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TVon915
Apr 13, 2021 10:02 PM UTC
Question

Credit Card Transaction Fees

I am trying to figure out how much the credit card transaction fees are.  I only take credit cards through my invoicing.  When I invoice a customer, they pay with their credit card throuh a link on their invoice through Quickbooks.  It seems my fees are all over the board.  Here are a few examples:

Batch - Visa 74.66

             Visa 65.00

             MC  555.67

Total collected 695.33 and total Fee 58.84.  

 

Batch - MC 45.73

            Disc 98.96

            MC 211.36

            Visa 370.09

            Amex 497.70

Total collected 1223.84 and Total Fee 44.33

Can anyone make sense out of this?  I can't figure out what the fee is.  I thought it was 3.3% for invoiced plus .30 per transaction but that still doesn't add up

 

Thanks.

 

6 replies

ReymondOModerator
Moderator
Apr 13, 2021 11:54 PM UTC

Hey there, @TVon915.

 

Yes, you're right. QuickBooks Payments fees for a credit card - online invoice is 3.3% + 30 ¢. 

 

For example, the amount of invoice paid is $100. Therefore the amount that will be deposited into your account should be $96.4. Here is the sample calculation:

 

QuickBooks Payments fee

100x(0.033) = 3.3 + .30 = 3.6 

 

total invoice minus the fee

100 - 3.6 = 96.4

 

Thus, the total fee will depend on the amount paid on the actual invoice and how you processed the payment.

 

For more details, please check out this article: Standard Payment Fees & Rates.

 

You can also visit the QuickBooks Payments website for the latest processing fee rates and pricing. 

 

I'm still here if you have other questions regarding QuickBooks Payments. Just post your questions here, I'll respond as soon as possible. Have a good one.

ReymondOModerator
Moderator
Apr 15, 2021 12:00 AM UTC

Hi Customer, @TVon915.

Hope you’re doing great. I wanted to see how everything is going about the credit card transaction fees issue you had yesterday. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.

 

Looking forward to your reply. Have a pleasant day ahead!

TVon915Author
Apr 15, 2021 2:00 PM UTC

Thank you for the response.  I was finally able to get Intuit on the phone and discuss this.  The new rate is now 3.5% and .30 per transaction.  This transaction in particular did not add up at all.  However, they did tell me that they added two more invoice payments to that batch that was not showing up on my end.  With those two additional transaction, the total fee was correct.  

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