Credit Card Processing Solutions
Top Companies in 2024
Clover vs Square
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- Seamless integrations
- Comprehensive reporting
- Real-time tracking
- Enhanced inventory tracking
- Live chat support
- Tailored interface
- Efficient booking system
- Automated recurring payments
- Cost-effective surcharging
- Various payment methods
- Gift card & loyalty programs
- Many hardware options
- Free introductory option
- Transparent pricing
- Free proprietary mobile app
- One-stop shop for payments, payroll, and marketing solutions
- Free 30-day trial for Plus plans
- Extensive third-party software integrations
- Restricted ecosystem
- Pricey services
- Hardware acquisition costs
- Doesn't support high-risk businesses
- Reports of frozen funds
- May not suit high transaction volumes
Founded in 2011 and headquartered in Sunnyvale, California, Clover Credit Card Processing, a Fiserv subsidiary, is a cloud-based payment processor catering to small and medium-sized businesses. Renowned for its innovative features, including enhanced inventory tracking, seamless integrations, and multicurrency support, Clover simplifies payment processing and business operations. It has become a top choice in the modern business landscape due to its comprehensive approach and adaptability to diverse industry needs. Customer experiences vary, with positive reviews emphasizing efficiency and security measures, while some note concerns about communication and billing issues. Clover's commitment to PCI compliance is evident through adherence to the Payment Card Industry Data Security Standard (PCI DSS). This underscores their dedication to secure payment transactions, employing cutting-edge technologies like 2-factor authentication and end-to-end encryption. Despite some user-specific challenges, the company's reliable technology and Fiserv backing position Clover as a trusted partner for businesses seeking integrated payment processing solutions.
Square is a leading financial services and digital payments company owned by Block Inc, which is a financial services and technologies company that also deals in blockchain. Square was founded in 2009 by Jack Dorsey and Jim McKelvey and has become a common way for businesses to accept credit card payments and use phones or tablets as payment registers for a point-of-sale system. They cater to all business types and sizes and offer their clients a comprehensive list of tool integrations and hardware. Square offers a range of transaction-processing options and supports invoicing, recurring payments, and international credit card payments. They have a great reputation among clients for their responsive customer support and the flexibility they offer to clients with their many tools and software and have a 4.3/5 on Trustpilot. There are many things to consider when it comes to costs with Square, but their website lists pricing and processing fees clearly. They offer three plan tiers, including a free one where they only charge processing fees for accepted payments.
- Transaction Speed : Undisclosed
- Customer Experience : Excellent
- Money-Back Guarantee : "True"
- Gift Cards : Available
- Real-Time Reports : Available
- Transparent Pricing : True
- Pricing Model : Subscription
- Trustpilot Score : 3.9 out of 5
- BBB Rating : A+
- Transaction Speed : 1-2 days (same-day available at an added fee)
- Customer Experience : "True"
- Money-Back Guarantee : True
- Gift Cards : Available
- Real-Time Reports : Available
- Transparent Pricing : Available
- Pricing Model : Fixed monthly fee, Interchange plus
- Trustpilot Score : 4.3 out of 5
- BBB Rating : A+
- Proprietary POS systems
- Mobile operations management
- Global payment acceptance
- Clover App Market
- Free features such as payment gateway and PCI compliance
- Competitive flat-rate transaction fees
- Jam-packed mobile app for both Android and Apple devices
- Billing & Invoicing
- Electronic Receipts
- Free Hardware
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- Billing & Invoicing
- Electronic Receipts
- Free Hardware
- Mobile Card Reader
- Multiple Payment Gateways
- Recurring Payments & Billing
- Reporting & Analytics
- Virtual Terminal
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- EMV Compliant
- Payment Fraud Protection
- PCI Compliance
- Annual Subscription
- Free Trial
- Freemium
- Monthly Subscription
- One-Time License
- Annual Subscription—Undisclosed
- Free Trial
- Freemium
- Monthly Subscription
- One-Time License—Undisclosed
- Processing Services
- Accounting Software
- POS
- Productivity Software
- Processing Services
- Accounting Software
- POS
- Productivity Software
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature
- In-Person Payments
- Mobile Payments
- NFC Payments
- Online Payment Procesing
- ACH Processing
- Cash Transactions
- Credit Card Terminals
- Electronic Signature
- In-Person Payments
- Mobile Payments
- NFC Payments
- Online Payment Procesing
- Demos
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets
- Demos
- FAQs
- Help Guides
- Live Chat
- Mobile Application
- Phone
- Tickets
Clover vs. Square
In the fast-paced realm of payment solutions, selecting the right credit card processing company can be a game-changer for businesses. Clover and Square emerge as key players, each offering unique advantages. This article compares their value-added benefits, usability, data security, and pricing, giving businesses a clear perspective to make decisions that align with their operational and financial objectives.
