You've enabled online payments on your forms and chosen to cover the payment fees yourself. How and when are they deducted from the payments you receive? This article walks you through the process.
On May 15, 2024, payment fees were updated. This article already reflects that change.
Let's walk through an example
Context: the nonprofit has chosen to cover payment fees (1.8% + $0.25) for online payments.
The facts:
1️⃣ June 16 — Lea joins the nonprofit and pays $100 by credit card
-
- Transaction date = June 16
- Payment fees = $2.05
- Upcoming e-wallet movement = $97.95
2️⃣ June 17 — the funds arrive in the e-wallet
-
- Payment date = June 17
- Upcoming e-wallet movement = 0
-
$97.95 in collections
3️⃣ June 20 — Sacha makes a donation to the nonprofit, pays $200 by credit card
-
- Transaction date = June 20
- Payment fees = $3.85
- Upcoming e-wallet movement = $196.15
4️⃣ June 21 — the funds arrive in the e-wallet
-
- Payment date = June 21
- Upcoming e-wallet movement = 0
-
$294.10 in collections (= $196.15 + $97.95)
5️⃣ June 30 — an invoice is issued showing the payment fees charged. It includes:
-
- Payment fees from membership collections = $2.05
- Payment fees from donation collections = $3.85
- Total amount (tax included) = $5.90
- The pre-tax amount is also displayed.
Note: on the invoice, payment fees are grouped by form. So if multiple people pay their memberships online by credit card, the corresponding line on the invoice combines all the payment fees charged on those online membership payments.
Learn more:
- How the e-wallet works and associated fees
- What does online payment cost?
- View your e-wallet and the details of past and upcoming payments
📘 Check out our complete guide to online payments on Springly.
Comments
0 comments
Article is closed for comments.