It is now possible to accept payments for class bookings directly into a bank account. You can accept payments for some or all your classes and are free to charge whatever you want for each class. It is easy to setup and you and your customers can track all payments that are made via the App.
Setting up your bank account
To setup your account you must supply details of the bank account you want to receive payments into as well as some additional information to confirm the identity of the account holder. Bank accounts can be held in any of our supported countries and for any of our supported currencies.
Once your account has been setup you can then set which classes you wish to accept payments for.
Receiving Payments in your Bank Account
You can see a full history of all payments (and refunds) as well as your current cleared funds from within the app. Booking payments are charged immediately to your customers credit/debit card but are retained by us until 7 days after the date the class takes place. This ensures that we can process cancellations and refunds smoothly. After 7 days, the payments are added to your cleared funds and are paid into your chosen bank account every Monday at 10am (GMT).
There is a charge for each payment made by your customers with the amount depending on the origin of the card that is used:
- European Cards: 1.9% + 20p
- Non European Cards: 3.4% + 20p
This amount is taken from the amount charged to your customers, with the remaining amount paid to you. E.g. If you charge £5 for a class and your customer uses a Europe credit card to make the payment:
- Your customer will be charged £5
- BookFit will deduct 29p (£5 – £0.09 – £0.20)
- You will receive £4.71 for the booking
If a customer or yourself cancels a booking the customers card is automatically refunded the full amount (e.g. £5 in the example above).