To figure out how much to charge a field trip attendee, so that they cover any PayPal fees that are incurred, use the following formula.
y = amount you must pay vendor
x = amount you must charge attendee to recoup both the amount paid to vendor and PayPal fees
(y + .3)/.971 = x
For example, if I am running an event that has an admission fee of $8.25 (I must pay the vendor $8.25 per person attending), this is how the formula works:
(8.25 + .3) / .971 = x
8.55 / .971 = x
x = $8.81 (rounded up to the nearest penny)
If I charge each attendee $8.55, I will bring in enough cash to pay both the vendor and to cover my PayPal fees without losing any money.
Note 1:
Those who purchase multiple tickets in a single purchase will be paying 30¢ more per additional ticket than will actually be charged by PayPal. There isn’t a simple way to account for this within the event handler. People can decide individually whether the offered price is acceptable to them or not.
Note 2:
This is the formula that applies to my account. PayPal charges me 30¢ per transaction plus 2.9% of the transaction cost. Yours may differ and you’ll need to check with PayPal for specifics to see if you need to adjust the formula accordingly.
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