Important: Please Read
The information in this article is only relevant to schools still using the Legacy version of Stripe.
- If your school is using Payments, please reference this article instead for the most up-to-date information.
- If your school would like to set up your complimentary migration to Payments, please contact the Support Team.
Passing Fees on to Parents
Schools may choose to pass their convenience fees for credit card or electronic check payments to the parent. Convenience fees can be applied to the deposit, application, ad-hoc forms, or billing.
They can be in the form of:
- a flat dollar amount
- a percentage
- or a combination of both
A fee description, as well as a fee notification message, can also be configured to show on payment screens. Convenience fee types (percentage, flat fee, or combination) and descriptions/notifications can be configured separately for credit cards and electronic checks.
Fees passed on to parents can be adjusted under Settings > Financial > Payment Setup. Please note that only those designated as System Admin or Admin have access to this page.
Read more about the Payment Setup page within this article: Payment Setup
Stripe Legacy Fees at a Glance:
Not applicable for schools using Payments. See the note below*
Stripe's merchant fees are 2.9% + 30¢ per transaction for credit cards and 75¢ per transaction for ACH.
-
- There is an additional 1% charge applied to international credit cards.
- If your school is using our Billing Module with Stripe Legacy, all ACH fees are refunded at True-Up.
*IMPORTANT: If your school is using Payments, this article will not apply to you. Click here for info about Payments.
See below for specifics on how convenience fees are applied on both the Finalsite Enrollment and the Stripe side.
How-To: Understanding Convenience Fees in Stripe
Important
This is only relevant to schools using Stripe Legacy. If your school is using our Payment service, this information does not apply to you.
The convenience fee paid by the parent in Finalsite Enrollment is not applied directly to the convenience fee for the payment processor (i.e. Stripe).
To help demonstrate how the amounts apply and end up in the final payout to the school, we have created an example where the deposit/fee amount paid by the parent is $1,000 with a convenience fee of 2.9%:
Breakdown of this example:
- The deposit amount charged to the parent in Finalsite Enrollment is $1000.
- As the parent is paying with a credit card, a $29 convenience fee (2.9% of $1000) is added, making the final amount the parent pays in Finalsite Enrollment $1029.
- When Stripe receives that $1029 payment, their 2.9% convenience fee plus the 30¢ transaction fee is applied to it, for a total of $30.14.
- After subtracting this $30.14 in fees from the $1029 payment amount received from the parent, the school is left with a payout amount of $998.86.
Please note that your payouts will look different depending on the specific amounts parents are being charged in Finalsite Enrollment, but this same structure will apply.
Comments
0 comments
Article is closed for comments.