FAQ - Volume Based - Plan Update
Q: Why is the fee structure changing now?
A: Like many businesses, the new year brings about a time to review and align initiatives for the coming year. This year we looked at the challenges and impacts of maintaining two distinctly different payment structures and found it did not make sense to continue in this fashion.
Aligning all our partners under a single billing methodology will improve our ability to track the efficacy of the enhancements we make, simplify communications, improve projections, and assure we can continue to add features to the product which benefit your business and maximize your return on investment.
Q: Why are you doing a large rate increase on the clients that have been with you the longest?
A: This is not a rate increase; this is a retiring of a grandfathered rate plan that was discontinued at the end of 2018. Many clients will pay less on the new plan. However, the conversion does affect different accounts differently, and we acknowledge that fact. Option A is a 20% discount off the pricing structure that ConnectBooster has had in place ever since the end of 2018.
Q: This change seems out of sorts for ConnectBooster, why are you doing this?
A: As mentioned above, this is not actually a deviation from our normal business, we are simply retiring an old rate structure. We are currently working on migrating to a new accounting system and decided this would be the right time to streamline our billing down to one pricing structure for the ConnectBooster product.
Q: I reached out but haven’t heard back from anyone, why not?
A: The response to our notification spread beyond the recipients of the notification. The number of inquiries we received from clients new and old is making working through the list slower than expected, which is also why we are extending the deadline.
Q: I see in the FAQ that there is a new ConnectBooster feature called Interchange Optimization, what is that?
A: Interchange Optimization is a new ConnectBooster feature that we have in Beta testing and are allowing impacted clients to take advantage of. This new feature allows ConnectBooster to pass additional transactional information through to Visa and Mastercard. This additional data works like a coupon for Visa and Mastercard transactions reducing the processing cost significantly. We have seen this feature save clients more per month than the entire cost of the ConnectBooster product, but again, it affects different clients differently.
Q: Why is there now a 3 year contract component to your new service contract, i.e., Option A?
A: We wanted a way to provide the clients that have been with us the longest a way to get a discount on the pricing we have in place for new clients. Contracts on the product also allow us to better budget for research and development planning for the ConnectBooster product. Better budgeting around R&D will help us get through feature additions and additional integrations faster than we were able to in the past. Again, this is not required, and a 3-year contract may seem like a long time but getting paid on time never goes out of style.
Q: What if I change my mind prior to May 1st?
A: Simply complete the DocuSign again with your preferred option, and shoot us an email highlighting the change. This will doubly ensure the correct billing terms are set for your account.
Q: If I select Option B, then decide I want Option A after May 1st, can I still enter a contract and get the savings?
A: Yes. You may switch and still get the special pricing for a 90 day window, i.e., until Aug 1.
Q: What is the minimum obligation for the 3 year contract?
A: If your business opts to simply discontinue moving volume through ConnectBooster, your invoice would automatically default to the $119 per month, for the remainder of the contract (however much is left).
Q: What are my options again?
A: You may select:
- Option A - Which includes a 20% discount off current standard pricing, with invoices being assessed as the greater of a $119 monthly minimum billing, or 0.4% of the months total completed portal payments. This option is a three-year contract option and also caps the maximum possible billing at $1000.
- Option B - Wherein invoice billing is calculated as the greater of $349 or 0.5% of complete portal payments in a month. This is a month-to-month contract with no cap to the total billing.
If you would like help calculating these options for your business, please contact us at [email protected]. We will review with you one-on-one to assess your situation and help you determine exactly how this will affect your business and make an informed decision by May 1st.
Q: So, this means I’m paying more, right?
A: Not necessarily. We highly recommend you reach out to our team to determine how this will impact your specific business. We know many of our partners will experience cost savings.
Q: Will this mean I am billed for every dollar I issue or receive as a business?
A: No, the billing calculation will only consider successful transactions executed from your ConnectBooster portal.
The ConnectBooster SaaS fee calculation will not include payments you might receive via physical checks, through your gateway, or from other tie-ins like those offered by popular quoting tools.
Q: How can I estimate how this impacts me?
A: The easiest way to calculate what to expect for your company is to use your gateway’s reporting to review the average amount your organization is running through ConnectBooster each month. Then simply multiply this amount by .004 or .005.
If you would like help calculating these options for your business, please contact us at [email protected].
Q: I did the math and I expect to see an increase. Is there anything I can do to reduce the impact?
A: Option A includes a 20% discount of the standard rate today (Normally $149 minimum or 0.5% of volume) and is the best way to save on your future ConnectBooster SaaS fees. But, if you are running enough Visa or MasterCard transactions each month, there may be opportunity to save money in your credit card processing fees. Please contact us at [email protected] and we will help you uncover potential savings.
We are now expanding our initial Beta on a new Interchange Optimization program, which has helped our early users save hundreds of dollars a month in Visa and Mastercard processing fees.
If you are interested in participating in the expanded Interchange Optimization Beta, contact [email protected].
Q: When will I see this change impact my ConnectBooster invoice amount?
A: The first invoice you should expect to see reflecting this new method of billing will be issued in the first week of June 2022.
Q: Who should select the new billing option for our business?
A: Only one individual from your organization should complete the official billing option selection document. The person who completes this document should be an owner or individual officially recognized as being empowered to enter contracts on the businesses behalf.
Q: I still have remaining questions. Who do I speak to?
A: If you have further questions, please contact [email protected].