Hi. People who process with paycom.. do this:
1. Log into financal reports (
https://www.epochsystems.com/secure/financial.cgi)
2. Go to the payments section, select company, then click continue
3. Use the pre-selected dates and click Create Report
4. Pick any random date
5. Note the Net Sales amount (Write it down)
6. Click the total fees hyperlink
7. Divide the processing fee by the net sales amount
I bet it is a few tenths of a percentage higher than your fee.
For instance.. 12.67% instead of 12.5%, 15.33%, 15.74%, etc, etc.. And plus, it's different every period!
I could be a unique case, which is why I wanted to ask here. I find it peculiar that a company that has the programming capacity to write complicated processing software hasn't the ability to simply multiply the net sales amount by a set variable (e.g. 12.5%) .. I understand that there should be some degree of disparity due to the fact that dollars only have two decimal places, but that should only be say .0x% difference every time, not .70!
Think about it, if they overcharge everyone .6%, that is a lot of money. Processing just $1,000,000 per day, that is an extra $60,000 for them!
So.. I just wanted to do a random survey to see if this is the case for everyone else as well? If so, maybe something a little shady going on
** NOTE - I just noticed that one week they charged me less than they were supposed to by .03% ** - so maybe there is a reason it fluctuates? I don't think it can be because of credits/chargebacks, since they are deducted before fees are calculated. **