By default, Clio Payments transaction fees are deducted daily. You also have the option to switch to the monthly fee schedule. With the monthly fee schedule, only chargebacks and refunds are deducted daily. Credit card, e-Check, and trust transaction fees are deducted at the end of the month.
You can view a detailed summary of individual transactions and respective fees for both the daily and monthly fees schedules by generating the deposit report. Learn more here.
Note: Regardless of which fee schedule you select, trust payments are always deposited in full and transaction fees are always taken from the operating account, in compliance with IOLTA rules.
Switch to monthly fee schedule
Note: Follow these steps if you are switching to the monthly fee schedule for the first time. If you already switched to the monthly schedule and want to switch back to the daily schedule, skip to the next section.
Step 1: Send micro-deposits
If you are switching to the monthly fee schedule for the first time, you will need to send a micro-deposit to the bank account that mirrors each operating account. A micro-deposit is a small credit followed by a debit (less than $1) that you will see in your bank account when using online banking or when viewing your bank statement. The micro-deposit is used to verify your bank account details and ensures that Clio is authorized to deduct fees from your account.
Important: It can take five to seven business days to see the micro-deposits in your bank account.
To send micro-deposits:
- Go to Settings > Online Payments > Bank Accounts.
- Select Switch to monthly.
- Click Send micro-deposits next to each operating account that you want to connect.
Step 2: Verify via micro-deposits
Once you receive the micro-deposits in your bank account, you can continue the verification process. If verification is completed before the last day of the month, your new fee schedule will begin on the first day of the upcoming month. If you miss the enrolment cutoff, your new fee schedule will begin on the first of the next month instead.
To complete verification:
- Return to the sign-up page.
- Enter the deposit amount. If you receive two deposits for a single account, enter both amounts.
- Click Verify via micro-deposit.
Switch between schedules
If you previously switched from the default daily schedule to the monthly schedule, you can switch between schedules without having to send and verify any micro-deposits, unless you create a new operating account. To switch between fee schedules:
- Go to Settings > Online Payments > Bank Accounts.
- Click Switch to daily or Switch to monthly.
