We're in the process of cleaning up our invoicing system.
- All invoices will now be sent on the 25th of every month and due on the 1st of the following month.
- Invoices will now be calculated at 30.42 days per month as opposed to 30 days, as 365 days divided by 12 months = 30.42. This is a ~1.4% increase to your total, and should have been the amount billed all along.
- All invoices will be permanently discounted by 2% to more than compensate for this 1.4% increase.
- People paying via Credit Card will receive an additional 3% discount to their invoice, but this will be offset by a 3% surcharge.
- We offer an industry best uptime guarantee of 95%. If you experience less than 95% uptime during a calendar month, your invoice credit will be applied on the following month. Therefore, in the month of May, if you experience only 90% uptime, your 5% credit will be applied to your invoice due on July 1st, not June 1st. This provides us a month to coordinate with our partner facilities and calculate downtime, while accounting for late payers, exceptions, etc.
As you read the above you may be wondering "Why?" Please, let us explain!
Invoicing Due Dates:
As it stands, many invoices are due on varying days of the month. This makes things such as accounts receivable, exceptions and downtime calculation very messy and nearly impossible. Standardizing invoice due dates will greatly simplify this process and be cleaner for all parties involved.
Invoice Sent: 25th
Invoice Due: 1st
Invoice Late: 5th ($25 fee)
Miner Unplugged: 15th ($50 reconnect fee)
This will mean that if you don't already pay on the 1st, your May 1 invoice will be prorated and a lesser amount, but closer together than the 30 day gap you're used to. Starting June 1st your invoice amount will be the same moving forward. There's an example of this at the bottom of this email.
We only work with annual and multi-year contracts. For this reason, it isn't accurate for invoices to be calculated on a 30 day basis but rather 30.42 days (365/12). This is also how partner facilities bill us as well, so we've been eating this 1.4% difference. Yes, we are offsetting this with a 2% top line discount so this won't negatively affect you. But for new customers moving forward, they will all pay 30.42 days without a 2% discount. Your offsetting discount will still be applied for any new miners you may add, so no need to worry.
Credit Card Transaction Fees
You didn't opt in to a 3% surcharge for paying via CC, so we aren't passing it on to you. But future customers will need to pay this fee. We're offsetting your surcharge with an equal discount so it won't affect you. But putting this surcharge into our system today will make it much simpler for onboarding future customers. As long as you are a customer with us, even as you add more miners, we will continue to offset this surcharge with an equal discount so it does not affect you!
Customers paying via ACH, wire or crypto will continue to not have any transaction fees. They also will not get a 3% offset, however, as nothing is changing for them.
Below is how this math would look for a customer with 1 miner paying a $200/month hosting bill on the 15th of every month with a credit card:
If you'd like to play with this math for yourself, you may access this calculator here. Just make a copy and it will become editable for you.
Please feel free to email us with any questions you may have.