1% Fee Explanation: The Why

Explanation

Our application automatically deducts a 1% fee from each payment processed. This fee compensates our developer for platform maintenance.

Adjusting for Platform-Applied 1% Invoice Fee

Purpose

To remove the platform’s automatic 1% fee and find the original total amount.

Steps

1. Find the Invoice Total
   • Use the total displayed on the platform, which includes the 1% fee.
2. Apply the Formula to Remove 1%
   • Divide the Invoiced Total by 1.01 to get the original amount.
   • Formula: {Total without 1%} = {Invoiced Total} / 1.01
3. Example
   • If Invoiced Total is $10,243
   • 10141.58 = 10,243 / 1.01