Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

How is the Internet Convenience Fee percentage or Transaction Fee determined and why is it charged?

April 26, 2017charged convenience fee internet PERCENTAGE transaction fee

0

Posted

How is the Internet Convenience Fee percentage or Transaction Fee determined and why is it charged?

1 Answer

0

Posted

When a School District signs up with PayForIt.net, they determine the ICF percentage or Transaction Fee that is charged to the parent. The collected fees are used to offset the cost of the credit card transaction (which the credit card processor charges) and to pay for the use of our site. The default ICF percentage is 5.75% and the schools have the choice to have the parent pay the entire fee, the school pay the entire fee or having the parent and the school share payment of the fee.