As you are calculating, make sure to compare "apples to apples" - "keyed-in rates to keyed-in rates" to get an accurate comparison analysis.
MyStudio's payment processing rates are very competitive with the market. As you are comparing, it's important to make sure you're looking at keyed-in credit card rates to confirm you're looking at "apples to apples" and not "apples to oranges". Many companies will advertise with their in-person/card present rates, which are lower than their keyed-in rates. In practice, keyed-in payments make up the bulk of transactions if you are using auto-billing--so that is a very important number to know as you are doing your analysis.
To walk you through an example of a comparison, here is an analysis of MyStudio's and Square's rates.
Based on a $100 transaction:
Card present -- meaning you are taking a card in person, and physically swiping in a card:
Square: takes $2.75, you keep $97.25 (2.75% + $0)
MyStudio: takes $2.75, you keep $97.25 (2.75% + $0)
(cost savings with MyStudio -- the same)
Card not present -- meaning you are setting up a recurring payment schedule, for memberships etc. and the card is not present when the system is taking the charge. This is what most of your charges are in, if you are auto charging your customer or if customers buy online:
Square: takes $3.65, you keep $96.35 (3.5% + $.15)
MyStudio: takes $3.45, you keep $96.55 (2.9% + $.55)
(cost savings with MyStudio $.20)
As you can see here, this is where we beat them. Additionally, the larger the payment, the less expensive we are compared to Square.
Coupled with your ability to absorb or pass on the fees in MyStudio, MyStudio is the more beneficial option for your business here.
Square's Pricing:
MyStudio's Pricing:
All in all, If you are looking to compare a different payment processor's rates with MyStudio's, make sure you are comparing the correct figures to each other to get an accurate understanding.