We have recently just signed up with Paypal Here for taking chip and pin payments. Previosuly, I create a sales order for say £200 and pay in a checque or cash for £200 and then as soon as our Barclays bank import updates the bank account over night, I link the £200 paid in with the sale and job done.
With Paypal Here, they charge a fee of 2.75% which is taken by Paypal from the amount processed i.e instantly So on my Paypal account (lets presume the balance in £0) it will show one line of £200 received and then under that a second line debiting the fee of £5.50 so instantly my balance available to download to Barclays is £194.50
So when I download £194.50 from Paypal to Barclays and Quickfile picks it up that night, I have a sale of £200 but an amount of £194.50
My plan was to enter the sale for £200 but then add a second line to the sale showing a credit charge of -£5.50 so the total for the sale was £194.50 and it would then balance when they reconcile.
Would that be the best way to do it? Why Paypal (for business) Cant just send you a bill at the end of the month like the Banks do for your banking charges I dont know. Greedy and want it instantly I presume.
Any advice on the best way to deal with the fee and the associated issue that the downloaded payment then doesnt reconcile fully with the sale would be appreciated.