Many Providers offer the ability to pay for credit products by entering credit card and are likely assessed a fee by your merchant for each transaction. Now, Providers can offset those costs and recapture merchant fees with the Credit Card Convenience Fee feature in XpertOnline.
The Convenience Fee can be set up with different percentages per client, or you can enable it at your CRA level for all clients that pay via credit card. NOTE: This is a percentage-based feature, usually in the 3-4% range to help recover merchant costs.
When applied and a file is paid for via credit card, the Individual or Joint base product Price and Tax will have this fee assessed. Other ancillary client costs like CreditXpert, LOS fees, Fannie and Freddie reissue fees will not have a fee added.
Do you have XpertOnline set up so customer service costs that are incurred after the file is completed will be billed to the credit card? Not to worry: the Convenience Fee will be applied on these as well since you are assessed a merchant fee.
Additionally, the Convenience Fee will be applied on product upgrades, so your clients can expect fees on the original pull that is paid for via credit card, and on the upgrade that is paid for via credit card.
In general, since the merchant fees are non-refundable, the Convenience Fee is non-refundable, too
To get started using this feature, please reach out to the Tech Support email below so that we can assist in getting this setup for you.
- Contact Matt Brannon at Matt.Brannon@SharperLending.com with questions.
- Contact Tickets@SharperLending.com to get started using this feature.