How do I surface Merchant Processing Fees within my dashboard?

© Source Medium 2023

In this article we discuss Merchant Processing Fees

Requirements

• Inserted merchant processing fees on the Financial Cost - Merchant Processing Fees tab on the configuration sheet

Background

Keeping track of merchant processing fees is crucial in your business. It is a significant expense that directly affects your profitability on an customer, order and product level and is included as part our COGS (Cost of Goods Sold) and Gross Profit metrics.

Steps

1. Input your Merchant Processing Fees within your Configuration Sheet
1. Go to the Financial Cost - Merchant Processing Fees Tab
2. Enter the below:
1. category = Financial
2. channel
3. expense_channel = Merchant Processing Fees
4. region - If the region you want to add is not a part of the drop down, please let the team know and we will add it.
5. payment processor
6. fixed cost/order - This is your fixed merchant processing fees per order
7. variable cost/order - This number (usually a percent) is multiplied by the total_revenue of the order and rounded to 2 decimal places. The variable cost/order + fixed cost per order will give you the total merchant processing fee for the order
8. date_start
9. date_end

Note: Date_start and date_end can be used to capture changes in fulfillment costs over time. You will be able to change these date fields historically and in the future in case of updates to fulfillment costs and our data model will update accordingly.

It is imperative to make sure you include a date_end date as the order/row will not be included if it does not have a date_end date.

Here’s a VIDEO on how to enter the costs.

2. Please let the Source Medium team know that you’ve inputted the merchant processing fee rates by vendor we will enable costs to be picked up automatically moving forward. Historical data can be inputted into this sheet to update the costs of prior orders as well.

How and where will it surface in the dashboard?

What tables are these costs currently available:

• Executive Summary
• called merchant processing fees
• LTV & Retention
• called allocated merchant processing fees / cumulative allocated merchant processing fees
• Orders
• called merchant processing fees
• Merchant Processing fees are at the orders level so each order will contain the merchant processing fee as the fixed cost and/or variable cost you enter on the configuration sheet
• payment processor is available in the Orders data
• Product Performance
• called allocated merchant processing fees
• If the merchant processing fee per order is a fixed $.30 and 5% variable and there were 5 products in an order, it will show up divided amongst the 5 products

We will continue to QA this alongside your team so please let us know of any questions, clarifications, or complications!

FAQs: