When the credit card processor deposits the gross 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 less 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

The processing fees are typically deducted from the company's bank account by the processor, meaning the gross proceeds are deposited, and the fees are taken out separately.

When the Credit Card Processor Deposits the Gross Proceeds from Credit