diff --git a/gratipay/billing/payday.py b/gratipay/billing/payday.py
index 80469197cb..77bdb58d05 100644
--- a/gratipay/billing/payday.py
+++ b/gratipay/billing/payday.py
@@ -27,7 +27,7 @@
 
 
 with open('sql/payday.sql') as f:
-    PAYDAY = f.read() % {'minimum_charge': MINIMUM_CHARGE}
+    PAYDAY = f.read()
 
 
 class ExceptionWrapped(Exception): pass
diff --git a/gratipay/testing/__init__.py b/gratipay/testing/__init__.py
index 257f9095f4..f7f30856b5 100644
--- a/gratipay/testing/__init__.py
+++ b/gratipay/testing/__init__.py
@@ -115,6 +115,7 @@ def clear_tables(self):
             except (IntegrityError, InternalError):
                 tablenames.insert(0, tablename)
         self.db.run("ALTER SEQUENCE participants_id_seq RESTART WITH 1")
+        self.db.run("INSERT INTO settings DEFAULT VALUES")
 
 
     def make_elsewhere(self, platform, user_id, user_name, **kw):
diff --git a/gratipay/wireup.py b/gratipay/wireup.py
index c93138dfdd..ad9ffe6844 100644
--- a/gratipay/wireup.py
+++ b/gratipay/wireup.py
@@ -57,6 +57,9 @@ def db(env):
         db.register_model(model)
     gratipay.billing.payday.Payday.db = db
 
+    from gratipay.billing.exchanges import MINIMUM_CHARGE
+    db.run('UPDATE settings SET minimum_charge=%s', (MINIMUM_CHARGE,))
+
     return db
 
 def mail(env, project_root='.'):
diff --git a/sql/branch.sql b/sql/branch.sql
index d1a0104b1c..da34be2382 100644
--- a/sql/branch.sql
+++ b/sql/branch.sql
@@ -1,4 +1,6 @@
 BEGIN;
     UPDATE payment_instructions SET due = 0 WHERE amount = 0 AND due != 0;
     UPDATE payment_instructions SET due = floor(9.41/(amount)) * amount WHERE due > 9.41;
+    CREATE TABLE settings (minimum_charge numeric(35,2) DEFAULT NULL);
+    INSERT INTO settings DEFAULT VALUES;
 END;
diff --git a/sql/payday.sql b/sql/payday.sql
index 42029d8aa2..a6e1701a98 100644
--- a/sql/payday.sql
+++ b/sql/payday.sql
@@ -190,7 +190,7 @@ CREATE OR REPLACE FUNCTION process_payment_instruction() RETURNS trigger AS $$
         IF (NEW.amount + NEW.due <= participant.new_balance OR participant.card_hold_ok) THEN
             EXECUTE pay(NEW.participant, NEW.team, NEW.amount + NEW.due, 'to-team');
             RETURN NEW;
-        ELSIF NEW.amount + NEW.due <= %(minimum_charge)s THEN
+        ELSIF NEW.amount + NEW.due <= (SELECT minimum_charge FROM settings) THEN
             EXECUTE park(NEW.participant, NEW.team, NEW.amount + NEW.due);
         END IF;