As a FlexPay client, you will receive an invoice every Monday from your FlexPay Client Success Manager. The invoice will cover the previous 7-day period (from Sunday to Saturday), and it will be due for payment the following Monday.
For a high-level overview of how we bill, view this article.
Our invoice was designed with our clients in mind, and it includes all relevant information in one place.
In addition to the invoice sent to you weekly, it is stored in your FlexPay portal so you can review or download it anytime.
Here is an example of a FlexPay invoice:
Your invoice includes three sections: (1) Invoice header, (2) Invoice Summary, and (3) Invoice details. Keep reading to understand the terms in each section.
- The invoice number – The FlexPay internal reference number for your invoice. If you have any questions about your invoice, you can reference this number when speaking with our team.
- The billing date – The date on which the invoice is generated
- Current recovery fees – The fees charged based on the total recovery performed in the referenced week.
- Rebate – The rebate you receive based on your baseline recovery rate. This contains both the dollar amount of your rebate and the actual rebate rate for reference.
- Subtotal – The amount you are charged for FlexPay recovery efforts before taxes, where applicable.
- GST/PST – Canadian taxes (only applicable to Canadian customers).
- New charges – The total amount due for the invoice, including taxes where applicable.
- Due date – The date on which FlexPay must receive the payment.
- Currency – FlexPay recovery is separated by currency. If you work with multiple currencies, each line is separate.
- Value – This is the exchange rate that is applied to the currency. All recovery is converted to your home currency using the exchange rate posted on the invoice date.
- Gross recovery – The total amount (in native currency) recovered by FlexPay within the given week.
- Chargebacks – A reduction on the gross recovery based on the agreed-upon chargeback rate.
- Refunds – The total amount of refunds that were processed within the FlexPay platform during the given week.
- Net recovery – The total recovery after you subtract chargebacks and refunds.
- Fees – The amount FlexPay charges for the net recovery, in your native currency.
- Home currency fees – This is the total amount in your home currency that FlexPay will be charging you.
How We Calculate Your Fees:
In the example below, we'll use a 25% flat rate on the net recovery within a given billing period, which provides us with your billing fees for the recoveries. It is important to us that we only charge you for actual recovered customers. So, we accordingly remove any refunded customers from your billing amount. Additionally, we understand that chargebacks are a business reality, so we offer a direct reduction on your recovery based on the agreed-upon chargeback rate.
$18,822.98 (net recovery amount) X 25% (billing rate) = $4,705.75 (recovery fees)
When you start working with FlexPay, we review your baseline and the data you send us and prepare an estimated recovery rate. This rate is used for billing and is adjusted regularly to ensure we are billing you the correct amount.
Using the estimated recovery, we determine what FlexPay’s portion of recovery will be by subtracting your baseline from our estimated recovery rate.
In the following example, the estimated recovery rate is 35%, and the client baseline is 21.9%.
Example: 35% (FlexPay estimated recovery rate) – 21.9% (example baseline) = 13.1 (FlexPay lift)
Next, we divide FlexPay’s lift by the estimated recovery rate of 35%. This gives us the portion of declines that FlexPay is responsible for recovering.
Example: 13.1 / 35 = 0.37428 (37.4%) of the recovery.
With this, we can take the total recovery (100%) and remove the FlexPay proportion of the recovery (37.4%) to get your billing rebate (100% – 37.4% = 62.6%).