What is Card Fee Recovery?
Card fee recovery is a transparent method that allows you to recover card processing fees by adjusting your pricing structure. Instead of imposing a surcharge, you can set a flat fee or percentage that is communicated upfront to your customers.
Card fee recovery emphasizes transparency by clearly displaying the costs associated with card payments on invoices. This practice ensures that your customers understand what they are paying for, eliminating hidden fees and fostering a more honest transaction environment.
One of the standout features of this card fee recovery solution is its seamless integration with FieldPulse and QuickBooks. Designed specifically for your existing workflows, this solution requires no manual adjustments, workarounds, or tedious editing. You can activate it in seconds and watch it integrate effortlessly into your current invoicing and accounting processes, making it easier than ever to manage your transactions.
How to Initiate Card Fee Recovery
To begin using Card Fee Recovery, follow these steps:
Enable FieldPulse Payments:
Navigate to Company Settings.
Select Features & Plugins.
On the FieldPulse Payments tile click Enable.
If you are currently using FieldPulse Payments Legacy, select Upgrade.
Express Your Interest:
After enabling, reach out to us at payments@fieldpulse.com to express your interest in implementing Card Fee Recovery.
FAQs
What do I need to enable Card Fee Recovery?
You must have FieldPulse Payments enabled to utilize this feature.
Is Card Fee Recovery available outside the US?
Currently, Card Fee Recovery is only available in the United States.
How will this look on an invoice?
When you enable Card Fee Recovery, each line item on an invoice will be increased by the fee rate you pass on to your customers, which is typically 3%. The total of these adjusted line items will then be calculated, and tax will be applied to that subtotal.
Your customer will see two different totals on the same invoice, whether presented via email, text, or in person:
Total Card Price: This shows the sum of all line items plus tax, reflecting the higher price when paying with a credit card.
Total ACH or Cash Price: This displays the sum of the base price of all line items (without the passed-on fees) plus tax, offering a discounted option for ACH or cash payments.
Customers can then choose their preferred payment method, opting for either the higher card price or the discounted ACH/cash price.
How should I communicate this to my customers?
It is best to quote prices directly from the Invoice Preview page. You can choose one of the following methods:
Quote customers on the Total ACH/Cash price of your items by saying “our cash price for this job would be $100”.
Quote customers on the higher Total Card Price by saying “our total price for this job is $103, but you can get a discount if you choose to pay with ACH or cash”.
Can Card Fee Recovery be turned off for specific records?
Yes! To do so, uncheck the box that says Display Card Fee Recovery on the estimate or invoice display settings.
Have additional questions?
Contact us at support@fieldpulse.com or use the chat feature in the bottom right corner of your screen.