9.6% fees?

[SPSFresno]

I would like to know if this sounds right...

Today, I did a single transaction and charged a client $160 using manual entry of her credit card. 

Im operating with the understanding that this will cost me 3.5% + $0.15 for this transaction. 

Tonight, I receive an email stating that $144.60 is being sent to my linked bank account. 

When i I do the math, I find that $144.60 is nearly 9.6% less than $160. Am I wrong here? 

I’m thinking $160 minus $0.15 is $159.85. And minus 3.5% from that is $154.25525. So where is the other $9.65 going?

[DaoDeJing]

Your math looks correct to me. Assuming you didn’t make an error somewhere (like having actually charged less than $160, or misreading Square’s numbers) a few possibilities occur to me:

* An outstanding Square Capital loan could be taking a percentage of your transactions.

* You could have a subscription to Marketing, Appointments, or another Square service and they deducted the fee from your balance.

* If you are using a new Square account or sending funds to a different bank account than usual, a few dollars in test payments may be going on.

* If you used instant deposit, that costs a 1% fee. (Which wouldn’t be enough by itself to explain the amount you’re missing, but I’m trying to be thorough.)

I’m sure there are other possibilities I’m unaware of.

But in any case, I suggest you wait until the deposit actually occurs until you worry. The amount shown on Dashboard telling you the pending deposits has so many factors worked into it there will sometimes appear to be a confusing discrepancy, but almost always when the deposit actually occurs people find the amount put into their bank account is correct.