How can I add a fee/service fee to cover transaction costs etc?
A fee can be added to participants' invoices via the GalaBid platform to cover costs incurred by the campaign.It can be used to cover transaction fees charged by Stripe or any costs incurred. For example, a 4.9% fee could be set up to be covered by campaign participants.
The fee can be set up as mandatory or optional.
The participant sees the fee during the checkout process. This statement is next to a checkbox. "Would you be happy to cover the service fee of X. This helps the organiser to maximise their fundraising profits" The participant can uncheck the box to opt out of the fee if the fee has bee set up as optional.
To set up a fee that applies to all payments or all donations go to Setup > Payments then Edit Fee, next to the pencil icon.
This screenshot shows the pencil icon. Click this to proceed.
Watch this video to see how it is done.
Check the box Apply Fee to the Final Charge to enable GalaBid to adjust the percentage to compensate for the fact Stripe fees are charged on the new invoice amount.
Here is an example to illustrate based on current UK Stripe fees.
Option 1 -- No additional fee is added in GalaBid
Invoice total £100
Stripe will charge 1.5% + 20p
The campaign earns £98.30
Option 2 - An additional fee of 1.5% + 20p is added in GalaBid.
Invoice Total £100
When checking out the winner is asked to instead pay
£100 + £1.50 + 20p = £101.70 ( the additional fee can be set as optional or mandatory)
Stripe charges their fee on the total of £101.70 which would be £1.72
The charity earns £99.98
Invoice Total £100
An additional fee of 1.5% + 20p is added in GalaBid.
The campaign manager checks the box Apply Fee to the Final Charge when setting up the fee and GalaBid automatically adjusts the fee
When checking out the winner is asked to instead pay an additional £1.72
Stripe charges £1.72
The campaign earns £100