Collecting Fees
Options
When
it comes to collecting fees, you have several options.
- Use direct
debit (EFT) to directly withdraw payments from customer bank accounts.
- Store family credit card profiles in order to charge credit cards not present.
- Email out invoices with payment buttons, giving parents
the option to pay by credit card.
- Record manually payments made outside of Timesavr (cheque, e-transfer, cash, etc.).
EFT (Canada only)
EFT
payments can be processed by Accept Pay Global or any of the big five banks or
Servus or ATB credit unions. Accept Pay Global is recommended because Timesavr can
automatically submit the EFT files, and all Timesavr users get a 60 day free
trial period. EFT payments are automatically recorded in Timesavr when
the EFT file is generated. If a payment bounces, you will have to go back
to that payment record and delete it.
For more information on processing EFT payments, click here.
Credit Card
All integrated credit card payments are processed by
Stripe. A Stripe account is required, but you can create a Stripe account
easily from within Timesavr by going to Admin > Finance > Credit Card Payments. Timesavr also gives you the option of passing on 2.4% of
the credit card processing fee to the payer, so you only pay 0.7%, in Canada, or pass on the full 3.1% in most US states.
Enabling this option will allow you to save a credit card profile for each family in Timesavr, which you can then use to process future card-not-present payments. Timesavr will also generate a Pay Now button on the invoice that is
emailed to parents. Credit card payments made are automatically recorded
in Timesavr.
Manual Payments
If
you’re receiving manual payments (e-transfer, cash, cheque, etc.) then you can
record that payment on that family profile by selecting “Payment” from the
Financials menu. Simply enter in your payment type, amount, comment,
reference number, etc. You can also record credit card payments manually, if you're not using Timesavr / Stripe to process them.
Primary Payer
By default, Timesavr emails invoices to whichever parent or guardian is designated as the “Primary Payer” for each family. Manual payments are also recorded as being paid by the primary payer by default, but this can be overridden when the payment is recorded or modified after the fact on the transaction register. The primary payer is defined on the family's payment information tab.
For more information on a family's payment information, click here.
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