Access CareConnect Family mobile app (iOS and Android) or CareConnect Family Web.

Question:

How are the transaction fees calculated?

Answer:

Any time you use CareConnect Family to pay an invoice, a transaction fee will be charged if the online payment was successful. If your payment fails for any reason, no transaction fee will be charged!

Your childcare Agency or School manages whether the transaction fee will be paid by you or paid by the them. You can see if transaction fees will be paid by you or not, by looking at your payment methods.

Below we break down the details of how a transaction fee is calculated:

CareConnect Family uses an online payment transfer company called Stripe. If we look at Stripe's payment information at https://stripe.com/pricing, we can find the rates for how the transactions are charged. Unfortunately, the transaction fees are set in place by Stripe, and MCT Technology or your connected childcare Agency or School are unable to modify these values.

Using Debit or Credit cards to pay your invoices will charge you 2.9% + $0.30 + $0.05 of the total as a transaction fee, and has no cap!

We can look at those in an actual transaction if we use a test amount of $976.00

If you were to pay the $976.00 with your Debit or Credit Card, you would be charged a transaction fee of $29.51, making your new total $1,005.51. But if you're following along with a calculator, you'll notice that 976.00 * 2.9% +.30 + .05 is actually 28.65, so where did that extra $0.86 come from? Well, that's how Stripe calculates their transaction fees. Here's how it happens:

First, Stripe looks at your invoice amount, we'll keep working with $976.00
Second, Stripe calculates the transaction fee by using this formula

P(charge) = Total amount paid to Stripe
P(goal) = Invoice Amount
F(fixed) = ($0.30 + $0.05) transaction fee
F(percent) = 2.9% or "0.029" Domestic Fee | 3.9% or "0.039" International Fee

So let's plug in our values here.

Which after all the math is done, gives us a result of

The $1005.51 is the total cost that you would pay, to use your Debit or Credit card to pay.

International Cards

If you were using an international Debit or Credit card, instead of using 2.9% for the F(percent) field, it would use 3.9% instead. Which overall would have resulted in a total cost of $1015.97.

Bank Account Transaction Fees

Using ACH Bank Transfers to pay your invoices will only charge you 0.8% of the total as a transaction fee, but will cap at $5.00!

We can look at those in an actual transaction if we use a test amount of $976.00

If you were to pay the $976.00 using a Bank Account transfer, you would be charged a transaction fee of $7.81, but because it's a Bank Account transfer, you're only charged $5.00, making your new total $981.05. Here's how it happens:

First, Stripe looks at your invoice amount, we'll use the $976.05 here.
Second, Stripe calculates the transaction fee by using this formula

P(charge) = Total amount paid to Stripe
P(goal) = Invoice Amount
F(fixed) = $0.05 transaction fee
F(percent) = 0.8% or "0.008" transaction fee.

If P(goal) * F(percent) is greater than $5.00, then P(goal) * F(percent) automatically becomes $5.00

So let's plug in our values here.

In this scenario, since $976.05 * .008 = $7.81, the formula becomes

 

Which after all the math is done, gives us a result of

The $981.35 is the total cost that you would pay, to use your Bank Account to pay.