Adding a convenience fee to your Chekkit Pay payment request

Introduction

Managing online payments efficiently is crucial for any business. At Chekkit, we understand that processing fees can add up quickly, impacting your bottom line. To help mitigate these costs, you can add a convenience fee to each Chekkit Pay payment request. This article will guide you through the process of adding a convenience fee of exactly 2.9% to your transactions.

Why Add a Convenience Fee?

A convenience fee helps cover the transaction costs associated with using Chekkit Pay. This ensures that your business maintains its revenue without absorbing the extra expense. By transparently adding this fee, you can sustain your business operations while providing a seamless payment experience for your customers.

Calculating the Convenience Fee

To add the convenience fee to your payment requests, you'll need to calculate the total amount your customer will be charged. The convenience fee is composed of a percentage of the transaction amount (2.9%).

Step-by-Step Calculation

1. Identify the Original Amount: Determine the initial amount to be charged for the product or service.

   Apply the Convenience Fee Formula: Use the following steps to calculate the total amount:

   • Calculate the percentage fee: Original Amount * 0.029
   • Add this total convenience fee to the original amount: Original Amount + Convenience Fee

Example Scenario

Let's say you're charging a customer $100 for a service. Here’s how you would calculate the total amount including the convenience fee:

1. Original Amount: $100

   Convenience Fee Calculation:

   • Percentage Fee: $100 * 0.029 = $2.90
   • Total Amount: $100 + $2.90 = $102.90

The total amount the customer will be charged is $102.90, covering both the service cost and the Chekkit Pay processing fee.

Benefits of Adding a Convenience Fee

• Revenue Protection: Ensure your revenue isn’t diminished by processing fees.
• Transparency: Maintain transparency with your customers by clearly communicating the fee.
• Sustainability: Support the long-term sustainability of your business by covering operational costs.

Conclusion

Adding a convenience fee to your Chekkit Pay payment requests is a straightforward way to offset transaction costs and maintain your business’s financial health. By implementing this fee, you can provide a seamless and transparent payment experience for your customers while protecting your revenue.

For any further assistance or detailed guidance on setting up convenience fees in Chekkit Pay, feel free to reach out to our support team. We're here to help you optimize your payment processes and enhance your business operations.