myFoodDays charges a fee for using the service that covers the cost of serving the website, adding new features, helping admins and for processing credit card payments. The fee is a percentage that is deducted from payments processed for orders placed and is calculated on a per-parent basis with each drawdown requested. Details of the drawdown are emailed to the financial contact on file and can also be viewed by admins at any time.
Each month or, on demand if not needed monthly, the financial contact will receive a drawdown statement that will accompany a check or bank transfer a few days later. The drawdown is the means by which we sent the funds collected over to you.
Towards the end of the year, we might see this number turn to a negative, i.e. we’ll send you a request for money. That happens when, after sending money through to you, you cancel orders for parents, that results in our having to bring back money for the parent. Normally, parents will either request a refund back to their card which means the money goes back to them or, they’ll hold on to the balance and use it for orders in the next year. In these cases, if you plan to continue using myFoodDays in the new school year, we’ll carry over the balance and simply deduct it from the next draw down.
Other processing fees
Whilst the processing fee is the main charge levied by myFoodDays, there are a few other fees that may be incurred during use:
- Parent small transaction processing fee: $0.99. This fee is levied at payment if the total paid is less than $25. The parent is given instructions on how to avoid the fee by pre-paying into their account.
- Chargeback fee: $30. As described in the parent agreement that is confirmed at account creation, parents are levied a $30 processing fee in the event that they raise a dispute at their credit card company against a payment made to myFoodDays, instead of contacting us first. The fee is a pass-through from our payment processing provider and is expected to be paid by the parent upon the next order payments and/or when they are required to make-good on the cancelled payment in order to avoid cancelation of orders.
- Additional drawdown processing fee: $4.99. We are able to process one draw down per month manually or automatically on the day of your choosing. Additional drawdowns incur a processing fee which is a pass-through from our banking provider.