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Credit Card Surcharge

SusieExpTech
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Credit Card Surcharge

Hi Guys,

 

We have started giving our customer the Credit Card Surcharge costs. As I can see in our receipt it adds it to their payment, and MYOB has reconcilled it in Bank Fees fine. 

 

We have received an Invoice from MYOB for the 6 Transactions in August, although there is a descrepancy between what MYOB charged us $260.30 - and what our customer was charged $254.23.

 

Can someone help me wrap my head around this - this is the first month that we are using this and I have read all of the help pages on charges. Am I missing a fee or something??

7 REPLIES 7
ChrisMYOB
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Re: Credit Card Surcharge

Hello @SusieExpTech 

 

Online payments do have a fee of $0.25 per transaction + 1.8% of the invoice value.  Which you can pass the 1.8% as a surcharge to your customer

If you are being charged it may be that you have missed a step while setting this up. 

  1. Go to the Setup menu and choose Preferences.
  2. Click the Emailing tab.
  3. Click Edit payment options.
  4. Select the option Surcharge credit card payments and choose the Ledger account to record fees and surcharges. This will be the AccountRight income account you want to use to track surcharges.
  5. Click Save. Now, you just need to create and send invoices like you normally would.

You are able to turn off the surcharges for individual invoices, I would make sure that you have this ticked when sending these out.

Please also note that if a customer chooses to pay via BPAY, they will not incur a surcharge fee. However, you will continue to be charged any fees related to payments received via BPAY.


 

Kind regards,
Chris

MYOB Community Support

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SusieExpTech
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Re: Credit Card Surcharge

HI @ChrisMYOB 

 

Thanks for your reply. I have gone through our set up looking at the settings we have chosen. This is what we have:

Online Invoice Payments (I dont have editing access)

Allow Online Invoice Payments: Selected

Settlement Bank Account & Bank Account for Dirct Debit of Fees: has the Banking icon.

BSB & ACCT numbers dont have numbers there

Ledger Account to Record Payments: Our Business Bank Account is selected (Asset)

Credit Card Surcharging

Enable the option to pass on credit card surchages: Selected

Income account to record late charges and surchages: Sales - Other (Income)

 

Does this seem correct?

 

ChrisMYOB
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Re: Credit Card Surcharge

Hello @SusieExpTech 

 

Those settings do appear to be right, can ou confirm that your customer has paid with a credit card only, as mentioned when paying via Bpay the charge isn't pushed forward so this could be why you were both charged if they paid one via Bpay and some via credit card. 

You will be able to run an online invoice payment report, which will tell you the method of how they have paid. If it is all credit cards I would advise calling our online payments team so they can investigate why you were charged the amount. Our online invoice team can be contacted on 1300 783 674

Kind regards,
Chris

MYOB Community Support

Online Help| Forum Search| my.MYOB| Download Page

SusieExpTech
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Re: Credit Card Surcharge

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.

LCrowhurst
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Re: Credit Card Surcharge


@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.


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?

SusieExpTech
Experienced Cover User
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Australia
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Re: Credit Card Surcharge

Hi guys,

 

Can someone please let me know how I can go about reconciling this discrepency and explaining it to our management? 

 

As clearly we are not just "passing on the fees" to our customer and us only paying 0.25 cents per transaction. 

 

Thank you.

LCrowhurst
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Re: Credit Card Surcharge

We now have credit card facility approved and switched on...and we have enabled the option to pass on the surcharge to our clients...however its fustrating to have to remmeber to enable it as weve accidently sent out a couple invoices where it wasnt ticked...

what happens tho when a reminder invoice is sent out, does it have the box ticked to apply the surcharge? as it appears we have to remember to enable this when sending out invoices where its not set as defaultMan Frustrated...


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