Under the gross method,when the credit card processor deposits the cash proceeds from credit and debit card sales ________.
A) there will be no fee charged for the transaction
B) the deposit is made on the last day of the month
C) the total sales plus the processing fee assessed equals the net amount of cash deposited
D) the processing fees are deducted from the company's bank account by the processor

Question

Quizplus · Accepted Answer

Under the gross method, the credit card processor deposits the full amount of the sales into the company's bank account and later deducts the processing fees separately. This means the initial deposit reflects the gross amount of the sales, and the fees are handled in a subsequent transaction.

Under the Gross Method,when the Credit Card Processor Deposits the Cash