SmartDONORCOVER: How the transaction fee is calculated and stored

SmartDONORCOVER: How the transaction fee is calculated and stored

There are now two options in SmartDONORCOVER OLX on how the fee is calculated.

Option 1. The exact fee calculation

This is the default and is slightly complex to explain (below we use a fixed $0.26 and variable 2.798%):
  1. If your donor gives you $100 you would not receive the full amount, a fee of 0.26 + 0.02798 * $100 would be levied i.e. $3.06
  2. SmartDONORCOVEROLX allows your donor to cover the fee and receive the full $100 BUT this would not work if you just charged them $103.06 WHY! Well the fee you would be charged would be based on the $103.06 which has a fee of 0.26 + 0.02798 * 103.06 = $3.14. This means you would receive $103.06 - $3.14 = $99.92
  3. To receive the full $100 you need to charge the donor ($100 + 0.26) / (1 - 0.02798) = $103.15 so SmartDONORCOVEROLX will charge the donor this amount

Option 2. The flat fee

You can also choose to charge a set fixed and variable fee i.e. maybe fixed 0 and variable 3%. You can choose to use a flat fee in the options of SmartDONORCOVER OLX when generating your snippet.
  1. If your donor gives you $100 they will be charged $103 i.e. $3 fee. The real fee you are charged would be 0.26 + 0.02798 * $103 = $3.14
Obviously, this does not exactly equal the fee you will be charged but roughly covers it and is easier to explain by far. 

Optional: Storing the calculated transaction fee

You can choose to store the calculated transaction fee along with the gift so you can later analyse this in Raiser's Edge. To do this you need to create a gift custom field/attribute in Raiser's Edge:
  1. Name: 'Transaction Fee' (this is case sensitive so please enter exactly as displayed)
  2. Type 'Text'
  3. One per record: selected
  4. Active: selected
Once you have created this attribute please go to your Online Express donation form settings and add it to your form. The attribute will not appear to your donors (if you have SmartDONORCOVER enabled on your donation form) but it will be filled with the fee amount. This will also mean it appears in the Transaction Summary merge field for the email and onscreen donation confirmations which can be useful. The amount will also come into Raiser's Edge on the gift so you can query or export the values later for analysis.

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