getting charged 4.5% ???

[Malinowski340]

I sell 500k a year... I just noticed and added up my sales and compared to my bank account deposit which is set up for next day...They take 4.5%??

[VanKalkerFarms]

without total, the number of transactions, and actually each individual transaction total and the method by which it is processed you aren't just able to take the total collected and divide by what is being deposited.  this is due to the transaction size having influence over the percentage due to rounding and if there are manual transactions that are at a higher rate (3.5%) + 15¢ per transaction. also if there are debits for monthly service fees like marketing or employee management.

for example, a $4.60 transaction processed by dip is 12.65¢ which rounds to 13¢ netting a percentage of 2.83%.

another example is a $3 transaction processed manually by typing in the card numbers has a fee of 10.5¢ which rounds to 11¢ +15¢ for the manual transaction fee, resulting in a total fee of 26¢ or an approximate rate of 8%.  

It is those manual transactions that can really add up at smaller transaction values.

[Malinowski340]

Thanks for responding... I sold 3 items  totaling $1,528.00 I average about $500.00 per sale.. 

no marketing , no advertising...

they took over $65.00 from my 3 sales.. I already sold over 9 grand in about 2 weeks  so as you can see this is a lot of money I am giving away compared to the norm of 2.9%

[VanKalkerFarms]

you can go an see the fee on each individual transaction here.  https://squareup.com/dashboard/sales/transactions and then click on the individual transaction which will pop up a new window with the details of the transaction and all the way at the bottom is a description of the fee and the rate.  

well, I would say your best bet then is to call into customer support as they can see your account and transactions and can more easily diagnose and answer what is going on.  

https://squareup.com/help/contact

Click "Other"

Click "I don't see my issue"

Click "Call Support"

Write down your Customer Code

Call 1 (855) 700-6000