How are the "online payments without BoostMySchool processing fee" handled?
Each BoostMySchool plan comes with an allotment of “online payments without BoostMySchool processing fee”.
For all online payments under this allotment amount, the online payment will be processed similar to any other payment, with the only difference being that we return the BoostMySchool processing fee back to you. We internally call this amount the “credit from returned fee”. You may see this “credit from returned fee” field when pulling up a payment or in a spreadsheet export.
For example, if:
You will see the following breakdown in your payment reports:
You can see from this above calculation that Alice is able to cover both the BoostMySchool and the third-party fees. Thus, when your donors cover the fee – which they historically do 87% of the time – since we are returning credit back to you, it effectively reduces your annual subscription costs!
In addition, the BoostMySchool platform does all of the math behind the scenes, so you won’t need to worry about any of these calculations. They are done automatically for you and your team!
For more details on the processing fees, visit our pricing page.