The application fee is how OurCorner makes money. It is a flat fee of $1.00 added to every successful transaction. If it was up to us, we would not have any fees but when it came down to it, we needed a way to maintain OurCorner and provide all the awesome tools we have. We also wanted to be subscription free, so this is what we have come up with in order to at minimum keep the lights on. We hope in the future our business folks can figure out a way to get rid of these as well!
The processing fee is unfortunately not up to us. These are the fees that are paid to the 3rd party company that handles the safe and secure processing of all the fees. You can read more about them by going to stripe.com. Their fees are percentage based and vary depending on the amount of the payment and the payment source. When you pay by bank account, the processing fee is .08% of the amount. The fee on bank account payments will never exceed $5.00. If you pay by credit card the fee is $.30 plus 2.9% of the total with no fee limit.
Early on, OurCorner talked to many people about who should bear the burden of paying the fees. After researching and debating, we have determined that the payer is responsible for the fees at the time of making a payment. We felt that in an association, the residents fund the association and so, in order to be transparent, it makes more sense to show you up front than indirectly having your dues increase. However, the residents do not need to pay online. OurCorner offers the capability to update invoices as manually paid if a resident pays in cash or check thus by passing any fees.
To give you a better idea of how the fees work, below is an example of a transaction.
|Payment Source:||Bank Account||Credit/Debit Card|