ParentPay Collection Service

Payment settlement

Payments are settled in weekly batches composed of payments taken between Wednesday 00:00:00 to Tuesday 23:59:59. These payments will be credited to your nominated accounts 3 to 5 working days after the batched period ends. Payments credited to you will appear with one of the following references on your bank statement: ParentPay Funds, Cardnet Funds or PayPoint Funds.

Settlement statements

The Collection Service statements are published to your ParentPay site each week. The payment service fees (plus VAT) are deducted at source so the Net settlement figure is the amount that will be deposited to your account. Each statement shows a breakdown of the fees.

You can access your online statements at any time from your ParentPay manager screen at Finance > Reports > Collection Service Statements

Collection Service Payment Service Fee

Transaction type Payment Service Fee * Notes
Debit Cards 1.275% No fixed amount fee
No minimum fee
No minimum payment amount
Credit Cards 1.275% No fixed amount fee
No minimum fee
No minimum payment amount
PayPoint 1.275% No fixed amount
No minimum fee
Minimum payment amount of £1**
Bank Transfer 1.275% No fixed amount
No minimum fee
No minimum payment amount

* The fees quoted above are NET of VAT, which will be charged at the applicable rate, currently 20%. VAT invoices will continue to be produced alongside the Settlement Statements.

** PayPoint has a technical restriction of £1 per transaction

VAT Invoices

VAT invoices are available for you to download once payment has been settled. Please log in to your ParentPay manager screen and navigate to Finance > Reports > Collection Service Invoices to access the VAT Invoices.

Completely Reconciled Statements

Reconciliation of bank statements takes no time at all. The weekly statement shows a breakdown of transaction charges by item, allowing schools and caterers to allocate bank costs to each item, supplier or cost centre accurately.

PCI Certification Not Required

Clients using the Collection Service are not acting as merchants under Card Scheme rules and as such, will not have to complete PCI DSS Certification when using ParentPay.

Using any other platform, even if not accessing cardholder data directly, means schools or caterers have to become PCI DSS compliant themselves (completing certification annually) or leave themselves exposed to possible fines levied under scheme rules.

Payment Security and PCI DSS

ParentPay does not store and cannot access any card related data (card number, expiry date, issue number, CSC/CVV2 number) within the application, and no users can access any of this data. ParentPay is fully compliant and certified under PCI DSS. A copy of the compliance certificate is available on request.

ParentPay is the only provider of payment systems to schools in the UK that is fully certified as a Service Provider under PCI DSS.