thread Re: Surcharge fee not adding up to what SQUARE is depositing in Archived Discussions (Read Only)

Surcharge fee not adding up to what SQUARE is depositing

pattic — Mon, 30 Sep 2019 16:06:05 GMT

When I add the 2.75% surcharge to my amount charged, it does not equal what SQUARE is depositing in my account. EXAMPLE: Charge was for $196. I added $5.39 and charged customer $201.39. SQUARE deposited $199.25 in my account for this transaction. Why is this a difference of $2.14?

Re: Surcharge fee not adding up to what SQUARE is depositing

VanKalkerFarms — Tue, 01 Oct 2019 17:53:45 GMT

there are multiple things to consider. just adding what they are going to charge you does not mean you will get the original charge amount back. you have to account for the fact that you have now added on to your bill making the total of the fee that they take higher.

for a 2.75% transaction, you have to charge a convenience fee of 2.73% (assuming it is legal in your state) to get your full original transaction amount back.

If swiping the card for a $100 sale

use 2.83%

$100*1.0283=$102.83

Charge $102.83 and your fee from square will be

$102.83*.0275=$2.83

netting $100

Re: Surcharge fee not adding up to what SQUARE is depositing

pattic — Tue, 08 Oct 2019 15:11:23 GMT

This helps a lot. But can you also help me figure out what to charge after the change in percent fee starting in November?

Re: Surcharge fee not adding up to what SQUARE is depositing

Kassi_ — Thu, 10 Oct 2019 19:06:05 GMT

Hey there, @pattic!

Great question! Right now, we’re not able to help with calculating surcharge amounts, but you may find a third-party calculator helpful. You can find one available from the iTunes App Store or Google Play.

I know some sellers have found through Google too. It's whichever method you prefer.