PayAnywhere vs Square: Quick Answer
Square is better for brand-new businesses under $5,000/month — free reader, instant onboarding, polished software. PayAnywhere offers slightly lower flat rates and next-day deposits without extra fees, which helps businesses processing $5,000–$15,000/month. Neither uses interchange-plus pricing, so businesses above $15,000/month overpay with both. A dedicated merchant account through Unison saves 20–30% at that volume.
Side-by-Side Comparison
| Feature | PayAnywhere | Square |
|---|---|---|
| Card-present rate | 2.69% | 2.6% + $0.10 |
| Keyed-in rate | 3.49% + $0.19 | 3.5% + $0.15 |
| Monthly fee | $0 | $0 (basic) |
| Free card reader | Yes | Yes |
| Next-day deposits | Free | Extra fee ($0.015/txn) |
| Countertop terminal | PayAnywhere Smart Terminal | Square Terminal ($299) |
| App quality | Functional | Polished, feature-rich |
| Invoicing | Yes | Yes |
| Account type | Aggregator | Aggregator |
| High-risk support | No | No |
| Contract | Month-to-month | Month-to-month |
Processing Fees Breakdown
Both use flat-rate pricing, meaning every transaction costs the same percentage regardless of card type. This simplifies billing but overcharges you on debit card transactions (where interchange is often under 1%).
PayAnywhere: 2.69% flat for swiped/tapped transactions. No per-transaction fee on card-present sales makes PayAnywhere slightly cheaper on smaller tickets.
Square: 2.6% + $0.10. The per-transaction fee means Square costs more on small transactions (under $20) but slightly less on larger ones.
Cost comparison at different volumes
| Monthly Volume | PayAnywhere Cost | Square Cost | Interchange-Plus (Unison) |
|---|---|---|---|
| $5,000 | $135 | $135 | $110 |
| $10,000 | $269 | $270 | $210 |
| $20,000 | $538 | $530 | $380 |
| $50,000 | $1,345 | $1,310 | $900 |
At $20,000/month, interchange-plus pricing saves $150–$158/month compared to either flat-rate processor.
Hardware
PayAnywhere offers a Smart Terminal (countertop with touchscreen, printer, and NFC) and a mobile Bluetooth reader. The hardware is decent but the ecosystem is smaller than Square's.
Square has a broader lineup: free magstripe reader, Square Reader for contactless ($49), Square Terminal ($299), Square Register ($799), and Square Stand ($149). The hardware is well-designed and integrates tightly with Square's software.
Neither matches the flexibility of Clover POS hardware, which offers countertop stations, handhelds, compact terminals, and mobile readers — all with interchange-plus processing.
Deposits and Cash Flow
PayAnywhere includes free next-day deposits for all merchants. No additional fee, no minimum threshold.
Square charges $0.015 per transaction for next-day deposits (Square calls it "Instant Transfer" for same-day at 1.75%). Standard free deposits take 1–2 business days.
For cash-flow-sensitive businesses, PayAnywhere's free next-day deposits are a meaningful advantage.
Software and Features
Square wins on software. Square's dashboard, reporting, inventory management, employee tools, loyalty programs, and online store are more polished and feature-complete than PayAnywhere's offerings. Square also has a large app marketplace.
PayAnywhere provides functional reporting and invoicing but lacks the depth of Square's ecosystem. If software features matter to your business, Square is the stronger choice.
Account Stability
Both PayAnywhere and Square are aggregator processors — meaning your transactions run through a shared merchant account rather than a dedicated one. This means:
- Either company can freeze or terminate your account without warning
- Sudden volume spikes, chargebacks, or product category issues can trigger holds
- You have limited recourse if funds are frozen
A dedicated merchant account through Unison provides account stability with real underwriting, a named account manager, and transparent terms.
When PayAnywhere Wins
- Free next-day deposits matter to your cash flow
- You process $5,000–$15,000/month (slightly cheaper than Square in this range)
- You prefer simpler pricing without per-transaction fees on card-present sales
When Square Wins
- You need polished software, reporting, and integrations
- You are brand-new and want zero upfront cost
- You need an online store or appointment booking built in
- App marketplace matters to your workflow
When Neither Wins
- Processing over $15,000/month — interchange-plus saves 20–30% vs either flat rate
- High-risk industry — both prohibit CBD, vape, firearms, adult, and other categories
- Need account stability — aggregator models carry inherent freeze/hold risk
- Restaurant or complex POS — Clover or Aloha with Unison provides better restaurant features
The Third Option: Interchange-Plus Through Unison
Both PayAnywhere and Square charge flat rates that overcharge on debit cards and high-volume processing. A dedicated merchant account through Unison uses interchange-plus pricing — you pay the actual wholesale rate plus a transparent markup.
At $20,000/month, that saves roughly $150/month ($1,800/year) compared to either PayAnywhere or Square. At $50,000/month, savings exceed $400/month.
You also get a dedicated account manager, no aggregator freeze risk, and access to Clover, PAX, and Dejavoo hardware.
Compare your rates → or call (925) 290-6003.