What is the fee for opting in for credit and debit cards? Each invoice that is paid with a credit card or debit card will be charged a 3.5% transaction fee. This fee is only visible to the school/provider and will be paid by the school/provider.
Will there be a flat fee on top of the 3.5% charge? No, each transaction paid with a credit card will only be charged 3.5%. There will not be any additional fee on top of the percentage.
How will I pay the transaction fee? The 3.5% transaction fee is charged to the school/provider and will be taken out of the invoice payment. For example, if you have an invoice for $100 then a fee of $3.50 will be deducted from the transfer and a total of $96.50 will be deposited in your bank account.
Will the parents see the fee? No, parents will see the the amount you have invoiced them for and will only be able to pay the amount on the invoice.
Can I pass this fee to the parents? We don't currently have this built into invoice creation. We plan to revisit the invoicing interface in the future. Near-term, you could ask parents to commit to an ongoing payment method and let them know if you’re going to make adjustments based on that. Or you could choose to only accept bank transfers (ACH). Keep in mind that we’ve made ACH incredibly easy, with an industry best 2-3 day transfer time. It takes an initial effort for parents to verify their bank account up front, but after that it’s smooth sailing.
Do I have to offer credit cards in order to use the billing tool? No, you can choose to opt in or out of credit cards at any time. This can be managed in your Billing Settings page.
How long will it take money to be deposited in my account when parents pay with a credit card? When parents pay with a credit card, the transfers are deposited in your account as early as the same business day (as opposed to bank transfers, where payments are deposited in as early as 2 business days).