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13.8% effective fee when running event and issuing eGift cards HELP!
I run online events and as prizes I issue credit to my store. I loose income from the fees Square up charges in the initial purchase of the event. This last time there was $30 in entry fees and $27.33 was deposited. At the end of the event I wanted to issue eGift cards. There is no way to do this so I had to purchase my own cards and e-mail them to the customer. I bought one for $18 and $12 (total $30). SquareUp deducted the $30 from my account and deposited $28.53. I end up being charged $4.15 on the original $30 in sales. Is there a way to issue eGift cards with cash or no transaction since the money I am using is already deposited by square? Coupons codes used to work until Weebly tool over but now coupon codes won't cover shipping in the store anymore. Physical Gift cards have another issue of having to purchase and ship the physical cards to myself and then pay shipping again to send them to the customer. Any help would be appreciated.
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I'm not 100% sure what all you have going on, but you can sell gift cards for cash and apply a 100% discount so there is no additional income but the card is fully loaded for the customer. you could even sell it for cash and just not collect the cash from yourself, but that could get complicated over time if it is something you do often.