How do you know whether to accept electronic payments? It depends. We usually leave this decision up to individual businesses to do what works best for them. Think about this statistic:
Debit, credit, and prepaid cards accounted for 60% of payments in 2022. According to estimates, 91% of transactions will be electronic by 2024.
If you want to accept debit or credit card payments, it's easy to set that up within Enrollsy. We even have our own merchant gateway, EnrollsyPay!
As you may already be aware, all merchant gateways charge fees for debit and credit card purchases. You can handle this by choosing one of these methods:
Increase your Fee(s)- With this method, you simply increase your fee(s), such as tuition, to cover the extra cost.
Charge a Surcharge/Convenience Fee- Many of our clients choose to charge an extra fee (you can call it whatever you decide) to cover the cost of electronic payments. Find out how to add a Convenience Fee here.
If you don't understand the difference(s) in these fees or want to know more about them based on where you live, here are two resources: