While there are various reasons that a businesses would charge a transaction fee, most do so to offset the costs that credit card processors take when clients pay for an invoice. The transaction fee can be either a fixed amount or a percentage of the cost of the appointment.
With TimeTap, you can designate your transaction fee on your Payments > Payment Settings page. You can also change the name by clicking on the Change Name link if you call it something else at your business (like "Service Fee" or "Processing Fee"). This section of our documentation will go through how you can add that transaction fee and change its name.
First, a few things to note with transaction fees and how they are calculated on your invoice. Transaction fees are only added once, so if you have an invoice where clients are submitting multiple payments, the transaction fee will not get applied to each payment individually.
The transaction fee gets applied after the subtotal of all invoice line items has been calculated and before the tax rate gets applied. Thus, if any of the line items that you have on your invoice are taxable, then the tax rate will get applied to the transaction fee as well and totaled up in the tax that is listed in the invoice summary. If none of the line items on your invoice are taxable, then the tax rate will not get applied to the transaction fee. So whether or not the transaction fee has the tax rate applied to it is based on whether or not any of the line items on your invoice have been listed as taxable.
The Transaction Fee field can be found directly beneath the Tax Rate field and will be a fixed amount that you can set. If you haven't changed the name of the transaction fee yet then it will be labeled as "Transaction Fee". If you have already changed the name, then it will have whatever label you have given it -
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Enter whatever monetary amount or the percentage you want to charge as the transaction fee into the associated fields. If you want to change the name of the transaction fee, click on the Change Name link beneath the field label and type whatever you want to call this fee into the field that appears -
Once you've entered the transaction fee amount and (optionally) changed its name, click on the green Save button on the upper right of the General Payment Settings view -
Now, when you are looking at an invoice you'll see the transaction fee show up as part of the invoice summary with whatever name you've given it next to it -