Monthly Bankful fees are made up of:
Volume Fee: 0.0060 multiplied by total processing volumeTransaction Fee: $0.10 per transaction multiplied by total transactions (approvals and declines)Monthly Fee: The monthly cost of your Bankful plan and any added a la carte features (if any)
These three categories are added up at the end of the month
Bankful has a monthly minimum charge of $50
This means that if the fees amount to less than $50, a Monthly Minimum charge will be added to your invoice that will bring your total up to $50.00
Fee Examples
Example 1
Volume Fees: 0.0060 * $1000.00 = $6.00 Transaction Fees: $0.10 * 10 transactions = $1.00 Monthly Fees:
Standard Plan = $0
Invoicing Feature = $10
$6.00 + $1.00 + $0.00 + $10.00 = $17.00 + $33.00 (monthly minimum fee) = $50
Example 2
Volume Fees: 0.0060 * $6000.00 = $36.00
Transaction Fees: $0.10 * 100 transactions = $10.00
Monthly Fees:
$36.00 + $10.00 + $20.00 = $66.00 + $0.00 (monthly minimum fee) = $66.00
Additional Information
You will receive an invoice from Bankful on the 1st of every month (the invoice will be for the previous months charges)
The fees will be deducted from your preferred method of payment on the upcoming Thursday from when the invoice is sent
Invoice history can be found here:
Logging into Bankful Click on Account in the top right corner
Click on Admin Console
Click on Invoices
Please note, if you close your account, this must be done in writing from the email address on file for the gateway account.
If the account is closed after the 7th of the month, a full month of service will be billed. You can send a copy of the debit to support@bankful.com to have a partial pro-rated refund for the days after the closure date.