Credit Cards payments always incur a transaction fee. In most cases, the transaction fee is absorbed by the merchant. So for example, if you went to an online store and purchased some shoes for $100, a portion of that transaction is kept by the payment provider as a transaction fee, typically in the realm of 3% – 5% of the total. The merchant would then only receive between $95 and $97.
When allowing parents and students to pay online in Quickschools, schools actually have the option of adding a Convenience Fee to offset the transaction fees incurred by the payment gateway.
So from our original example above, if you were buying shoes for $100, the system would calculate a Convenience Fee, such that the merchant would receive the original $100 that was charged. So you’d end up paying something like $104, where $4 would go to the payment gateway, and the merchant would receive the original $100 charged.
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