Was in a meeting with a client and while we were reviewing her delivery records (payments received for delivery) we noticed that they have been incurring extra cost on delivery and this went unnoticed.
Let’s assume your delivery company charges 500 to deliver to a particular location and you in turn bill your client the “500”.
Your client then pays the 500 via your POS.
You would have incurred POS charge from your bank and by the time you pay the 500 to the delivery company you would’ve incurred a bank service charge (52.5).
Your total delivery fee is now about 560 and not the 500 you billed your client.
Let’s take this extra 60 and multiply by 1000 transactions and you would’ve lost a whooping 60k.
You see how businesses loose money.?
Hope you’ve learnt something.