The credit card transaction is one of the most widely used payment methods in today’s market. The fee structure for these transactions varies depending on a number of factors, including the type and amount involved with each purchase.
The “gravity forms payment gateways” is a feature that allows you to use Gravity Forms as a payment gateway. This means that you can take credit card payments for your website, or app.
I’ve been asked to design an online payment form that additionally collects extra compensation to cover different administrative expenses, such as credit card transaction fees, on multiple times. In this post, I’ll show you how to use the Gravity Forms WordPress plugin to compute credit card transaction fees. This will enable you to collect the whole amount originally billed, making bookkeeping for you and your accountant simpler.
Payment gateways, such as Stripe, handle transactions for roughly 2.9 percent of the total plus a.30 cent transaction charge. You may collect an administrative charge to pay the credit card processing cost using the form created below.
Note that charging a fee for credit card payments is banned in Colorado, Connecticut, Kansas, Maine, and Massachusetts as of this writing. This list is subject to change at any moment, and you should always verify your local laws. Another noteworthy fact is that government institutions in Maine have the authority to collect credit card fees. But it’s none of your business!
This tutorial assumes you’ll be collecting and processing online payments via your WordPress website utilizing the Stripe for Gravity Forms Add-on Plugin. The procedures in this article should also work for the Gravity Forms Add-on Plugins from Authorize.Net, Square, mollie, 2Checkout, and Paypal. Another post will cover how to install, setup, and connect the Stripe for Gravity Forms Add On Plugin, or any other online payment gateway and plugin.
I’ll assume you already have an online payment form set up with a primary Product field entered for the purpose of simplicity.
After it is in place, go to the Pricing Fields area and add another Product field.
To customize the field options, click on the newly added Product field (in the preview box on the left) (in the sidebar area to the right).
Change the Field Type to Calculation and uncheck the Disable quantity field item in the General section. A new Formula option, dropdown, and text field should be added below that checkbox. Select your previous Product field from the “Insert Merge Tag” drop box, which will fill the Formula text area box with the right merge tag.
In my example, the merge tag for the Product field was Invoice Total:14, where Invoice Total is the name of the Product field and 14 is its ID. It should be self-evident that the Product field name and ID for your form will be different.
Within the Formula text area box, the magic occurs. The following calculation must be used to collect the whole initial invoiced amount:
(Total Invoice:14 +.3) / (1 –.029)
That should enough. If a person makes a $100 online payment, the payee will now be charged $103.30. That is $3.30 multiplied by 2.9 percent multiplied by $103.30 + $.30. Subtract $3.30 from $103.30, and the original invoiced amount of $100 remains.
Your online payment form and credit card transaction charge computation should be as simple, straightforward, and user-friendly as feasible. This article simply outlined the steps required to collect the whole billed amount through your online payment form.
Use the Conditional Logic field option to enrich your online payment form, or use a simple checkbox to make the credit card transaction charge optional.
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The “gravity forms recurring payments” is a feature that allows users to calculate the credit card transaction fee. It is also possible to set up recurring payments for your Gravity Forms account.
Frequently Asked Questions
How do you calculate credit card fee?
A: This is a complicated question. The fee for credit card transactions are calculated by the percentage of the purchase that goes to fees and interest, as well as other factors like your banks pricing calculator. You can check with your bank for more information on this specific transaction.
How much does a credit card charge per transaction?
A: Credit cards charge anywhere from 1% to 3%. The average, however, is around 2.5%.
How do I calculate square processing fee?
A: You can use the following formula to calculate square processing fee.
Processing Fee = 0.000001 * (Ratio of Processing Power)
Square Processing Fee = 0.000001 * ([(X^2)/4])
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