Last Updated: April 7, 2018.
When you sign up as an instructor, we automatically create a payment processing account for you. Once you've set your calendar and prices, students use their credit or debit card to book sessions with you. The money for each session is held by Stripe (our very reputable payment processing partner) until the time of the session. After your student rates their session with you, the money is then deposited into your payment processing account (the one we set up for you!). Your processing account's balance is automatically deposited into your bank account each week. So, voila! All you do is tell us where to send the money, and you are left to teach to your heart's desire.
While being the lowest in the on-demand tutoring industry, our payment system deducts a certain percentage of the cost of your session. 10% is retained by iplusone (with a minimum fee of $3.00), while the remaining 5% is taken to cover expenses from our processor (Stripe). Stripe's fee structure is a little complicated, but not too bad--each payment to you will have deducted from it a processing fee equal to 2.9% of the payment amount plus $0.30. It also costs them $2.00 per month to maintain your account, and $0.25 for each transfer into your bank account. In the end, you will receive about 85% of the money from the cost of your session. Not too shabby!