Option to make Customer absorb Wave Payment Fee when paying by card

VirgilVirgil Member Posts: 21 ✭✭

When enabling payment by credit card, please allow a further option that, when enabled, automatically adds a "Credit Card Processing Fee" item to the invoice if the customer chooses to pay by card. The cost of the additional item is calculated so that the original invoice total will be received by the Business, with Wave still taking its usual fee.

Comments

  • VirgilVirgil Member Posts: 21 ✭✭

    To be clear, the way this would work – when the option is enabled – is that:
    1. On the payment page, the customer sees an option to "Pay by Card"
    2. Upon selecting this option, the additional "Credit Card Processing Fee" is added to the bill and the total that they have to pay is increased
    3. The customer completes payment with the new total

  • VirgilVirgil Member Posts: 21 ✭✭

    e.g.

    • Invoice total = £100
    • Customer selects "Pay by Card"
    • Invoice total increased to: £101.62
    • Customer pays
    • Wave Payment Fee = £1.62
    • Business receives: £100
  • AlexLAlexL Administrator Posts: 1,946 admin

    Hi @virgil , thanks for getting in touch. I appreciate you taking the time here to fully map out your feature idea. This is definitely requested from time to time but we've been hesitant to implement it due to the fact that in certain regions there are laws around passing merchant fees to your customer. Regardless, I'll pass this feedback on to the team, but in the meantime you can use our Help Center article on how to pass these along manually.

  • davejordandavejordan Member Posts: 2

    I think in many places the credit card companies themselves expressly prohibit the merchant from assessing merchant fees or card-use fees to the customer. If this is the case then Wave might be in violation of its TOS with the credit card companies since Wave is the one accepting/processing the CC payments.

    Virgil, if you have a lot of customers who pay by credit card, you might just need to increase your prices across-the-board to account for the percentage that the credit card fees will take. You will collect a bit of extra profit from those who pay via direct cash-type transfers.

  • VirgilVirgil Member Posts: 21 ✭✭

    @AlexL and @davejordan – it is absolutely within the credit card companies TOS to charge for that payment method JUST IF it is a charge for CONVENIENCE – which it is in this case. It is significantly more convenient for the client to pay immediately by card than do a BACS transfer. You are allowed to charge for that "service".

    Clients paying by card is something that essentially happens randomly. It's not all clients, and there's little rhyme or reason to when they do it. I also charge some clients a lot (big projects), some a little (small ones). I can't therefore just raise prices across the board.

    It is also not possible to add the extra fee manually, because I don't know in advance if the client will elect to pay by card on any given invoice.

    Wave would make more money from me if it enabled this feature, because then I would stop turning off credit card payments! (Currently I only leave it on when the invoice is small, or I need payment fast.) I'd be happy to leave it on for any invoice amount, if they simply charge the customer. But as it stands, I actually can't afford the Wave Payments Fee when the invoice amount is large: the fee amounts to quite a lot!

  • AlexLAlexL Administrator Posts: 1,946 admin

    Thanks for giving us the full story here, @Virgil . It helps us better understand your business, as well as how this would increase your use of Wave.

  • VirgilVirgil Member Posts: 21 ✭✭

    @AlexL please can I add a suggestion here which may be the best of all world for Wave and for Wave users.

    There should be a middle option:

    • Credit Card payment OFF
    • Customer can request Credit Card payment
    • Credit Card payment ON

    If set to the middle option (i.e. customer can request) then the customer sees a "pay by card" option. If they click this, the following happens:

    1. Wave sends a notification to the accounting user
    2. The customer is presented with a note (which the accounting user can specify in Settings), e.g. "Please call 01234 567890 if you wish to make a card payment"

    The accounting user is then able, when they receive the notification/customer contact, to:

    • Add a processing fee manually, if they want
    • Charge the customer's credit card manually, if they want
    • Switch on CC payments, so the customer can finish checkout, if they want

    Please consider it.

    Just to say it again: any features implemented against this thread would directly result in greater revenue for Wave, as I would allow CC payments on more of my bigger invoices.

    Thanks.

  • AcolyteJonathanAcolyteJonathan Member Posts: 4

    Just jumping on this thread to second the motion by @Virgil. I would love to see this happen in wave and it would allow much more convenience and flexibility in payment for my customers. It's beyond my pay grade to say what's allowed, but I would think if the state can pull it off when they charge me to renew my license plates, I would imagine someone should be able too? Regardless, would LOVE to see this feature!

  • tsfjaxtsfjax Member Posts: 46 ✭✭

    @AlexL (& @BarsinA) this would go a long way to getting me back on the 'Use-Wave-Payments' train. :smile: I could make do with the 10-day wait, but not the fee and the wait. :lol:

  • MichaelGMichaelG Member Posts: 3

    @AlexL Any update on this implementation?

    edited July 28, 2020
  • BarsinBarsin Administrator Posts: 1,811 admin

    Hey @MichaelG

    Thanks for your post here. At this post we haven't heard from the payments team of when this will be implemented. Sorry I'm unable to give you an ETA on this!

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