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Convenience Fee Option
Your website serves as an alternative payment channel, providing you the opportunity to pass through a convenience fee to those payers who elect to pay online. The four major card associations each publish their own, unique regulations regarding convenience fees. Cashbox developed our system to comply with all rules and regulations. Convenience fees save clients thousands of dollars every month.
Our system clearly discloses the fixed, flat dollar value of your conveneince fee separately from other line item details. The fee is included in the total transaction amount prior to authorization. Payers value the convenience of online payment and the account history provided by our system. A fact supported by the high percentage of repeat users who could have chosen an alternative payment method. Thousands of repeat payments are made through our system every month.
Convenience fees are batch deposited directly to your business checking account as part of the total transaction activity for the day. In this way, you collect these funds in advance of the merchant services billing cycle. By the time your monthly bankcard billing statement arrives you’ve already accrued the funds to offset the transactional costs. Our system provides instant visibility to the fees collected for any date range.
The Bottom Line
Some clients want to offset the entire cost of online card acceptance while others elect to pass through only a portion of the costs. Our staff will guide you in determining the appropriate convenience fee amount to achieve your goal and we monitor performance to ensure success. We’re all about helping you to achieve your goals!