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If you are stuck with administrative costs and need to recoup those costs, you may consider applying administrative fees. Administrative fees are charges that are added to a transaction to cover administrative costs associated with the transaction.
Also, consider creating thresholds for specific payment methods. Threshold payments refer to a payment system in which a minimum payment threshold must be reached before payments can be made.
Both features allow you to recoup costs associated with administering a particular service or program.
For example, if you are an event organizer and you have administrative costs associated with processing orders and invoices, you may choose to add a small administrative fee to each paid registration to cover those costs. If you do not want to charge additional fees, simply create a threshold for specific payment methods.
How to add an administrative fee to the total price of the booking?
This feature allows you to add an administrative fee to the total amount of the booking, depending on the payment method.
You can add an additional administrative fee by activating the toggle Activate administrative fees.
Once you have activated the toggle, decide the amount of the fee by choosing a fixed price or a percentage of the total price of the booking and choose to which payment method(s) this fee applies.
In this example, the organizer has applied an additional administrative fee of €10 to the total price for registrants paying by bank transfer.
After selecting a ticket, the registrant will pick the payment method of his choice. In this example, the registrant selects paying by bank transfer and not the pay online method, therefore an additional fee of €10 on the total amount of the booking is applicable.
Thresholds for payment methods
Some payment methods, such as credit card payments, may have high transaction fees associated with them. By using a threshold payment system, event organizers can minimize the number of small transactions and potentially reduce the overall transaction fees paid.
Overall, using threshold payments for specific payment methods on your event websites can help simplify the payment process, reduce transaction fees, and mitigate financial risk for event organizers.
How to set up a threshold for your payment methods?
This feature allows you to choose payment methods that will be available at a desired amount. The default payment method will only be available if the threshold is not met. Once the threshold is met, all the payment methods activated for the threshold will be made available for the registrants to pay by.
For the feature to be available for set up, you must have multiple payment methods selected. You can choose between bank transfer, online payment method, or “other”.
Once you have selected multiple payment methods, you can activate the threshold feature by clicking on the toggle switch.
Start by choosing the payment method(s) that will be made available on the event website by default at any price.
You can then decide on the minimum price amount that needs to be reached before this payment method becomes available on your event website. Once you determined the threshold amount, decide on the payment method(s) to which you want to apply the threshold.
You will need to add the chosen default payment method to the threshold if you want to make it available when the threshold is met.
If you would like a payment method to always be available for registrants, you will have to activate it as the default payment method as well as in the threshold.
Example
In this example, the event organizer activated the ability to pay online using Stripe as well as pay by bank transfer.
If the total amount of the booking is below 100 €, registrants can only pay online using Stripe.
If the total amount of the booking is above or equal to 100 €, registrants can only pay by bank transfer.
If you would like to allow your registrants to pay by bank transfer and online using Stripe when the total amount is above or equal to 100 €, you need to add “Stripe” in the payment methods listed next to the threshold:
If you have any questions about the above, do not hesitate to contact us directly for further information.
Enjoy!
The idloom.events team