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Monthly Credit Card Processing Fees Vs. each transaction



  • Tia Jimenez

    I too am waiting to hear the response to this question. Thank you for posting. 

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  • Brienne (Brie) Pierquet

    Because they pay out the net amount, that's the number that you should use for your books and then they won't be off. If you're documenting the gross, then yes, it will be off.  Either way, you are taxed on the net not the gross.  So if you use the net they give you (what's deposited), then it actually saves you a step and you will will only be taxed on what you were actually given and that is your actual income.You don't need to subtract anything at the end of the year because it's already done.  If you do it separately then at the end of the year you still have to subtract that as a deduction so your net will still be the same. Basically, if you're documenting the pre-fee number, then that % for fee is essentially ghost money and will be subtracted anyway.  Does that make sense? Your income is exactly the same.

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