This page is about Teamsmith online payments: the card payments your customers make through the Pay Invoice Online button or the payment QR code, once you've connected Stripe. See Setting Up Online Payments to switch it on.
These fees apply only to payments taken that way. Money that reaches you by any other route costs you nothing in Teamsmith:
- Bank transfers, cash and cheques you record yourself
- Cards you take on your own EFTPOS terminal or through another payment provider
- Any payment you enter manually against an invoice
Like any card terminal, Teamsmith online payments carry a processing fee. There are no monthly costs, no hardware, and no fees when you don't use it; you only pay when a customer pays you this way.
The fee
Card payments made through Teamsmith are processed for a fee starting from 2.2% + 30¢ per transaction for Australian-issued cards. International and premium cards can cost a little more.
The fee is deducted automatically before the payout reaches your bank account; there's never a bill to pay. If a customer pays a $1,000 invoice, roughly $977.70 lands in your account.
Your customer always pays the invoice amount
There are no surcharges or extra charges on top for your customer; the price on the invoice is exactly what they pay.
How payouts work
Payments settle to the bank account you connected during setup. Stripe typically pays out on a rolling schedule (daily once your account is established), and your Stripe dashboard shows every payment, fee and payout in full.
Recorded amounts
The invoice in Teamsmith records the full amount the customer paid, so your invoices, reports and accounting exports always reflect what was charged. Processing fees appear in your Stripe dashboard, and your accountant can treat them as a business expense; most do, as merchant fees.
Payments you record yourself, such as a bank transfer or cash, are recorded the same way with no fee deducted at all.
Worth it?
Invoices that can be paid on the spot get paid faster; most tradies find the fee costs less than the hours spent chasing overdue invoices.