If your business accepts credit cards, you may find yourself trying to untangle a real mess at month-end when it comes time to reconcile your bank account.
Why? Because your credit card processor is taking out their fee on each transaction as it is posted into your account. So instead of the full amount of the sale being deposited, a fractional amount is instead. And this can cause all sorts of grief when reconciling.
A BETTER WAY...
Give your merchant processor a call and ask them to take their fees out on a monthly basis instead of on a per-transaction basis.
By doing this, each deposit will clear for the full amount, and then your bank account will only be charged once each month for the total of the merchant fees.
My experience is that most processors will do this for you - but you have to ask. Naturally, they set their payments up on a "per transaction" basis by default since they get paid faster that way!
LOTS OF HAPPY CLIENTS
This one little trick has simplified the bookkeeping for many of my clients over the years.
Do you have troubles or concerns with your accounting and bookkeeping? Contact me so we can discuss things further.