Forum Message

iZettle, Intuit Pay etc - which works best with Solar?

We're looking at the new range of card readers that works with mobile phones, trying to work out which is the best one to go for, if at all. We currently take cash or cheques, or payments by bank transfer. We use paypal with our online shop (via Goodsie) but it's more expensive than the 2.75% touted by iZettle, Intuit etc. Also, is there an easy way to add the card processors fees onto the invoice?


Posted by David Ousby on Mar 26, 2013 10:59 AM GMT

Hi David,

We can't suggest any particular credit card reader, but from an accounting procedure these would be recorded in the same way as other payments - that is, as a Money Received transaction deposited into your Cheque Account or PayPal account.

You should not show the payment processing fee on your invoice - the invoice total should match the amount your customer pays, not the amount you receive. Record the processing fee as a separate Money Paid Out transaction as shown in Step 3 on this page:
http://www.solaraccounts.co.uk/help/how-to-record-paypal-sales-fees.php

Regards,


Posted by Mark McLaren (Solar Accounts) on Mar 26, 2013 3:13 PM GMT