thread How are the merchant fees applied in Archived Discussions (Read Only)

How are the merchant fees applied

noblenutria — Wed, 19 Feb 2020 15:05:11 GMT

I taught an acrobatics workshop where the total my students paid me was 140 dollars. When I went to pay myself out after the workshop was over I did not see how the square merchant fee was applied which I expected to be 2.9 percent. I am collecting money for several workshops at once so I cant tell from looking at my balance.

I paid myself 140 dollars but should I have paid myself 135.94?

Re: How are the merchant fees applied

VanKalkerFarms — Wed, 19 Feb 2020 18:32:49 GMT

the fee is taken directly out of each transaction. you can see the fees here in your transactions tab. https://squareup.com/dashboard/sales/transactions just click on a transaction and a window will pop up with details. at the bottom of the receipt are the fees.

Re: How are the merchant fees applied

noblenutria — Fri, 21 Feb 2020 16:52:42 GMT

I am trying to find the best way to pay myself for a workshop. So my students pay a total of 140 dollars. The merchant fees are taken out before the money is put in my square balance. So Students pay 140 and I receive 133.83 in my square balance. To pay myself I transfer 133.83 from my square balance to my personal bank account.

Is this the easiest way to do it? I am asking because this is a little inconvenient. To pay myself out correctly I have to look at all 7 payments, add up the fees, subtract from total, pay myself total less fees. Is there not a more automatic way? Can't square tell me the total amount of fees collected for a specific item?

Jacob

Re: How are the merchant fees applied

nika — Mon, 24 Feb 2020 23:21:47 GMT

Hey @noblenutria! So if I'm understanding correctly, are you just wanting to know where to find the fees that were taken off each transaction individually? If so, you can go to the Transfer Reports page in your Dashboard. When you're there, you'll see each individual transaction listed and the total fees that were taken from each.

Can you let me know if this answers your question or not?