4 criteria
The short version
Square is built for low-risk, in-person small businesses with flat, published pricing. Merchly is built for merchants Square's underwriting won't approve, or whose volume has outgrown flat-rate pricing.
Side by sideLast reviewed August 2026
How Merchly and Square differ.
| Criteria | Merchly | Square |
|---|---|---|
| High-risk & regulated industries | Underwrites CBD, adult, firearms, subscription, and other restricted categories directly. | Seller agreement restricts or prohibits many high-risk and regulated categories. |
| Pricing model | Interchange-plus, with the markup itemized on every statement. | Flat, blended rate published on their pricing page. |
| Underwriting approach | Manual underwriting matched to your specific business model. | Automated approval, with accounts subject to review as volume grows. |
| Account stability | Reserves and terms are disclosed upfront as part of a dedicated merchant account. | Aggregated account model can trigger holds or reviews if activity looks unusual. |
High-risk & regulated industries
- Merchly
- Underwrites CBD, adult, firearms, subscription, and other restricted categories directly.
- Square
- Seller agreement restricts or prohibits many high-risk and regulated categories.
Pricing model
- Merchly
- Interchange-plus, with the markup itemized on every statement.
- Square
- Flat, blended rate published on their pricing page.
Underwriting approach
- Merchly
- Manual underwriting matched to your specific business model.
- Square
- Automated approval, with accounts subject to review as volume grows.
Account stability
- Merchly
- Reserves and terms are disclosed upfront as part of a dedicated merchant account.
- Square
- Aggregated account model can trigger holds or reviews if activity looks unusual.
This comparison reflects general, publicly documented policies as of the time of writing and is not exhaustive or a substitute for each provider's current terms. Confirm details directly with Square before making a decision.
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