Here is an example of the monthly cost to use WidenPay for Billing Plan 3 based on a roofing contractor company called We Love Roofing (WLR).

WLR invoices $100,000 in sales per month from 15 transactions. Of the $100,000 invoiced, WLR expects to receive 10 credit card payments totaling $40,000 and 5 Electronic Fund Transfers (EFT payments) totaling $60,000.

After a free 14-day trial in December 2020, WLR decides to use WidenPay to accept credit cards and EFTs starting in January 2021.

Starting January 1, 2021, WLR signs up for WidenPay’s “Billing Plan 3 for Credit Card + EFT Payments”. On January 31 st , WLR will receive a bill from WidenPay for $31.00 calculated as:

Fees for credit card payments
    $8.00 service fee for the month of January
+ $1.00 for the 10 credit card transactions ($0.10 X 10 transactions)
+ $40.00 ($40,000 credit card sales in January X 0.0010)
    $49.00

Fees for EFT payments
    $8.00 service fee for the month of January
+ $1.25 for the 5 EFT transactions ($0.25 X 5 transactions)
    $9.25

For credit card + EFT payments:
    $49.00 for credit card payments
+ $ 9.25 for EFT payments                 
    $58.25 WLR pays this amount for using WidenPay for the month of January 31, 2021

No, you will continue to receive a separate bill for your Bambora account. You will receive a separate monthly bill for WidenPay based on the Billing Plan you have chosen.

Yes, you can start with one Billing Plan and switch to another later.

For accounts payable, EFT takes 3 days to process and for account receivable 5 days.