Formula for Determining Processing Fee

[MrFixitBeaches]

I'm trying to find a formula to automatically calculate the correct Venmo fee (1.9% + $.10) to apply to my invoices each time a client is billed. The fee I'm charging needs to match the amount I will be paying to Venmo at a later time to process the grand total of the invoice.

Invoice charges + fee = grand total

Grand total - fee = invoice charges

 

[MrFixitBeaches]

I may have found it in another discussion.

(Subtotal/.981)+.1 rounded may be the total I charge for the service and the fee later added by Venmo when cashing out.

 

[khansaheb]

I'm trying to find a formula to automatically calculate the correct Venmo fee (1.9% + $.10) to apply to my invoices each time a client is billed. The fee I'm charging needs to match the amount I will be paying to Venmo at a later time to process the grand total of the invoice.

Invoice charges + fee = grand total

Grand total - fee = invoice charges

Is Venmo fee based on

the 1.9% of the grandtotal, or,​

​

the 1.9% of the invoice charges, or,​

 

[MrFixitBeaches]

It is calculated from the amount of money being transferred from my Venmo account to my bank account.

If an invoice is for $100, a fee needs to be added that will match what Venmo deducts for moving the money. In this case, it's $2.04 that needs to be added to the invoice for a grand total of $102.04. When I move that amount, Venmo will charge $2.04 for the service, making my transfer to the bank $100. The initial question was seeking a formula to determine the $2.04 charge each time an invoice is generated.

(Invoice/.981)+.1

In this example, Invoice represents labor, plus any materials and tax that may be applicable.

I've been using the formula above with a fair amount of success, but I'm keeping an eye on the spreadsheet to be sure it is calculating correctly. It seemed to need a rounding tweek the other day to fix a one cent error, time will tell as it crunches different numbers.

 

[stapel]

Does Venmo not publish its contract terms, fee structures, and the like?

 

[MrFixitBeaches]

The Venmo fee is 1.9% + $.10 of each transfer made from Venmo to a bank (or other) account.