For processing fees, we round to the nearest $0.01. For example, if you accept a payment for $15.00 using a reader, we will deduct fees of $0.29 (1.9% x $15.00 = $0.285 = $0.29).
Note: Transaction and item tax is calculated with bankers’ rounding, or round half to even, which pulls even numbers down. Learn more about bankers’ rounding.
Here’s an example to better illustrate why we do this type of rounding:
|+ 106.2038||+ 106.20|
|= 503.5842||= 503.58|
When using standard rounding, you round up or down to the nearest number. For amounts in the middle (ending in 5), it rounds up. This results in a bias towards a higher amount. Bankers’ rounding is closer to the actual amount.