Credit Card Surcharge

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SusieExpTech wrote:

Thanks ChrisMYOB 

 

Still confused by it as I am looking at last months transactions now - two transactions both paid by Credit Card. I'll show you what I have worked out.

 

September transactions: 2 

Charged to the customer:

Date Paid   Invoice Amount       1.8%       

15/9            $2,343.84         +        $42.19

15/9            $2,469.13         +        $44.44

Totals          $4,812.97        +       $86.63 (Including GST) = $4,899.60

 

$86.63 and $0.50 for 2 transactions, will be $87.13

 

Charged to us from MYOB Invoice

Invoice total: 2 transactions is $88.69 (including GST) 

Which is 1.8% of the total amount paid to us by our customer (inclusive of the 1.8% they paid)

$4,899.60 x 1.8% = $88.19, plus $0.50 = $88.69

 

So MYOB charges the customer 1.8% per invoice, and we get charged 1.8% of the total amount paid to us, including the 1.8% paid by the customer, plus $0.25 per transaction. I thought we were just "passing on" the charge to our customer and paying a 25cent transaction fee, which is why my figures dont reconcile.

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we were looking at adding credit card payments to our invoices, does MYOB calculate what the fee should be and add to the final cost or do we have to calculate it? (we would pass the fee to our client).....what the procedure to apply?