x

Has anyone been short-changed in their square withdrawls?

I have attempted several times using their percentage formula for how much Square subtracts from my total to add that as the processing fee but I get different totals for the amounts.

 

For example my fee for my services is $35.00. I had to manually enter my customers CC information. This comes out at the 3.5% + .15 rate. This rate comes to 36.37 (I even rounded up to the nearest cent). So with this included I ought to get $35.00 in return because that rate was included in the overall services. Square emailed me and tells my I received $34.96, which is a difference of .4c. Now with one transaction this does not mean anything. However with many transactions this adds up. Am I missing something here? I checked my math several times to see if I was incorrect and it appears legit. Has anyone else experienced this? 

1,642 Views
Message 1 of 2
Report
1 REPLY 1
Square Champion

that is because you are not accounting for the fact you are actually charging your customer 36.37, not $35.  they are also charging the 3.5% on that 1.37 you added.  which is like 4.5 cents and that's your difference.  whatever you charge your customer is going to be charged your normal square fee as any dollar that is processed is just a dollar to visa and MasterCard etc, they don't care if it is a fee or a cost of product, it is all the same.

1,589 Views
Message 2 of 2
Report