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NEW: Togetherpay Processor Change to Stripe Payment Processing Begins This Month
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If your organization onboarded with Doubleknot or switched to Togetherpay before May 2020, your backend payment processor for electionic check and credit cards will change to Stripe. The migration will begin at the end of this month (February) and will continue for the next several months. There are no changes to your transaction fees for Stripe, and the switch will be transparent. We will let you know when the switch for your organization is complete.
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Stripe delivers superior payment processing that includes:
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Faster approval times
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Better compliance
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Enhanced fraud protection
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Robust chargeback management including a comprehensive portal where you can review disputes, submit evidence and view the won or lost status in the Doubleknot application. It will no longer be necessary to contact Doubleknot Support to dispute or check on the status of chargebacks.
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Optional electronic check (ACH) bank account authentication via Plaid* that practically eliminates returned payments for insufficient funds, closed accounts and incorrect bank account numbers.
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Organizations that manually request their funds from Doubleknot for electronic check and credit card payments will no longer need to do so—with Stripe, funds will be deposited directly into your bank account daily. This change will not apply to PayPal payments.
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NOTE: If your organization’s bank account currently has a debit block in place, you will need to provide Stripe’s company ID (which is "1800948598 - Stripe Payments Company") to your bank.
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*The optional Plaid bank account validation is an additional $1.25 for each ACH transaction.
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Visa, Inc. to Announce New Credit Card Rates for US Merchants in April
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Visa has announced that in April, they will change the ways that payment processing rates are calculated for merchants in the United States, and it is expected other card brands will shortly follow suit. This change was scheduled to occur last year but was delayed because of the widespread business disruptions caused by the pandemic. Until Visa provides details about the changes, we can’t predict the impact on payment processing fees, and we will keep you informed about Visa’s upcoming changes as well as any changes by other credit card networks as information becomes available.
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Best Practices for Discounts and Promotions
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Doubleknot’s powerful discounts features makes it possible to deliver almost any kind of discount on tickets, registrations, reservations, membership and store products.
To make sure that your discounts deliver the results you want, please note the following:
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- Before creating a discount, consider who you want to be able to use the discount. Discounts can be automatically applied when certain conditions are met (e.g., if the customer has a membership or there’s a qualifying item in their shopping cart). If you want to place limitations on using the discount, consider assigning a discount code. If you assign a discount code, you can still set other qualifying conditions that control when the discount can be used.
- After a customer uses a discount, you can only make a limited number of changes to the discount’s configuration. If you’re concerned that a discount might be overused, set an end date for the discount. Because of potential impact on financial reporting, used discounts can only be deleted by our support team.
- Test discounts thoroughly before making them public, and clearly communicate when and how the discount can be used. You can prevent negative customer interactions by ensuring that the discount performs as expected and that customers understand how the discount works.
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If you have questions about discounts, let us know at support@doubleknot.com.
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