The default fee schedule for Clio Payments transaction fees is daily deduction for all transactions. Both US and Canadian customers also have the option to switch to the monthly fee schedule. With the monthly fee schedule, only chargebacks and refunds are deducted daily. Credit card, eCheck, and trust transaction fees are deducted at the end of the month.
Switch to monthly fee schedule
Follow these steps if you are switching to the monthly fee schedule for the first time. If you already switched to the monthly fee schedule and want to switch back to the daily schedule, skip to the next section.
Step 1: Send micro-deposits
If you are switching to the monthly fee schedule for the first time, you will need to send a micro-deposit to the bank account that mirrors each operating account. If you want to be able to issue trust refunds, you will also need to send micro-deposits to your trust accounts.
A micro-deposit is a small credit followed by a debit (less than $1) that you will see in your bank account when using online banking or when viewing your bank statement. The micro-deposit is used to verify your bank account details and ensure that Clio is authorized to deduct fees from your account.
- Go to Settings > Online Payments > Bank Accounts.
- Select Switch to monthly.
- Click Send micro-deposits next to each account that you want to connect.
Important: It can take up to two business days to see the micro-deposits in your bank accounts.
Step 2: Verify via micro-deposits
Once you receive the micro-deposits in your bank account, you can continue the verification process. If verification is completed before the last day of the month, your new fee schedule will begin on the first day of the upcoming month. If you miss the enrolment cutoff, your new fee schedule will begin on the first of the next month.
- Return to Settings > Online Payments > Bank Accounts.
-
Enter the deposit amounts.
- You will receive two deposits for a single account. Enter both amounts.
- Click Verify via micro-deposit.
Switch between schedules
If you previously switched from the default daily schedule to the monthly schedule, you can switch between schedules without having to send and verify any micro-deposits. You will need to verify via micro-deposits if you create any new operating accounts. To switch between fee schedules:
- Go to Settings > Online Payments > Bank Accounts.
- Click Switch to daily or Switch to monthly.
