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Set up Fees for Electronic Payments
  • 21 Nov 2024
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Set up Fees for Electronic Payments

  • Updated on 21 Nov 2024
  • 1 Minute to read
  • Contributors
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Article summary

Overview

CenPoint has integrated with Credit Card Merchants  to allow direct payment processing including ACH in CenPoint.  
To use these features, you must be set up with a Credit Card Merchant.  

Integrated Credit Card Merchants (Fees subject to change)


(Preferred)

Set Up Clover 

 Set Up Stripe

No Set Up Fees

No Monthly Fees

No Monthly Minimum

CC Fee

2.7% + $0.10/transaction fee (for all card types)

2.99% + $0.30/transaction fee (for all card types)

ACH Fee

0.39% + $0.10/transaction

1.6% (up to a max of $10.00)

 Now that you have created and authorized a Merchant account,

 you can set up the parameters for your Electronic Payments in CenPoint.


1. Check 'Accept' Credit Card Payments

 2. Select the maximum credit card payment you will accept. (0=no max)

3.Check 'Add Fee' if you are charging the customer a fee to pay by Credit Card

 4. Add a description for the fee, this will print on the invoice.

 5. Choose the percentage, and a transaction fee, that will be charged to the customer when paying by Credit Card.

 6. Choose Retain Original Invoice amount or Simple

Retain Original Invoice amount: Your invoice is for $100 you charge a 3% transaction fee to the customer, the invoice total is now $103, $100 will be deposited into your account.

CC % Fee:3%

Inv = 200.00

Fee = (200 / ((100 - 3) / 100)) - 200 [(200 / (97/100)) - 200] = 6.19

Tot = 206.19

CC Comp takes 3%

CC Fee: 206.19 * .03 = 6.19

You Get: 206.19-6.19 = 200.00

Simple: Your invoice is for $100.00 there is a 3% transaction fee, $97.00 will be deposited into your account.

Simple % Fee:3%

Inv = 200.00

Fee = 200 * (3/100) = 6.00

Tot = 206.00

CC Comp takes 3%

CC Fee: 206.00 * .03 = 6.18

You Get: 206-6.18 = 199.82

 7. Assign a GL code to a Credit Card payment if applicable

 8. Add a minimum charge amount that a fee will not be added. (You will be covering this amount)

 9. Check 'Accept ACH/Bank Payment if applicable.

  1. Choose who the Electronic Payment alerts will be sent to

What's Next