FlexPay.io's invoice was created primarily with our clients in mind. An invoice that was much easier to understand, with one simply look. 

Invoices are generated and uploaded into the FlexPay platform each week, refer to the article Finding Your Invoice in FlexPay to learn how to access your invoice. The billing week is a seven day period spanning from Sunday to Saturday. 

Below is a PDF version of an invoice. This version of a invoice can be sent as an attachment when sending a Client their invoice email. 

Your Invoice

This section of the invoice outlines

  • The invoice number - internal number generated for the invoice
  • The billing date - date the invoice was generated
  • FlexPay's contact information - ways to contact FlexPay

Invoice Summary

The invoice summary reflects the following:

  • Current recovery fees - fees associated with the billing period
  • Rebate - a rebate of fees for a portion of declines typically recovered by the client
  • Subtotal - billable amount owed
  • GST/PST - taxes (if applicable) 
  • New charges - billable amount after rebates and taxes (if applicable) 
  • Due date - date invoice must be paid

Invoice Details

Invoice Details reflects:

  • Currency - the country dollar value 
  • Value - the currency conversion value used to calculate the various currencies
  • Gross recovery - all amounts recovered by FlexPay, (chargebacks and refunds included)
  • Chargebacks - an amount refunded back to the customer by the issuing bank
  • Refunds -  the amount of repayment issued back to customers
  • Net recovery - amounts recovered by FlexPay (chargebacks and refunds excluded)
  • Fees - the amount charged for the recovery period
  • Home currency fees - same amount as the recovery fees

How we calculate your fees

FlexPay charges a 25% flat rate on the net recovery amount per billing period which gives us your billing fees for the recoveries. Net recovery excludes chargebacks and refunds.

Example: $18,822.98 (net recovery amt) X 25% (flat rate) = $4,705.75 (recovery fees)

How it works

FlexPay's estimated recovery rate is 35% of all your declines. Therefore, we determine what FlexPay's portion of recovery will be by subtracting your baseline from our estimated recovery rate of 35%. 

Example: 35 (FP recovery rate) - 21.9 (baseline) = 13.1 (FP portion or recovery)

Next, we divide FlexPay's portion of recovery by the recovery rate of 35% (when estimating) which will gives us the proportion of declines FlexPay is responsible for recovering. 

Example: 13.1 / 35 = 0.37428 (37.4%) of the recovery.

That number is then multiplied by the fees, and gives us your sub-total (what is actually owed).

Example: 0.37428 (37.4%) * $4,705.75 = $1,761.295 (sub-total amount)

Whilst we estimate our recovery to be 35%, the results do vary - sometimes we will recover more than 35%, sometimes lower. To keep things fair, we provide a true-up that allows us to (after 3 months) look back on the recoveries we've generated and see how we've performed. If we've generated less than 35% recovery, you'll be due a credit on your account. If we've generated more than 35%, you'll owe FlexPay a small amount.