Recently, the ePayments team joined a webinar for an Ask Me Anything session for – you guessed it! Anything related to ePayments. In a Q&A panel format, our ePayments expert shared invaluable information that was worth sharing again.
5 things to know about processing ePayments with Jackrabbit Class
Whether you are new to the Jackrabbit scene, looking to set up ePayments as a new client or have been rocking and rolling with online payments for quite a while, there are five things you should know when it comes to processing ePayments with Jackrabbit Class.
What does integrated ePayments mean?
Before you jump in head first, you may be wondering ‘what are integrated ePayments?’ Glad you asked! When using one of Jackrabbit’s payment partners, not only can you process the payment directly from the family’s account, but it also records the payment automatically.
The same applies if you need to run a batch of 500 or 1,000 cards at one time. This is often referred to as auto-draft – a scheduled batch of payments on the same day every month. Every single payment will post to the family’s account as the payment processes. No manual entry is needed!
What are the benefits of integrated ePayments?
Integrated ePayments with Jackrabbit has many benefits and saving time is just one of them. What could take you hours or days, takes minutes and we all know the one thing you can’t get back in life is time.
Besides saving time, which translates to saving money, there’s also that feeling of assurance you and your families get. When you auto-draft payments monthly, there are fewer late payments and busy families appreciate the convenience of not having to remember to manually pay tuition. All of this works together to ensure your accounts receivables list is as short as possible!
Safety and security are also top of mind with integrated ePayments. In 2022, contactless payments are highly encouraged whenever possible. And since all credit and debit cards are vaulted in the process, everything is PCI compliant.
What is required to set up ePayments with Jackrabbit?
You will need a gateway and a merchant processing account to start processing ePayments. Jackrabbit is lucky to have developed its own payment gateway just for you! We offer meet or beat pricing on effective rates so you can ensure you get the best rate available to you.
What kind of policies should be included for ePayments?
It’s best practice to include how you collect payments in your organization’s policies. In this scenario, the more details the better. Include information like:
- when payments are due,
- what your refund policy is, and
- when late fees are applied to unpaid accounts.
Most importantly, you need to get your customer’s permission to store their card on file and process the payment on their behalf.
As with all policies, it is best to consult your attorney for verbiage and coverage.
How often should processing rates be reviewed?
True or false – once you receive a processing rate with an ePayment partner, you will have that rate forever. FALSE! This is one of the biggest misconceptions with processing ePayments so here’s what you need to know!
It’s a great idea to ask for a rate review on an annual basis. There are several factors that affect your processing rate, such as volume. If your volume is increasing over the years, your payment processor might be able to drop your rates or adjust the plan you have. Great news, right?
The ePayments team did a great job covering frequently asked questions, live questions from our attendees, addressing common misconceptions and talking about how integrating ePayments with Jackrabbit can benefit you and your youth activity center. If you missed it live, check out the full webinar on-demand!