11 Nov Get Paid
Otherwise, you can authorise Promis to receive credit card payments and payments directly from bank accounts.
First, under Manage Organisation select the bank account that you want to receive all payments into.
The clearing account is used to group payments (e.g. multiple clients pay you on a single day via credit card. These will be booked as single payments towards your invoices. When the money is transferred into your bank account, it arrives as a single amount. We create that for you, so reconciliation is really simple. Please review how to set up the clearing accounts in your accounting system integration).
Once the bank account is entered, you have the option to offer credit card payments for your clients. We suggest always setting that up, as it leads to faster payments. Many clients like paying with a credit card to collect points. If you already have an account with Stripe, you can just connect to it, otherwise, we’ll pre-fill your application and it will be created instantly.
Maximum Transaction Fee
You might be sending out large invoices that you do not want your clients to pay with a credit card to avoid the large merchant fees. To manage that, you can enter the maximum amount you are willing to pay in merchant fees. If a payment would lead to higher fees, your client can choose to pay them or use the bank transfer.
Here is an example: You have entered $17.80 as you maximum transaction fee. That means your clients can pay any invoice up to $1,000 with a credit card without any additional fees.
For a $1,500 invoice, the merchant fees are $26.55. As you are willing to pay $17.80, your client would see that paying with a credit card costs them $8.75 ($26.55-$17.80).
Stripe Fee Account
The payments to your bank account exclude any merchant fees. To further automate your bookkeeping, Promis creates a monthly invoice with these fees. We use the Stripe Fee Account you specify. It can either be a new account or you can use an existing merchant fees or bank fees account.
Again, we are using a clearing account to aggregate payments and transfers to your bank account.
Next: Setting up Pay With