When is the Transaction Fee charged?
The
Transaction Fee is charged when the service provider sends an Invoice to
the buyer through RapidLance. The fee is based on each Invoice amount. You
have 30 days to pay each fee, after which your Account will become
delinquent. However, if the buyer sends payment through RapidLance's payment
system, RapidLance will automatically deduct the scheduled transaction fee
from the payment before depositing the remainder in your Account. (The
buyer who posted the project is not charged.)
If you do not
invoice or receive payment through RapidLance for at least the full bid
amount within 30 days of accepting a project, RapidLance automatically
deducts the fee from your Account based on the difference remaining
between the bid amount and total invoiced amounts.
A transaction
fee will also be charged on payments sent from buyers above and beyond the
invoiced amount. When this happens, the fee will be automatically deducted
from the payment and the remaining amount will be deposited into the
service provider's Account.
How much is the Transaction
Fee?
The Transaction Fee is based on a percentage of the total
project amount. It is 8.75% for all projects posted after January 8, 2003.
There is a $10 minimum Transaction Fee for all accepted projects,
regardless of the bid or invoiced amount. For projects posted before
January 8, 2003 all subscribers will pay a 5% fee.
For repeat
projects posted by Service Providers on behalf of buyers through the
Submit Repeat Project link in Selling Activity providers will be charged a
4.75% Transaction Fee. (The 4.75% fee applies to projects posted after
January 8, 2003. For projects posted before January 8, 2003, subscribers
will pay a 5% fee). Buy Now service offers are subject to a 8.75%
Transaction Fee. For all projects posted after January 8, 2003, there is a
cap of $5,000 on the total transaction fee charged to a service provider
on an individual project.
When is the Transaction Fee
due?
Each transaction fee is due 30 days from when an Invoice is
sent through RapidLance. After 30 days, the fee will automatically be deducted
from available funds in your RapidLance Account. If a buyer pays an Invoice
through RapidLance before 30 days, however, RapidLance will deduct the fee at that
time.
Will a transaction fee be charged
on payments I receive?
If you receive payment through RapidLance, a
transaction fee based on the payment amount or the invoiced amount, which
ever is greater, will be deducted and the remaining amount deposited to
your Account.
Service providers also have the option of entering
payment amounts they receive outside of RapidLance in order to keep accurate
invoice records. This can be done by clicking the Invoice icon in My
RapidLance Selling Activity and then clicking the link under the Paid outside
RapidLance column. (Please note that you should have already invoiced through
RapidLance for these payments, as per the Terms). Once you enter an amount
paid outside RapidLance, a transaction fee based on the payment amount or
invoiced amount, which ever is greater, will be deducted from your
Account.
What
if I don't send invoices for the full bid amount?
If you have not
invoiced through RapidLance for the full bid amount within 30 days of
accepting the project, RapidLance will automatically deduct the transaction
fee from available funds in your RapidLance Account, based on the difference
between the original bid amount and the invoiced amount.
What
if the project ends up costing less than the original bid amount or is
cancelled?
If the scope or cost of the project changes due to the
buyer after you've accepted it, please have the bid amount adjusted by
Customer Support by filling out the Fee and Bid Adjustment Form located in
your Account page of My RapidLance. If you do not adjust your bid within 30
days from when you accepted the project, you will be billed for any
difference between the bid amount and the total of lesser invoiced
amounts. Please allow up to 7 business days for your request to be
processed.
NOTE: If the service provider accepts and then
cancels a project, the transaction fee stands.
What if the
project costs more than the bid amount?
For projects that go above
your posted bid amount, simply send an invoice for the additional amounts.
They will be recorded in your profile stats after you have paid the
related transaction fee. If the buyer sends payment through RapidLance for
more than the bid amount, the additional amounts will be recorded in your
profile. (Keep in mind that the total bid amount must be matched within 30
days of accepting the project, unless you file an adjustment request.)
What if I don't get paid for a project?
If a project
does not go forward or the terms of the project change, service providers
should fill out the Fee and Bid Adjustment Form located in the Account
page of My RapidLance to request an appropriate adjustment. If the project was
completed, but you haven't received payment, RapidLance offers dispute
resolution through SquareTrade.
Find out more about SquareTrade's
dispute
resolution service. |
