Financial Cents allows you to pass card processing fees on to your clients to save you money and boost profitability.
How it works
You choose the processing fee % to charge clients when they pay with a card
The clients will pay the processing fee on top of the invoice amount
You will receive:
The invoice amount
Plus, the processing fee % you set to charge them
Minus, the actual processing fee (2.95% + 30 cents) on the entire payment
For example, if you set a 3% processing fee to charge clients and a client pays a $1,000 invoice with a card, you will receive $999.32, saving you $29.12 in card processing fees. Here is how the math works.
Invoice amount: $1,000
Plus the 3% processing fee you charge them: $30
$1,000 * 3%
Minus the actual processing fee for the entire payment: $30.68
($1,030 * 2.95%) + 30 cents
This means you get $999.32
($1,000 + $30) - $30.68
Important note: As you can see in the example above, the processing fee may not cover 100% of the fees, but it should cover 99.9% of the card processing fees. We don't recommend charging more than 3% to say in compliance with Visa card rules.
How to pass CC fees to clients
Click Settings under Billing
Toggle on Pass Card Fees To Clients
Type in the processing fee you want to charge to cover your fees
Click Save Settings
This will automatically apply the processing fee to all clients.
How to turn off for individual clients
If you don't want to charge the processing fee for all clients, you can turn it off for individual clients.
Go to the Client's profile
Click the Billing tab
Toggle off Pass CC fees to client
What the client sees
When you turn on the ability to pass CC fees, the client will see the processing fee displayed in the payment form.
If they select the Card option, the invoice amount will update to include the processing fee so they know the total amount to be paid with the processing fee.
