The verdict
- Pick Square if you want the same rate every month. Square charges a flat 2.5% per in-person credit sale, the same for every card, including American Express. No monthly fee on the Free plan.
- Pick Helcim if lots of your customers pay by debit. Helcim charges 9¢ per Interac payment (12¢ for tap), whatever the sale size. Square charges 0.75% + 7¢, which is $1.57 on a $200 sale.
- On credit, Helcim’s total depends on interchange. Helcim’s markup is 0.40% + 8¢ in person, added on top of interchange. Helcim says most merchants end up near or below 2% in total (their claim, not ours).
- Both are month to month. Helcim says there are no contracts or cancellation fees. Square’s Free plan is $0 a month.
| Feature | Helcim Checked Oct 19, 2026 | Square Checked Oct 19, 2026 |
|---|---|---|
| Pricing | Interchange-plus | Flat rate |
| In person | Interchange + 0.4% + 8¢ | 2.5% |
| Online | Interchange + 0.5% + 25¢ | 2.8% + 30¢ |
| Keyed in | Interchange + 0.5% + 25¢ | 3.3% + 15¢ |
| Interac debit | Interchange + 9¢ | 0.75% + 7¢ |
| Monthly cost | Plans from $0 | $0 (Free plan) |
| Contract | Month to month, no cancellation fee | Month to month |
| Payouts | Next business morning | Next business day free, or instantly for a fee |
| True cost: first year at $10K/month | Not calculable from published prices | $3,069 (est.) |
| Visit | Visit Helcim | Visit Square |
The Helcim rates in the table are its markup only. Your total Helcim rate is that markup plus interchange, so it will always be higher than the number shown. Interac debit is the exception: 9¢ is the whole price.
What a month costs
These are estimates. They use Square’s Free plan, cards issued in Canada, and an even split between credit and Interac debit. For Helcim we can show its share and its debit price, which are published. We can’t show the interchange on credit cards, because it depends on which cards your customers use.
Example 1: a small shop, $5,000 a month, 200 payments, half by debit.
- Square: credit 2.5% × $2,500 = $62.50. Debit 0.75% × $2,500 = $18.75, plus 100 × 7¢ = $7, for $25.75. About $88.25 a month.
- Helcim: credit markup 0.40% × $2,500 = $10, plus 100 × 8¢ = $8, for $18 plus interchange. Debit 100 × 9¢ = $9 (or $12 if every debit is a tap).
Example 2: a busier shop, $20,000 a month, 800 payments, half by debit.
- Square: credit 2.5% × $10,000 = $250. Debit 0.75% × $10,000 = $75, plus 400 × 7¢ = $28, for $103. About $353 a month.
- Helcim: credit markup 0.40% × $10,000 = $40, plus 400 × 8¢ = $32, for $72 plus interchange. Debit 400 × 9¢ = $36 (or $48 if every debit is a tap).
How to read this. On debit, Helcim is cheaper outright: $36 to $48 against Square’s $103 in Example 2. On credit, Helcim costs less only if the interchange on your credit sales comes to less than the gap. In Example 2, that’s $250 minus $72, or $178, which is about 1.78% of $10,000 in credit sales. Example 1 works out to the same 1.78%.
Your statement shows your interchange. Enter it in the fee calculator to see your real rate, then ask Helcim for a quote on the same month.
Differences that matter beyond rates
Predictability. Square charges the same 2.5% for every in-person credit card. Helcim’s total moves with your card mix, because interchange differs from card to card. Helcim doesn’t say on its pricing page how American Express is priced.
Volume discounts. Helcim’s markup drops as you grow, to 0.35% + 7¢ in person from $50,000 a month and 0.25% + 7¢ from $100,000. Helcim says the tier is based on the average of your last three months. Square’s rate stays at 2.5%.
Online and keyed-in. Square charges 2.8% + 30¢ online and 3.3% + 15¢ keyed in. Helcim’s markup is 0.50% + 25¢ for both, plus interchange.
Foreign cards. Square adds 1.5% on cards issued outside Canada. If you serve a lot of visitors, ask Helcim how it prices those cards.
Hardware. Square lists its Reader at $69. Helcim lists its Card Reader at $239 and Smart Terminal at $429 (or $39 a month for a year), plus shipping, without saying which currency. Ask Helcim to confirm the price in Canadian dollars.
Chargebacks. Helcim lists $0 when a dispute goes your way and $15 if you lose. Square’s Canadian pricing page doesn’t list a chargeback fee.
Payouts. Helcim: next business morning for credit and debit. Square: as soon as the next business day, or instantly for 1.95% per transfer.
Pick Square if
- You want one flat rate and a bill that’s easy to predict.
- Most of your customers pay by credit card, including American Express.
- You’re small or seasonal and want $0 a month on the Free plan.
Pick Helcim if
- Many of your customers pay by Interac debit, especially on bigger sales.
- Your sales are steady, and you’re fine with a total that changes with your card mix.
- You expect to grow past $50,000 a month, where Helcim’s markup gets smaller.
More on each: our full pages on Helcim pricing and Square fees in Canada. Also comparing a bank processor? See Square vs Moneris.
Common questions
Is Helcim cheaper than Square?
On debit, clearly yes: 9¢ (12¢ for tap) at Helcim against 0.75% + 7¢ at Square. On credit, it depends on interchange, which Helcim adds on top of its 0.40% + 8¢ markup. In our examples, Helcim costs less on credit only if interchange stays under about 1.78% of your credit sales. Helcim says most merchants land near or below 2% in total.
Why doesn't Helcim show one rate like Square?
Helcim uses interchange-plus pricing. You pay each card's interchange cost, set by the card networks, plus Helcim's published markup. Interchange changes from card to card, so your total moves too. Square charges one flat 2.5% for every in-person credit card, including American Express, so your rate stays the same.
Do Helcim or Square have contracts?
Helcim says there are no contracts, leases, termination fees or cancellation fees. Square says you can cancel its Plus plan anytime, and its Free plan has no monthly fee. Square doesn't mention an early termination fee. Either way, you can try one without a long commitment.
Which pays out faster, Helcim or Square?
Helcim says deposits arrive the next business morning for credit and debit sales. Square says transfers arrive as soon as the next business day, and its FAQ says one to two business days for free. Square also offers instant transfers for 1.95% per transfer.