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useraccounts44
March 8, 2022
Question

How do I deal with transaction fees associated with receiving payment on an invoice via mobile money?

  • March 8, 2022
  • 1 reply
  • 0 views
I have a customer who is making a payment through mobile money. There is a transaction fee of 3% on the transaction when I receive the money from the mobile money provider, which means that the money I will be depositing in the bank will be less than the invoice amount. How can I record the transaction fee and still keep the invoice amount to the actual value, even though I am depositing less in the bank?

1 reply

L
LollyNino_C
March 8, 2022

Let me share some information about transaction fees, @useraccounts44. 

 

You can send your invoices in QuickBooks Online (QBO) for free. However, fees are drafted when signing up with Payments. 

 

This means, there will be a payment charge of 2.9% of the total amount + 25c per transaction when your client pays the invoice (using the link that's attached to it).

 

The transaction fees also include a credit card processing service, set up and monthly service fees, discount rates, per authorizations fees, and others. For more details about this one, check out this link: Credit card processing.

 

In addition, refer to this article that provides you an overview of the fees and plans for QuickBooks Payments: What are the fees for QuickBooks Payments?.

 

If there are any fees/charges you need to clarify, please reach out to our Merchant Services Team. They'll pull up your account in a secure environment and provide you with details of your inquiry. 

 

To learn more about QuickBooks Payments, check out these links:

 

 

You can always count on me if you need a hand with setting up recurring payments or any QBO related. I'm always here to address them for you. You have a good one. 

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