Summarizing Cash and Credit Transactions
First, let’s summarize the cash and credit transactions.
You may remember that we indicated Lisa’s Candle Shop took out 5 percent for taxes, so our total Sales Tax Collected would be $1,330 ($26,600 × 5%).
Understanding Monthly Credit Card Fees
If you decide to accept credit cards, there are a number of monthly fees you need to understand. When checking out pricing make sure you know which fees will be charged to your business on a monthly basis.
• The Address Verification Service Fee (AVS) is a key prevention measure for fraud when credit card sales are accepted. This is primarily used by businesses ...