How do I calculate how much to charge players, when accounting for the transaction fee?
OpenSports uses a payment system called Stripe that is fully integrated with our platform (web + iOS and Android app) so you can seamlessly collect event fees, or team payments.
Stripe receives 2.9% + $0.30 of each payment as a service fee to process the payment. OpenSports collects an additional 2.1% to provide you with integrated features that make managing your games incredibly easy!
How to calculate what fees to charge:
A small transaction fee (5% + $0.30) will be taken from the total amount a game organizer charges per ticket.
For example, if you want to collect $10 from each player who RSVPs your game, you will want to charge $10.84 per ticket… see calculation below!
The following formula can be used to determine how much you should charge in order to collect the desired amount:
Amount to charge = (Desired amount to collect + $0.30) / 0.95
So, if you want to collect $10 per player, the calculation is:
Amount to charge = ($10 + $0.30) / 0.95 = $10.84
How does this compare with some of our competitors? Let’s just say that on top of charging a monthly fee to be an organizer on MeetUp, their transaction fee is around a whopping 8% + $0.50 (see our fee comparison chart here). So yes, OpenSports is the way to go 🥇
Now you’re ready to collect payment! If you want to learn about how to set up an event and collect all of your RSVP’s and payment for it, read here.