Chris74 Posted March 30, 2015 Share Posted March 30, 2015 (edited) Until recently we've always used Worldpay and a merchant account via our bank. The fees have increased over the years. I've been looking around and it seems Paypal works out cheaper for the volume of transactions we process. With Worldpay, the amount we charge the customer is processed through the gateway and into the bank account. Then at the end of each month we pay the transaction fees separately. This means that all invoiced payments hit the bank, (albeit in consolidated amounts) so it is very easy for the accountant to work with. The income from sales is deposited directly and the transaction fees go out later in one amount. Simple. It's easy to work out VAT from that. With Paypal however, the fees are deducted directly when the transaction is made. So the amounts that hit the bank are not made up of the true invoiced and paid amounts. This means if we decided to switch to Paypal, we'd be forced to do things differently. We can't simply provide the accountant with the bank statements, as they will not accurately reflect the payments we've received. For those of you that are VAT registered and use Paypal as your sole payment gateway - how do you accurately report your income and VAT? Do you find the reporting in Paypal satisfactory for this purpose? Edited March 30, 2015 by Chris74 0 Quote Link to comment Share on other sites More sharing options...
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