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. 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:
If you want to accept debit or credit card payments, it's easy to set that up within Enrollsy through EnrollsyPay.
Enrollsy offers the following options for taking payments by card (debit or credit):
EnrollsyPay (ACH and/or Credit Cards)
Stripe Express (Credit Cards only) - Stripe Express is available to International Customers only
When you sign up with Enrollsy and complete your first implementation meeting with an Enrollsy representative, you can apply for a Credit Card merchant account or an ACH merchant account.
NOTE: Enrollsy doesn't ever actually touch/hold any of your money. We are a reporting mechanism that lets you know when payments have been approved or denied.
Merchant Account Fees
All merchant accounts charge fees. If you currently have Card Connect (CardPointe) or Stripe Express, here are the fees for those. Any new merchant accounts are open using EnrollsyPay.
EnrollsyPay
EnrollsyPay partners with TillPayments/Nuvei for Credit Card processing and ACHQ for ACH processing. Both of these companies have competitive processing rates, as outlined below.
EnrollsyPay/Till Payments/Nuvei - The current fees (as of 3/2023) for credit cards/debit cards is $0.05 + 2.80% per payment
EnrollsyPay/ACHQ - The current fees (as of 3/2023) for ACH/eCheck: $1.00 per payment
View this resource for additional fees for EnrollsyPay credit cards and ACH.
Stripe Express (International Clients)
For Stripe payment fees, see this resource. For Stripe settlement fees in different currencies, view this resource.
CardConnect (Legacy Clients)
See this resource for card association fees (credit card merchant account). For ACH fees, view this article.
How to Apply
To apply for either an ACH or a Credit Card merchant account, follow these steps:
Step 1 - Getting Launched Page
Head to the Getting Launched page (click the person icon in the top-right corner):
Step 2 - Get Started
Under To Do, click on "Get Started" under Credit Card and/or ACH to apply for one or both:
Choose one of these providers and apply for a Merchant Account. During the application process, you will provide a checking or savings account along with the account's routing number where you want payments received to be deposited.
NOTE: Both merchant account applications will save your progress so you can come back later and finish!
After applying to one or both, you will then work with both merchant account providers to gather the required documents needed to get going (the companies will reach out to applicants).
After Approval
Once your account has been approved, the provider(s) will issue you a unique Merchant ID (or MID). Be sure to keep a record of this number; Enrollsy cannot give out MIDs. If you forget it, you will have to contact the payment gateway provider (TillPayments/Nuvei for credit cards or ACHQ for ACH).
After you have been approved and onboarded, the Enrollsy team will be notified, take your account in Enrollsy out of "Test mode," and activate your new merchant account(s).