Credit Card Payments (Square)??

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  • Crazy8
    Daycare.com Member
    • Jun 2011
    • 2769

    Credit Card Payments (Square)??

    I know there was a post we were just talking about this - don't remember which one though!

    If you use a credit card reader - do you pass the service charge to the client? If you do, how does it work??

    For instance, square charges 2.75% - so a $100/week client would pay $102.75. BUT problem is when you are charging the card and put in the amount of 102.75 it is calculating the 2.75% off that NOT off $100. So, the fee is actually $2.83 not $2.75. Only 8ยข in this example, I know, but is there a way to avoid it???

    OR do you just **** up the fees yourself??? If I had 5 full timers and all wanted to use credit cards I would be paying $100+ a month in fees. I do not want to do that, regardless of whether they are tax deductible, etc. That is a lot of money!!!!!

    If you use these devices how do you calculate it?? Should I have put the 2.75 as a tip?? Maybe that would have worked??
  • MarinaVanessa
    Family Childcare Home
    • Jan 2010
    • 7211

    #2
    I use Square and I just eat up the cost. The way I see it is that it's cheaper than using PayPal and the money goes right into your account vs going into a PayPal account that you then have to transfer over to your account KWIM.

    or

    You can just charge the family the difference so if their regular rate is $100instead of charging them $102.75 charge them $102.83 KWIM? Just figure out what you would get charged and charge them the added difference including what square charges you.

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    • Crazy8
      Daycare.com Member
      • Jun 2011
      • 2769

      #3
      Originally posted by MarinaVanessa
      I use Square and I just eat up the cost. The way I see it is that it's cheaper than using PayPal and the money goes right into your account vs going into a PayPal account that you then have to transfer over to your account KWIM.

      or

      You can just charge the family the difference so if their regular rate is $100instead of charging them $102.75 charge them $102.83 KWIM? Just figure out what you would get charged and charge them the added difference including what square charges you.
      yes, I like Square for the fast availability but I just can't afford to eat the possible $100+/month in fees - that's a bit too much for me.

      I'm just not sure how to figure it out. I'm just not good enough in math to figure out how to calculate the fee, LOL! Guess it ends up being more like 2.83%, not sure if that works in all amounts though or just on my $100 example??? My thinking was - charge them the 2.75% on top of their tuition and I end up with the right tuition amount but in reality you end up with less.

      I really don't care if it truly is just a few cents like that $100 example, but like I said, if all my clients decided to switch to cc payments I would be talking about A LOT of money.

      AND even in that small example it gets confusing in recording payments. Do I say they paid me $102.75, or $100 or $99.92. I swear, I should just stick to cash and checks!!! ::

      Comment

      • SunshineMama
        Advanced Daycare.com Member
        • Jan 2012
        • 1575

        #4
        Another fee free option is to use Chase's QuickPay. It goes bank to bank.. Several of my clients pay me that way and it goes straight into my account. It is also easier to keep track of payments for tax purposes because it's all right there.

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