Billing and Invoicing Details
pVerify has 3 types of plans:
Monthly – you are billed depending on your transaction amount and type.
Prepaid – you pay a flat rate per transaction, starting from a maximum until 0 (much like a phone card).
Subscription – you pay a flat fee with free transactions, and incur overage for transactions above that limit.
In addition, we have an Advance Fee that we typically apply to monthly accounts, to help defray setup cost in case of low volume.
Invoicing – First Month
The first month will have a partial bill if you start using our service on any day beyond the first of the month. The way the partial bill is settled is dependent on your invoice type.
Monthly – you are charged for the transactions incurred in the prior month, plus the advance fee.
Subscription – You are charged the full plan amount i.e. $50 when you first sign up. You are then entitled to a refund up to plan amount depending on transaction volume. This refund occurs in the first bill. For example, if you use half of your transactions ie 100 out of 200 transactions, you will get a $25 credit. For the first billing cycle, you will also incur the subscription fee for the current billing cycle. In this example it would be a $75 bill with a $50 credit, for a final balance due of $25.
Prepaid – there is no invoicing – you pay an upfront cost to use the service, then refill when you are at zero.
Invoicing – Second Month and Onward
Monthly and Subscription clients are invoiced. Prepaid is not, that is there will be no bill created with their transaction summary. Invoicing occurs on the 1st of the month.
Monthly – the invoice will contain the transactions and charges from the prior month, or $50, whichever is less.
Subscription – the invoice currently contains a subscription fee for previous month, and the overage from the previous month. In July 2018, we are switching to a easier methodology of billing calculation where the invoice will contain the subscription fee for current month (i.e. July 2018) and the overage for previous month. Thus for the July 1st bill you will see 2 subscription fees (June 2018 & July 2018) for existing subscription customers only. For example you have a $50 plan and used 300 transactions, 200 of these are “Free”, 100 are counted as overage. The transaction cost in this example is 0.25 per transaction. Thus the final bill would be $50 plan amount plus $25 overage, for $75 in total.
Prepaid – are not invoiced