Newsletter: May 2022 – Convenience Fees and Surcharging
May 2022
INSTANT ACCEPT FEATURE OF THE MONTH
Understanding Convenience Fees and Surcharging
As a service provider you may have heard the term “convenience fee” and “surcharge fee” or maybe you’ve been charged these fees in your own transactions. With Instant accept, you can easily apply, manage or remove convenience fees from your transactions. They’re a great way to cover additional costs for running card transactions or improving your bottom line by increasing revenue-per-transaction.
INSTANT ACCEPT TIPS, TRICKS & TOOLS
How to Setup Convenience Fees in Instant Accept
To setup a convenience fee, simply log into the Instant Accept gateway, reporting.instantaccept.com and navigate to Hierarchy → Convenience Fee tab → now select what type of convenience fee you would like to setup and save.
Are New Requirements Imminent in Payment Processing?
As we all know every year it is not surprising that there will be more changes coming from the payments sector. This year will be no different. This month Maxpay, an international payment gateway put together a list of some of the biggest payment processing issues or priorities that may face businesses in the coming year.
They address changes that could happen within the bank ID number becoming longer, fraud, transaction reattempts, PCI DSS and more. They also offer possible solutions and what merchants can do to prepare for the upcoming possible changes.
Click below to read more about high priority issues that could be faced in the payment processing industry.
Accounting for Surcharge Fees & Best Practices
When applying surcharge fees and convenience to your clients/customers it’s important to list the fee as a separate line item in the transaction.
This helps inform your client that their payment method is not preferred by your business – hence the convenience fee. In the long run, this should encourage your customer to choose preferred payment methods which reduces your overall processing costs.
In general, there’s a lot to cover when it comes to surcharge and convenience fee processing and how it’s managed from an accounting perspective. Be sure to find out more in the link below!
New Research Reveals Impact of Late Payments
Past due invoices are a significant problem for medium sized businesses (25-100 employees). QuickBooks surveyed over 2,000 Mid-sized business in an effort to better understand the causes of past due payments and it’s impact on businesses.
The Takeaways?
The average business wastes 14 hours per week chasing payments. On top of this, 81% of businesses said they didn’t have a fully integrated payment system. 41% of businesses stated they were worried or overwhelmed about their company’s payment process technology.
KEY FEATURES OF INSTANT ACCEPT
WE WOULD LOVE YOUR FEEDBACK
- Choose ANY Processor
- Accept Multiple Forms of Payments
- Work Within One User Interface
- Gateway Sync
- Multi-store Locations, Websites and Devices
- Create and Email Invoices
- Purchase Card Level 2 & 3
- Tokenization
- Recurring Payments
- Convenience Fees
- Protect Core Data
- PCI Level 1 Certified
HELPFUL LINKS & REFERENCES
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