Time dilation in a geosynchronous orbit

Question

since gravity slows time, and velocity slows time, would observer A on the equator directly under observer B in a geosynchronous orbit experience time at the same rate? Time would slow on the surface for greater gravity, and time would slow in geosynchronous orbit because of the velocity. if the observers could see each other they would appear stationary to each other, therefore Einstein's light clock would tick at the same rate to both observers. According to the math same time rates are at a much lower orbit, and geo synchronous orbit time passes faster, so what am I missing? length contraction?