2015.
When Square Cash for Business launched in March the company charged a 1.5% payment processing fee, below the average of 2.75% that other companies charge for a similar service. The fee was then raised to 1.9% and now sits at 2.75%.
Square Cash for Business works just like the personal version of the product, which gives a user a cash.me domain and means anyone can send them money.
Square was trusting businesses to sign up for the Cash Pro account which had the 1.5% charge (the consumer version has no fees). However, the higher fees of 2.75% may put off many businesses who saw Cash for Business as a good deal.
Re/Code reported that Jack Dorsey described Square Cash as "show[ing] a path" for the company, which is currently valued at $4 billion (£2.6 billion) and is looking to grow in a diverse range of areas.
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