I'm so incredibly disappointed. The QBO "Payments" department sent this article to me. They said that it provided instructions on how to correctly charge the client the interest and fees in a way that would eliminate additional charges to my company. Alas, these answers are exactly what we have been doing. Adding line items and tracking them separately.
As many people have already pointed out, this does not stop the interest from being charged on the new total.
Line 1). Services | eCommerce power boosting wizardry | qty 2 | amount 5,000 | total 10,000
Line 2) 3rd Party chrgs/fees/interest | QBO CC invoice interest 2.9% | qty 1 | amount 290 | total 290
Line 3) 3rd Party chrgs/fees/interest | QBO transaction fee | qty 1 | amount 0.25 | total 0.25
Total $10,290.25
Because I've listed the charges as line items on the invoice they are included in the invoice total. As you can see the additional fees that I righteously charged the client were $290.25. But, because I'm being charged 2.9% on the Invoice Total of $10,290.25 (not just "Line 1") Quickbooks charges back to me a total of $298.95. In essence, I'm being over charged 0.0087%.
0.0087% might not seem like a lot of money at first glance. But, many of my clients are cash strapped when they come to me for help. If I collect $1M in a year and half of that ($500k) is paid via credit card then, I was just overcharged $4,350.00. I'd much prefer to reinvest that money back into my company.
We're all asking QBO to find a more elegant solution... if they can. Idk how since the 2.9% interest is charged by the credit card company, not by QBO. So, the cc company doesn't care what the line items are.
Maybe QBO could broker a deal with the cc merchants? Maybe, QBO can auto refund the 0.0087% back to clients who can show it on their P&L. Then, QBO could charge it back to the cc merchant. ??? That would take work. But, we'd certainly all appreciate it.
