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I just entered my first manual transaction yesterday. The customer will be charged the 3.5% and .15cent fee. So I must calculate it our before I enter the transaction so that I get the amount on my invoice directly into my business bank account. The total on my invoice was $122.31 when I add 3.5% plus .15cent I came to a total of $126.74. When square emailed me later with a deposit notice for my account it was only for $122.15. .16cents less then it should have been. Can someone help me with this? I must not be calculating it how sqaure does? Thank you
It’s because you didn’t calculate the fee on the part you added to the total. You need to use .0365 + .15 to account for the additional fee in the original total.
Thank you for you help. Math isn't my strong suit, can you explain why I use 3.65% instead of 3.5%. Thanks!
I have another post that explains it. I’ll try and find it.
But it basically it is to account for the fee on the addition to the total you had.
100 * .035 = 103.5 + .15 = 103.65
I can help. If you have $10.00 and you are charged a 3.% Fee that is $.35 correct. If you then up your price by 3.5% or $.35 your new price is $10.35. Now you are taking a fee of 3.5% off $10.35 which is $.37. If you up your price by 3.65% or .37 making it 10.37 and take 3.5% you get .36 making it $10.01
It will not be exact all the time but it will be close. I would also check the laws in your location because this may be illegal depending on where you are located.