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Fed up of transaction fees eating into your club's finances? With Teamo's new deferred payments system, you no longer need to worry!
This new feature could save clubs hundreds of pounds each year. If your club uses Teamo to collect memberships, match fees or training fees, then you'll know that the payment providers take 1.4%+20p (Stripe) or 1%+20p (GoCardless) on every transaction. Whilst the percentage doesn't really make much difference whether the amount is large or small, the fixed amount of 20p or 15p on each payment can really start to add up on smaller payments.
With our new deferred payments system, smaller payments can be grouped together so that the 20p or 15p is only paid once instead of multiple times!
As a club, you can set a limit of how much a member can defer, and once they reach that limit, the payment for the deferred fees is taken in one go, resulting in just one transaction fee.
As an example, if you charge £5 match fees and set a limit of £30, after 6 matches the payment of £30 will be taken. Meaning the 20p or 15p is taken once, instead of six times, saving you 80p or 75p (depending on your payment provider).
In this example, a club of 200 members, playing 18 games a season could save £450-480 each year!
The higher you set you deferred payment limit, the greater reward you'll receive in savings. However, the higher limit may also leave slightly more risk that a member doesn't make the payment if their card expires or they remove their card details. A member cannot delete themselves from the club if they have outstanding payments.
Firstly you need to set your deferred payment limit and payment expiry date. This is done by heading to the Club Products page > click on the three dots in the top corner > choose 'Set deferred limits'.
Once you've set the limits, you need to choose which products qualify for deferred payments as you may not want all products to be deferrable. You can make a product deferrable by opening it from the Club Products page > click Edit on the Payments section > turn on 'Can be deferred'. Please note that only match fees and ticket products are deferrable.
There's a few bits of detail that it's probably worth knowing before you get going!
If a user has an outstanding balance and they click pay for a product that isn't deferrable, this will make the payment immediately for the product that they clicked pay on AND any outstanding/deferred balances that user has.
If you wish to make a ticket product deferrable. When assigning this product to a social or training event, you need to ensure that the spaces on that event are set to unlimited. If you set a deferrable product to a limited spaces event, ticket payments made by users will go through immediately.
Instalments - if a user makes a deferred payment and they have an instalment payment due, their outstanding balances will be cleared on their next instalment payment unless they reach the clubs deferred limit or payment expiry days before this