Pricing & Payment

Payment Service using Stripe

There are two parts

  1. Defining the cost of booking
  2. Receiving the payment

Pricing

If payment is required for booking, cost of booking the asset needs to be define. The cost of booking can be

  • fixed
  • variable

Fixed pricing means, the cost of booking is same irrespective of the time of the booking or quantity of booking. However the pricing can be a variable as well. Variable pricing is a powerful feature which allows you to define a variable cost based on the time or quantity for booking for an asset.

For example, the asset owner may decide that the price of booking an asset is $20 per hour irrespective of the time of the day or day of the week. Alternatively the asset owner may configure the usage price as a variable rate based on the time of the day, say it might be $15 per hour before 5PM and $25 per hour after 5PM.

BookAndPay supports the following usage or booking price

  1. fixed
  2. count
  3. hour_of_the_day
  4. day_of_the_week
  5. time_of_the_week
  6. date_of_the_month
  7. month_of_the_year
  8. custom_time
  9. custom_quantity

Fixed

usage price is fixed and does not vary based on time or date or quantity.

Count

Usage price vary based on the number of purchases / bookings made.

E.g.

1 to 2 purchase / bookings: $15
3 or more purchase / bookings: $12

Hour_of_the_day

price vary based on the hour of the day

E.g.

7AM to 10AM : $4  
10AM to 5PM : $5

Day_of_the_week

price vary based on the day of the week

E.g.

Mon to Fri : $10
Sat to Sun : $12

Time_of_the_week

price vary based on the time of the week

E.g.

Mon 3pm to Mon 7pm : $25
Rest of the time: $15

Date_of_the_month

price vary based on the date of the month

E.g.

Jan 1 - Mar22 : $20
Mar 23 - Nov1 : $25
Nov 2 - Dec 31: $30

Month_of_the_year

price vary based on the month of the year.

E.g.

Jan - Apr : $22
May - Dec : $25

Custom_time

Customized and one off prices. This should include year (timestamp)

E.g.

Apr 1 2019 - Apr22 2019 : $40
Any other time: $30

Payment

Payment service is an optional service in the BookAndPay application. Payment service can be used create invoices, receive payments and distribute payments.

BookAndPay application does not handle payments directly. It uses payment service providers to process payment and uses reputed third party providers such as Stripe and Braintree.

BookAndPay application does not retain credit card information. This is typically done by providers such as Stripe. However Stripe and Braintree are suitable for programmers with fairly solid skills in software programming and security as it works at API level.

BookAndPay payment service is more than just credit card processing via online payment platforms such as Stripe. To illustrate the point, lets take an example.

  1. The business provides the customer the option to pay at the time of booking or after receiving the service.

  2. To receive payment, you may need to create an online invoice that the customer can click and pay.

  3. Business may provide the option to store credit card details to make future payments easier.

  4. Your customer may need to have access to an invoice that s/he can access any time via self-service.

  5. If the customer cancels the booking prior to the service, the business may need to refund it automatically.

  6. Your business may provide partial or full refund if the customer is also not happy with the service.

  7. Your business provide self-service capability such that your customers can login and view their past transactions and download invoices.

This example shows that payment is an integral part of your business work flow. Payment service often works along with other application services in the BookAndPay application such as notification messages and self-service

You can even integrate BookAndPay payment service with third party accounting software.

Why is it needed ?

Payment service is an optional service which you can configure and enable if you need to add payment into your work order or booking process.

There are several reasons why you may want to add and enable payment service.

  1. You can take automation of booking and work order processing better.

  2. You an integrate BookAndPay payment service with other software applications such as accounting packages.

  3. You can keep the data in your preferred location. The laws of data privacy and where your customer data reside is becoming increasingly important.

  4. Improved security. With BookAndPay integration to highly secure services such as Stripe, you reduce the burden of managing security associated with the customer credit card information or personal information.

  5. You can incorporate refunds on cancellations or changes without a lot of human intervention and hence improving your business productivity and customer experience.

  6. With self-service option, your customers do not need to call you to retrieve details of past work orders or booking they have done. Customer can login and retrieve past invoices and records themselves.

How it works ?

Payment is a service component within BookAndPay application. It gets deployed when you deploy the application.

Like other services, you have to configure the Payment service after deployment.