Overview

This article provides a brief comparison of how credit card fees are treated in a Dual Pricing environment versus when there is no Dual Pricing.

FAQ: Why is dual pricing deposited differently? Credit card processing fees are collected by you from the customer during the transaction, so the processor takes the processing fee you already collected from your deposit. Traditionally, the processor collects the fees from you on a monthly basis rather than on a batch by batch basis.

On Dual Pricing

The fee comes out BEFORE it is deposited into the account. 

Example:

Let's say you sold $1000 worth of inventory using credit cards. With dual pricing, you would collect $1035 (1000*1.035) total. Once your processor receives the money, they will remove the fees that you have collected, (generally ~3.5%), and you will end up with a ~$1000 deposit. 

• Deposited amount: ~$1000.00
• Amount after fees are collected: ~$1000.00

But since we cannot know the exact fees that your processor will charge you, it may also be useful to check your payments hub account (link here: https://www.paymentshub.com/). If you do not know your login information, you can contact your processor or us to assist in getting your email and resetting your password.

Once logged in:

1. On the left side of the screen, click in the deposits tab (piggy bank icon).
2. On the top right side, make desired changes to date range (generally, deposits occur within a few business days after your credit card terminals have been batched).
3. On the top right, click export. This will create a csv file that you can open in excel. This spreadsheet contains the amount batched on the terminal, the processing fees, and the resulting deposited amount.

For more information on reconciling the amounts in Cloud Retailer and your deposit, click here for an article on Reconciling North Deposit Amounts in Cloud Retailer.

No Dual Pricing

The fee comes out once a month, usually around the 1st of the month.

Example:

Let's say you sold $1000 worth of inventory using credit card. The processor will receive this money and deposit into your account. Now, on the first of the month, they will collect their ~3.5% charge, and you will end up with ~$965.00

• Deposited amount: $1000.00
• Amount after fees are collected:  ~$965.00

References