Groovio's platform fee, which is a 1% charge applied to student transactions, is distinct from general Stripe processing fees that include both a percentage of the transaction amount and a fixed per-transaction fee. These fees can be managed by adjusting your pricing if you prefer to absorb them rather than passing them to students. Here’s a guide on managing these fees and updating your pricing.
Adjusting Prices to Cover the Platform Fee
If you’d prefer to absorb the 1% platform fee rather than passing it on to students:
Adjust Your Prices: Reduce your listed class or membership prices by 1% so that the final total for students reflects the adjusted amount.
Implementing New Prices: This adjustment will ensure that students see your intended pricing while you account for the platform fee within your listed rates.
Add a Separate "tax": Include a "Stripe Transaction" fee or a percentage-based fee in your pricing to ensure that students cover the cost of the Stripe fees at checkout.
Updating Class Prices
To update class pricing:
Currently if you need to update class pricing, you will need to contact support.
Updating Membership Prices
To adjust membership pricing:
Duplicate the Current Membership: Go to Manage Studio > Memberships and duplicate the existing membership you want to update.
Adjust the Price: Set the new pricing on the duplicated membership.
Upgrade Existing Students: Enroll current members into the new membership by using the Upgrade option in each student’s profile. This change will take effect on the student’s next billing date.
By following these steps, you can effectively manage platform fees and update membership and class prices to ensure transparency and consistency in your studio’s pricing.
Additionally, consider the exceptions where Stripe fees do not apply, such as bank transfers and cash payments, to optimize your payment methods and reduce costs.