Are credit card processing fees applied to the credit card surcharge fees we recently added for credit card customers?
Hey there @fyrgrillco. Sorry to ask a question in response, but more information is needed. How did you implement your surcharges? Was it using Service Charges (which is a no-no), or are you using the new Square credit card surcharge function?
Using the new square surcharge function.
@fyrgrillco Gotta. After I asked that question, I realized it didn't matter. Currently, the card networks all charge processing fees on the total transaction amount. So Visa/MC, etc, charge Square processing fees which means that Square charges us processing fees. That won't change until the card networks change this policy (or a new law is passed).
Thanks. So square is double dipping and we really don’t recover the full cost of credit card fees i guess.
Read my reply again. Square is NOT double-dipping. Please don't put words in my mouth that I didn't say because, in this case, your interpretation is not what I said.
The card networks are double-dipping! And, you will recover most of the card fees, as Square will recover most of their. In the end, only the card networks win here. The game is fixed by law in their favor.
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