Payment Settings {In-depth Overview}

Guide on Configuring the "Payment Settings" Section in Your InvoiceSherpa Account

_{Largest amount to allow credit card payment option}

_{Enter the maximum credit card invoice amount aligning with your merchant processor's "Maximum Ticket" to prevent higher fees and velocity errors in InvoiceSherpa.}

_{If you do not wish to set a limit, please leave this field blank.}

_{Note: A "Velocity Error" is the error notice that may appear in InvoiceSherpa when your payment gateway/merchant processor is unable to process a charge due to an account exceeding the processing limit. Limits vary based on the business's processing track record and are set by the Processing Partner. These limits are typically at the transaction, daily, and monthly levels.}

_{Show eCheck first}

_{Activating this feature prioritizes eCheck/ACH for invoice payments, with credit cards as a secondary option.}

_{Store payment method by default}

_{Check this box if:}

_{To enrol clients in Automatic Payments or Payment Plans.}
_{Improve client convenience by enabling smooth payment processes, eliminating the need for them to repeatedly input payment information when clicking "Pay Invoice".}

_{Leave this box blank if:}

_{It is not permissible to retain your customer's payment information, even through a PCI-compliant Payment Gateway.}
_{Not planning to use Automatic Payments.}

_{Force surcharge when possible}

_{Payment processors usually charge a fee of 1.5-4% for processing a transaction, which may be passed on to customers. Enabling this option will add the specified percentage surcharge for Credit card/E-check on the invoice.}

_{Note: The percentage for each transaction will be set in Payment Setting #9.}

_{Disable the credit card option in states where surcharges are illegal}

_{Some US states and Canadian provinces ban surcharges for merchant processing based on industry and fee accounting methods. InvoiceSherpa tracks regions where surcharges are typically prohibited, saving time. Consider enabling this option to avoid surcharging customers in contentious areas.}

_{Note: Billing addresses are entered by customers when they input payment information into InvoiceSherpa or will correspond to the information on file in your Credit Card Preauthorization Form. Customers must inform you of any changes to their billing address.}

_{Don't surcharge recurring invoices}

_{Activating this option will waive the surcharge fee for recurring invoices in your accounting platform.}

_{Enable recurring credit card charges}

_{This setup notifies your payment processor that you plan to regularly process credit cards.}

_{Please select the checkbox for this setting if you wish to..}

_{Decrease your Daily Sales Outstanding metric (also known as accelerating cash inflow).}
_{Implement a payment upon receipt policy for your clients.}
_{Enroll your clients in Automatic Payments for seamless transactions.}

_{Enabling this setting will not charge your clients automatically (they need to be set up on Automatic Payments).}

_{Credit card / E-check surcharge tax code}

_{When entering information, specify the Tax Code linked with funds gathered through the Surcharge functionality in InvoiceSherpa. The Tax Code should match a Tax Code in your Accounting Platform for the correct application of any sales tax rate.}

_{Note: Leave this field blank if Surcharge is not enabled.}

_{Credit card / E-check surcharge percentage}

_{If you plan to apply a Credit Card / E-check Surcharge, please use this field to specify to InvoiceSherpa the amount you want to enforce per transaction. This amount typically aligns with the percentage retained by your Payment Processor.}

_{* For instance, if your Processor fees are 2.9%, then you should input 2.9 or 3 in this field.}

_{Credit card / E-check surcharge item}

_{This setting directs funds from Credit Card / E-check Surcharges to the correct destination in your accounting software. Align the text in this field with your accounting workflow by using the bank account name (e.g. Chase Bank) or specifying the income category (e.g. "Other Income"). For assistance, consult your accounting software to identify income sources and destinations (bank accounts) and ensure proper allocation of fees or service charges on invoices.}

_{Payment Accounts}

_{Choose the destination account for your funds within your accounting platform from multiple options.}

Note: _{This feature is unrelated to payment processing, but the process of}_{payment posting.}_{InvoiceSherpa does not deal with monetary transactions or fund transfers to your bank account. Posting a payment on the accounting platform involves recording the payment operation, updating the invoice status to paid.}