Is there a 2.5% processing fee for transactions in ClassWallet?

Yes. There is a 2.5% processing fee for ClassWallet payments to Direct Pay providers only. There is no transaction fee in the Marketplace, OR for reimbursements.

DirectPay providers are subject to a 2.5% processing fee. The processing fee applies to the entire payment amount, including any fees that may be assessed to the end user (ClassWallet Account Holder).

*2.5% of $1,000 = $975.00 amount will settle in the provider's account

Here is an example of what parents will see in the ClassWallet platform when they submit payment to a qualifying provider. A scholarship parent is responsible for entering the total amount on their invoice. They are not responsible for entering a new total, or taking the service fee into account.

Please see the example below. If the invoice amount is $1,000, the parent should enter $1,000 in the field titled, "enter payment amount." When the payment settles in the account of the provider, the amount paid to the provider will be $975.