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Capitol payment charged on employee tips and retail sales tax is not explained when accepting a Capitol Loan with Square. Had I know that Capitol payments percentage of "Sales" would include retail sales tax and employee tips I would of not have ever agreed to take the loan. I have roughly six more months of payments left and I just hope we make it. I'm having a very dificult time meeting payroll and paying state tax on retail. With Card Fees and Capitol Payment I'm going further into debt each pay day. Rethink and then think again before you take a Capitol Loan.
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yes, taking on a loan is something to think seriously about. taking a fixed percentage of your sales is hard and not something that can be made up in volume as your sales grow so does your repayment.. sales tax, tips, and products and services sold are all just one lump sum when it comes to visa, MasterCard, Discover, and American Express, so there is not any special treatment for them when charging processing fees etc.
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