Revenue to support the taxi module within the system is generated from two sources:
I-GTM Platform Fee per Traveller: A fee is charged per traveller for using the I-GTM platform to book taxi services.
Ride Share Amalgamation Fee: This fee is only applied when the system identifies a ride-sharing opportunity.
Fees are included in the price displayed to the booker and will be supplied as an importable recital to the bursary to appear on the school bill.
Initiation
Taxi Supplier Onboarding Costs: A one-time onboarding fee of £200 plus VAT per supplier is charged. This fee encompasses the setup and integration process for each taxi company onto the platform.
Per-journey
Taxi Base Price: This is the initial fare quoted by the taxi company. It is the starting point for calculating the total cost of the journey.
Extras: Additional charges not included in the base fare may be added for waiting time, parking, ULEZ, congestion charge, valeting or miscellaneous charges.
Service API Fee: I-GTM uses multiple, paid-for API’s. This mandatory fee is charged at 5% percent of the total journey price.
Platform Fee per Passenger: A variable fee based on the total cost of the journey. It ranges from £1 to £7.50 for journeys over £120. The platform fee is charged per passenger.
Ride Share Booked by Parents: If a ride-share is booked by parents, the platform fee per passenger applies as detailed above.
Ride Share Discovered by System: If the system discovers a ride-share, the resultant saving is passed on after deduction of an amalgamation fee.
Summary: The final journey price presented to the booker includes the base fare, any waiting time or other extras, the service API fee, the platform fee per passenger, any savings from auto-discovered ride-share, plus VAT if applicable.
Funding
Payment terms are strictly 7 days. Late payment will be charged interest at a rate of 5% above the prevailing Bank of England base rate and will be calculated on a daily basis.
How it Works:
- Taxis are booked through I-GTM.
- All taxi suppliers are paid by I-GTM.
- Every 14 days, a recital of closed bookings detailing charges due to each passenger is emailed to the Bursary.
- I-GTM sends a tax invoice every 14 days for all taxi journeys.
The booker’s perspective
- I-GTM calculates the amount due to each passenger and presents it to the booker, including all fees, allowing them to anticipate what will be added to their bill.
- Updates are sent via email to all parties if the number of occupants, and hence the price, changes.
- Extras like parking and waiting can be added by the supplier upon booking completion.
- Bookings automatically close seven days after completion and no further extras or adjustments are allowed.