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Where to find in-app payments
Famly offers speedier payments for parents by debit card, credit card, and ACH directly in the app. Parents can pay their outstanding balance in Famly with just a couple of clicks or automatically by ACH, without any manual work from you. Your financial reports and accounts will, of course, be updated in real time.
To find in-app payments:
Settings → Finances → Invoicing
Then select In-app payments
Check out the video below to get an overview of in-app payments in Famly:
Fees
Famly charges a processing fee for in-app payments but there are no additional costs besides that. You can choose whether your center or the parents pay this fee.
If you pay the fee:
When a parent pays their outstanding balance in Famly, the fee will be deducted before the money arrives in your account.
If parents pay the fee:
When a parent pays their outstanding balance in Famly, the cost is added on to the total and shown as a separate fee. This is a feature that can be enabled by the Support team so please reach out to support@famly.co if you'd like to get this added.
If you have this feature enabled you will see the following option under your in-app payments settings where you can tick which payment methods have fees that are passed to parents:
You can see the fees below:
Direct Debit pricing
$0.60 if paid by center
$2 if passed onto parents
Card Pricing
2.8%
Non-US cards, AMEX, corporate cards (in the USA)
3.25%
Payout times
Next business day after payment succeeds
Transactions completed after 00:00 UTC (7PM EST / 8PM EDT) may not appear in the next day payout. Payments completed occur when funds are cleared from the parents bank and transferred to Stripe
Examples:
Below are some scenarios to help you understand how fees are applied to your total.
Scenario 1 (If the center takes on the fees):
An invoice of $100
Fee = 2.8% on $100 = $2.80
Scenario 2 (If the parents are responsible for the fees):
An invoice of $100
Fee = 2.8% on $100+fee = $100 / (1-0.028) - $100 = $2.88
💡 If your parents have automatic payments enabled in their accounts, the fee calculation will not appear prior to purchase.
How it works
When the setup is complete and you've chosen which payment methods you'll accept, in-app payments are activated and ready for the parents to use.
Parents can only pay the full outstanding balance of their account in Famly.
Debit and credit cards
When paying by debit or credit card, the parents will be asked to enter their card details - just like online shopping.
ACH
When paying by ACH, parents will be asked to go through a verification process.
They can choose between:
Manual verification (They enter their bank details, then 1-2 business days later they receive two micro deposits called 'ATMS' in their bank account. They then have three tries to enter those in Famly to verify their bank account.)
Automatic verification (They will search for their bank and log in to their bank from the app. They then allow payments to be drafted from their bank account.)
Transaction Timeline
ACH payments can take up to 9 business days to go through. When ACH payments are not verified yet, they still count towards the parent's balance.
To support you, parents will get a notification on day 2, a reminder and an email on days 4 and 6. On day 7, the payment gets deleted.