SOLUTION: If I am being charged an 8.29% discount by my credit card processing company, how do I calculate the total amount I should charge a client, so that after the 8.29% discount, the ne

Question 717661: If I am being charged an 8.29% discount by my credit card processing company, how do I calculate the total amount I should charge a client, so that after the 8.29% discount, the net result is the number I want? i.e., if my bill is $1,000, and my credit card company charges an 8.29% discount, what gross amount do I have to charge to net $1,000? Thank you sooo much for your help!
Found 2 solutions by stanbon, solver91311:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If I am being charged an 8.29% discount by my credit card processing company, how do I calculate the total amount I should charge a client, so that after the 8.29% discount, the net result is the number I want? i.e., if my bill is $1,000, and my credit card company charges an 8.29% discount, what gross amount do I have to charge to net $1,000?
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Let "x" be the gross amount you should charge.
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x - 0.0829x = 1000
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0.9171x = 1000
x = $1090.39
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Cheers,
Stan H.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

You are going to charge the customer dollars and the credit card processor is going to take away from that amount. You want the net to be $1000. So:

Which is to say:

Are you asking this to answer a math class problem or are you really running a business? I only ask because if you are really running a business and your credit processor is charging you 8 and a third percent, you need to find a new credit card processor. Even if you are keying in the number (as opposed to swiping the card) and your transactions are non-qualified you shouldn't be paying more than 4.5%. If you are swiping and the transactions are qualified, it should be more in the range of 1.5 to 2%.

John

Egw to Beta kai to Sigma
My calculator said it, I believe it, that settles it

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