Can I configure such that fees are paid by the buyer?

[Pack260]

Example (current set up) - buyer makes a $50 purchase - pays $50 - I receive $48.39.

Can I set things up so that buyer pays $51.61 and I receive $50?

[VanKalkerFarms]

first, you have to check with your tax attorney as there are many states it is illegal to pass on the credit card processing fees.  It isn't illegal to offer a cash discount tough.

if it is legal in your state you would have to multiply your goal income by 1.0283 (so $50 x 1.0283 = $51.42) . after fees you will have the original amount you wanted.

Example

If swiping the card for a $100 sale

use 2.83%

$100*1.0283=$102.83

Charge $102.83 and your fee from square will be $2.83 netting $100

On a personal note, just build the credit card fee into your prices just like you build your property taxes, labor wages, utilities, workers compensation, Rent, cost of goods, profit margin, etc into your price now.  It just looks like you are pinching pennies from your customer and may turn them off from buying.  you'll be getting more from your cash customers too.

[KKC]

I don't understand why would the multiple would be 1.0283.  If that is the case shouldn't the fee be quoted as 2.83% , not 2.75%?  

[bradleybuilders]

Accountants call these mark-ups and mark-downs. Basically what do you need to add to the purchase amount, less the fee to arrive at the desired amount.

$100/(100 - .0275)

$100/97.25

$102.82776

$102.83 

[VanKalkerFarms]

the fee Square charges you is 2.75% as advertised. charge $100 and square takes $2.75 end of story.

It only gets complicated for those trying to charge the customer the fee because you have to account for the fee being taken out of the additional charge you are adding on to cover the fee.  you could use 2.75% and just be ok with the little bit of difference but some people want to get every penny.