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We've just signed up for Quickbooks online Essentials. We are exploring the Quickbooks mobile POS card reader as an option. Currently we use another provider called PayAnywhere and a flat rate 4% fee is automatically charged to the customer. We offer junk removal and 90% of our sales are cash or card, paid there an then. However with our current card reader we would have to reconcile all these sales manually as it isn't integrated into QB. So, looking at the Quickbooks I see that we can add multiple line items to the sale and a Quickbooks sales advisor said we could pass on the 3.3% fee (to cover our costs) to the customer. It is under new product or service.
BTW, it IS legal in Texas to pass on the transaction fee to the customer.
- Is it considered taxable income if it’s covering your transaction fee cost ? There is a taxable tick box. (see attached screenshots)
- It asks to ‘categorize expense income’. What should this be as it’s not technically income?
