Scenario:
Let's imagine you charge a family a fee of $2025, which includes the principal amount of $2000 and a 1.25% transaction fee that your school adds on.
The bank, in turn, may charge your school a 1.25% fee on that total transaction amount, which equates to $25.31.
After deducting the bank fees of $25.31, your school ultimately receives $1999.69.
The image below displays what it would look like in your Funnel form without the credit card fee added.
Fees added to your Funnel Form Example:
Funnel takes a different approach to calculating credit card fees. It works out the necessary charge to ensure that the school receives the intended $2000 after factoring in the 1.25% fee.
This is why Funnel might display a charge of $2025.32.
After the bank applies a 1.25% the school receives the targeted $2000.
The image below displays what it will look like with the credit card fee added to your Funnel Form.
Purpose:
The purpose of this method is to safeguard the school from being shortchanged due to bank fees.
By calculating the user charge accordingly, we aim to ensure that the school consistently receives the desired amount after deducting all applicable credit card fees.
Additional note: We can add a credit card fee in a percentage or fixed amount.
If you would like to add a credit card fee to your Funnel Forms, please reach out to our friendly Support team or your Customer Success Manager.