Payment Terms

Transaction pricing terms and conditions

For items paid using School Cash Online, the Client will receive the net amount of the item, less the Transaction Fee, deposited into the designated bank account.  For items paid using Credit/Debit cards with an integrated Point of Sale device with School Cash Register (‘POS Transactions’), the Client will receive the net amount of the item, less the Transaction Fee, deposited into the District designated bank account(s).

All Transaction Fees collected from School Cash Online and POS users will be deposited into a bank account controlled by KEV and will be accounted for as KEV revenue. All Transaction Fees collected from cash or check users of School Cash Register will be deposited into a bank account controlled by the Client (excluding aforementioned POS swipe terminal Transactions).

The Client will be charged in arrears, on a monthly basis, for the following type of item transactions:

• Meal Plan transactions with a flat fee per transaction

Payment Usage, Rebates and Minimum Commitments

Payments Usage is the volume of payments transaction via School Cash Online and POS as a percentage of total revenue received for all schools for the Client in School Funds Online or School Cash Accounting in the previous 12 months.

The minimum committed Payments Usage is as follows:

Year 1:   25%

Year 2:   35%

Year 3+: 45%

Payment Usage will be calculated on each contractual year end date for all revenue processed in the previous 12 months.  Should Payment Usage exceed 80% for any trailing twelve-month period, a rebate of 25 bps will be eligible to be applied (either to each subsequent transaction, or in the form of a rebate to be provided in arrears to the Client).

If Client does not process the committed minimum Payment Usage volume each year, the difference in fees will be invoiced to the Client, immediately following the end of the previous year’s anniversary of the Statement of Work. The difference in fees will be calculated based on the difference between the actual online payment volume and the minimum online payment volume, and using the average purchased item cost for that year.

Meal Plan

Should the Client elect to use KEV’s Meal Plan functionality, an addendum to this Statement of Work is required.

Rounding

The product incorporates the ability to round fees based on an item price range.  The following is the default fee rounding schedule, which is subject to change based on a written agreement between KEV and the Client.