Just changed card processing to Sum Up. Previous card processor sent me a monthly bill which was obviously easy to administrate. However, Sum Up don’t do this and instead deduct their fee from the transaction and pay me the remainder. How do I admin this? For example,in Quickfile an invoice is made out for £10, but my bank receives £9.83. Is it best to amend the invoice to £9.83 so it matches the bank statement, or set up a new supplier and make an invoice for each transaction, in this case 17p? Thanks in advance.
Hello @Stephen_Coulthard
You could use a merchant account for this.
- Set up a new merchant bank account for Sum up
- Tag all the reduced payments that appear in your bank as transfer from Merchant account
- Pay off all the invoices using the Sum up merchant bank
- You can then add 1 or more transactions to the sum up account for the fees.
For more information please see the link below
https://support.quickfile.co.uk/t/handling-payments-from-merchant-accounts/8865
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That’s very helpful, thanks.
I use Sum Up set as a Merchant account and my client gets a statement from Sumup showing the amount received less the bank charges so I post the gross amount received into Sumup by creating a transaction and creating a customer invoice and then a payment for the amount deducted by creating a supplier invoice (I call both accounts Sumup as customer and supplier) and then reconcile the 2 created transactions with the bank receipt taking the merchant account back to zero - does that make sense?
Hi
Yes that’s the correct way of doing it.
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