Helcim VS Square: Comparison

Helcim and Square both rank among the top credit card processors for small businesses. Helcim offers some advantages over Square, such as better account stability with fully underwritten merchant accounts and more affordable interchange-plus pricing plans. Square, on the other hand, can be less expensive and easier to set up than Helcim for many small businesses.

Here, we’ll compare Square vs. Helcim in terms of pricing, hardware options, and features. We’ll also show you when one provider is a better choice than the other for your business.

At a Glance Comparison

The main thing that Helcim and Square have in common is that they’re among a small handful of payment processors on the market that tailor their services (and pricing) to meet the needs of small businesses. However, they both differ in how they meet those needs.

Where Helcim Wins

• Offers stable, full-service merchant accounts
• Offers month-to-month billing with no long-term contracts
• No monthly fees for a standard account
• Offers interchange-plus pricing exclusively

With no monthly account fee, Helcim is a legitimate alternative for seasonal and low-volume businesses that would otherwise flock to Square. The company’s lack of a long-term contract or additional monthly fees makes it very affordable for businesses that might otherwise feel that accepting credit cards would be too expensive.

With its proprietary credit card readers, payment gateway, and point-of-sale (POS) software, Helcim can easily serve as a one-stop shop for all of your business’s payment processing needs.

Where Helcim Falls Short

• Not available to high-risk merchants
• High interchange-plus rates at low processing volumes

Helcim keeps its costs low by excluding all high-risk merchants, so if you’re in a high-risk category for any reason, you’ll have to look elsewhere. Also, Helcim’s interchange-plus pricing can actually be more expensive than other options for very low-volume businesses or those that only occasionally have to accept a credit card payment.

Where Square Wins

• Offers expedited onboarding process
• Offers month-to-month billing with no long-term contracts
• Offers predictable flat-rate processing
• Affordable processing hardware

Square is a payment service provider (PSP), meaning you won’t have a fully-underwritten merchant account with a unique Merchant ID for your business. Instead, your account is aggregated with other Square users. This approach makes it much easier to sign up but can also put you at a higher risk of a sudden account hold, freeze, or termination.

Flat-rate pricing and the lack of a monthly account fee make it easy to estimate your costs in advance. However, Square’s rates are significantly more expensive than what most merchants pay under interchange-plus pricing. Like Helcim, Square offers a complete processing ecosystem built upon proprietary products and services.

Where Square Falls Short

• Account stability issues
• Can be expensive at high processing volumes
• Some add-on services require monthly fees

Because the company doesn’t offer full-service merchant accounts that have been underwritten prior to approval, your Square account is more vulnerable to unexpected holds, freezes, and even terminations.

It’s also important to understand that flat-rate pricing, while very easy to understand, can actually be more expensive at higher processing volumes. We’d also note that while Square has built its reputation on low-cost services that don’t come with a monthly fee, many of the specialized features that the company has introduced in recent years do require a monthly subscription fee in addition to the cost of hardware and transaction processing.

Helcim vs Square: Pricing Comparison: Processing & Software

Neither Helcim nor Square charge monthly fees for a basic account (although Square does charge monthly fees for certain optional add-on services), so the difference in your overall cost with each processor will mostly come down to transaction processing rates. You should also consider the cost of processing hardware if you need it.

While Square’s flat-rate pricing plan makes it relatively easy to estimate your costs in advance, Helcim’s exclusive use of interchange-plus pricing introduces an additional variable (i.e., the interchange rates themselves) that complicates estimating and comparing your costs with each processor.

Although Helcim’s interchange-plus rates for low-volume businesses are roughly comparable to what Square charges, the company also offers fully disclosed discounted rates to higher-volume businesses. On the other hand, Square only offers “custom pricing” (with no rates disclosed) to certain high-volume businesses.

Square’s pricing can be quite complex for businesses that need to access some of the company’s specialized services. For a more detailed breakdown of Square’s pricing structure, check out our article that discusses how much Square charges.

Helcim vs Square: Hardware Comparison

Helcim and Square both offer several proprietary devices for accepting credit and debit card payments. Which device is best for you will depend on the needs of your business and your budget. Here’s an overview of Helcim’s hardware options:

• Helcim Card Reader: At $99, the Helcim Card Reader is a very affordable and multifunctional device. For mobile payments, you can connect it to your smartphone or tablet via Bluetooth, allowing you to take credit cards just about anywhere. It can also connect to a Windows or Mac desktop or laptop for use with the Helcim Point of Sale system. The Helcim Card Reader supports EMV, NFC, and PIN debit payment methods (but not magstripe) and includes a free countertop stand and charging cable.
• Helcim Smart Terminal: The $329 Helcim Smart Terminal includes a color touchscreen, support for EMV, NFC, and PIN debit payment methods (again, magstripe is not supported), and a built-in thermal receipt printer. It comes with the Helcim POS software preinstalled and includes inventory management and customer database features. The Helcim Smart Terminal connects via Wi-Fi.

Square also offers a variety of card readers and terminals, each of which includes unique features. Here’s a very brief overview of your choices:

• Square Reader For Magstripe: Free with each account, supports magstripe payments only
• Square Reader For Contactless + Chip: $49; supports EMV and NFC payments, but not magstripe
• Square Terminal: $299; standalone terminal that supports magstripe, EMV, and NFC payments
• Square Register: $799;  standalone POS system with second customer-facing display

For more detailed information on Square’s line of processing hardware, please see our complete buyer’s guide to Square POS hardware.

Helcim vs Square: Features Comparison

Helcim and Square both offer nearly identical standard features with every account. These features include, among other things, an integrated payments platform for online and in-person sales, a virtual terminal for keyed-in payments, a simple online store, and support for a variety of alternative payment methods, such as ACH transfers, QR codes, and payment links. Square has a slight edge here, with support for selling on social media and accepting cryptocurrency payments.

Square’s basic account services can also be upgraded by adding optional services. Most of these extra services, however, require a monthly fee that will add to the overall cost of your account. Helcim, however, doesn’t offer any optional upgrades at this time. While this practice keeps your costs low, you won’t be able to upgrade to more sophisticated features as your business grows and your needs expand.

Which Is Best For My Business:

As with many of our head-to-head matchups, neither Helcim nor Square emerges as a clear winner for all users. Which provider will be the better choice for your business depends on the nature and size of your business, as well as any specific services or features you’ll need. With either company, you’ll get a proprietary solution that offers all the basic services a business needs to run on a day-to-day basis.

Choose Square If…

Choose Square

Choose Helcim If…

Choose Helcim

Finally, neither Helcim nor Square accepts high-risk businesses (although Square makes an exception for CBD merchants). If you’re in a high-risk industry, check out our recommendations for the best high-risk merchant account providers that specialize in serving your industry.