Credit Card Fees and Credit Card Set-Up Explained
Taking credit card payments offers parents the quick and easy option to book and pay through Enrolmy. Here's how you set up a credit card facility so parents can pay their invoices
Taking credit card payments offers parents the quick and easy option to book and pay through Enrolmy. Here's how to set up a credit card facility so parents can pay their invoices, with fee structure.
Under Your Settings, the information shown here about what you will need to do and upload is listed. It is best to do this online, however, there is an option to complete a paper form instead:
In order to complete the form in full you will need to upload a scanned copy of the following documents:
- A recent statement for the bank account that you would like the payments to be deposited into.
- The drivers license or passport of the primary business and finance contacts as proof of their identity. * Please note these MUST be the best copies possible as these are strict under the AML rules and will be rejected if unclear
- A utility bill for the primary business and finance contacts as proof of their address. OR, if you are a Limited Liability Company or Charity, proof of identity and proof of address documents for each of the company directors/trustees.
Follow all steps in detail, ensuring that Director Details correspond with those listed at Companies Office NZ.
Pay particular attention to the signatures required and that they are dated. Also on the contract, there needs to be a signature on the bottom of each page next to Merchant. Once complete, ensure you check the box to indicate you are ready to 'submit for approval'then 'Save Application Form'
Set-up and fees
1.85% paid by the parent, 1.85% paid by the provider (most popular with other providers)
The percentages paid by the provider indicated above all include GST. There is also an additional 10 cent charge for every transaction to be paid by the provider. The full payment including the entire credit card fee (parent portion plus provider portion) will be paid into the provider account at the end of each day.
The credit card fees will be withdrawn from the providers account monthly.
Why are the transaction fees different for the same amount paid on the "Daily Report"?
On the credit card transactions "Daily Report", you may sometimes find the transaction fees (Txn. Fee) may be different amounts for the same priced item. card transaction there is not only a percentage fee that is paid, but a fixed 30 cent transaction charge as well.
Julie paid one invoice for her child by credit card worth $100, the Transaction Fee is displayed in Enrolmy as $3.93 ($3.63 percentage fee + $0.30 transaction charge).
However, Garry pays two invoices for his children by credit card, one worth $100 the other $50. The total transaction fee for a single payment of $150 is $5.75 ($5.45 percentage fee + $0.30 transaction charge).
In the Enrolmy "Daily Report" this is displayed as two separate items with the Transaction Fee component of each item shown separately.
The Transaction Fee for the $50 invoice is (50 / 150) * 5.75 = $1.92
The Transaction Fee for the $100 invoice is (100 / 150) * 5.75 = $3.83
The total Transaction Fee for the two invoices is correct at $5.75, however, you can see there is a difference in the Transaction Fee between the $100 invoice paid by Garry ($3.83) and the $100 invoice paid by Julie ($3.93).