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PetroleumRx > Uncategorized  > Credit Card Fees as a Reversed Discount

Credit Card Fees as a Reversed Discount

We’re seeing more surcharge activity related to the acceptance of credit cards.  This is built into our online payments, and we see some of our clients looking to manage it manually from Cash Receipts.  For now, we’re running it through the existing mechanism to track prompt pay discounts.  Done manually, at the point in Cash Receipts where one enters a discount as, say, “D7.50”, one can create what is, in effect, a surcharge, by entering “D-7.50”.

We have added a new G/L in Bank Maintenance to allow one to post discounts to one account and surcharges to a different account.  If one declines to maintain the new G/L for surcharges, both positive and negative discount entries will post to the G/L for discounts.

Naturally, this scheme presumes that on a single payment, one will never apply both a prompt pay discount AND a credit card surcharge.   Should that happen, we’d have to revisit this.