Value-added benefits
Clover offers integration, multi-currency support, booking and reports, recurring billing, surcharging, chargeback management, and real-time transaction monitoring. The company facilitates quick transaction processing, including on-the-go payments, which is crucial for effective cash flow management. Clover's processing terminal allows businesses to generate reports and analytics on sales, products, inventory, and customer preferences.
On the other hand, Square's features include easy integration with their POS and hardware, support for multiple currencies and payment methods, a user-friendly dashboard for tracking sales, inventory, and customer data, and tools for managing chargebacks and disputes. The company emphasizes real-time transaction monitoring, subscription tracking, and setting up surcharges through its dashboard, providing insights into business performance for informed decision-making.
Usability
Square and Clover share vital features such as flexibility in payment options, platform accessibility, and reliable payment processing. Square is recognized for its pay-as-you-use model, facilitating quick setup without complex contracts and providing free business tools, including a point-of-sale (POS) app and real-time analytics. With transparent fees and no additional charges based on card types, Square is known for its reliability, cost-effectiveness, and user-friendly approach.
On the other hand, Clover adopts a flat-rate pricing model, offering month-to-month contracts and affordable POS software and hardware tailored for new businesses. Clover's integrated POS software supports online orders, mobile payments, gift cards, and loyalty programs, emphasizing a unified system. Additionally, Clover accepts NFC mobile payments, provides a virtual terminal, and highlights the independence of credit card processing from hardware. Both solutions prioritize quick setup and cater to businesses seeking accessible and reliable payment processing.
Level of data security
Square and Clover prioritize strong data security in their credit card processing systems. Square follows the highest PCI Data Security Standard (PCI-DSS) Level 1 compliance, ensuring secure transactions through regular updates, avoiding card storage on devices, and using industry-standard cryptographic protocols. Square also takes care of PCI compliance responsibilities for sellers at no extra cost.
With PCI PTS certification, Clover uses P2PE-certified hardware and high-level encryption to protect data from capture to payment gateway processing. Clover Security includes encryption, tokenization, and virus monitoring for security at all processing stages. Both companies show a strong commitment to data security with various certifications, encryption methods, and proactive measures.
Pricing
Clover and Square employ transparent pricing models for their credit card processing services but differ in their fee structures. Clover charges a processing fee of 2.6% + 10 cents for in-person transactions and 3.5% + 10 cents for card-not-present transactions under its basic tier plans. Additionally, merchants using Clover must pay a monthly fee of $14.95 with any purchased package. The straightforward pricing features a flat-rate processing fee for each transaction with no hidden fees. However, Clover may not be the most suitable option for businesses seeking customized pricing or those with high transaction volumes.
In contrast, Square's pricing is based on a straightforward fee structure without monthly fees. For contactless payments, swiped or inserted chip cards, and swiped magstripe cards, Square charges 2.6% + 10 cents. Online transactions incur a rate of 2.9% + 30 cents for cards or $1 per transaction for ACH bank transfers (invoices only), while manually keyed transactions are set at 3.5% + 15 cents.
In conclusion, Clover and Square emerge as strong contenders, each bringing distinct advantages. Both platforms offer valuable features, user-friendly interfaces, and robust data security measures. With its transparent flat-rate fee structure, Clover suits businesses seeking simplicity, while Square's absence of monthly fees and straightforward transaction-based pricing appeals to those prioritizing flexibility. Additionally, Square's commitment to PCI-DSS Level 1 compliance and Clover's use of P2PE-certified hardware underscores their dedication to data security. Ultimately, the choice between Clover and Square depends on individual business needs, pricing preferences, and the importance of specific features.
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