How to Calculate the Charges and Profit in POS Business

360izone May 26, 2024

How to Calculate the Charges and Profit in POS Business.

The majority of POS agents are unaware of how to calculate their daily, weekly, and monthly profits from their business or how much the pos company is charging them. The most frequent error agents make is recording charges without deducting the service fee as the profit, which is extremely incorrect. The method for calculating profit and daily transaction fees for POS businesses is broken down below.

Step by Step on How to Calculate the Charges and Profit.

The first thing new and experienced agents should know is that the point-of-sale (POS) they are using will charge them for each transaction made with the device. Both withdrawal and deposit fees are different, with withdrawal fees based on a percentage that is typically 0.5% and capped at 100 Naira for transactions of 20,000 Naira or more, while deposit fees are typically 20 Naira for transactions

If a customer deposits 20,000 Naira and you charge 200 Naira, the service fee is 20 Naira while your profit is 180. Similarly, if a customer withdraws 5000 Naira and you charge 100 Naira, you must deduct 0.5% of 5000 minus 100 Naira, or 75 Naira, as your profit.

You must therefore create a table with several columns, including S/N, Amont, Charges, Deposit, Withdrawal, and Total, in order to better understand.