Fees
A fee is a fixed price charged for a specific service. Fees are applied in a variety of ways such as costs, charges, commissions, and penalties. Fees are most commonly found in heavily transactional services.
Before creating a Payment using Plastiq Connect, you must create a Payment Intent. A Payment Intent is useful in capturing associated fees that might be applied to a Payment. A Payment Fee manifests itself in the form of a fees object in a POST Payment Intent response containing an array of fees applicable to the prospective Payment.
There are a finite set of fees that might apply to a Payment. Currently, flat dollar fees and percentage-based fees are supported by Plastiq Connect:
- Flat dollar fees are fixed dollar amounts assessed on top of a
targetAmount - Percentage-based fees are assessed as a fixed percentage of the
targetAmountand added to the total amount charged for the transaction
Note: targetAmount is also referred to as the principal or the payout, the amount of money the Payer has specified for payout to a Recipient.
Below you can find a list of all fee types along with a brief description and corresponding cost structures:
| Fee Type | Description | Cost Structure |
|---|---|---|
| PLASTIQ_SERVICE_FEE | A fee for processing a card payment | Debit: 1% of payout Credit: 2.85% of payout |
| DOMESTIC_WIRE_FEE | A fee for sending a wire Payment to a domestic Recipient (US/CA only) | $40 per transaction |
| INTERNATIONAL_WIRE_FEE | A fee for sending a USD or CAD-denominated wire payment to a Recipient in another country | $60 per transaction |
| CROSS_BORDER_FEE | A fee for processing a Payment where the Payment Method and Recipient are located in different countries (US/CA only) | 1% of payout |
| EXPEDITED_BASE_FEE | A fee for expediting a payment's delivery | 0.5% of payout |
| EXPEDITED_HANDLING_FEE | A fee for handling an expedited payment | $10 per transaction |
| EXPEDITED_SHIPPING_FEE | A fee for shipping an expedited check payment with FedEx | $24.99 per transaction |
| EXPEDITED_BANK_FEE | A fee for the bank expediting an ACH payment | $5 per transaction |
Updated about 5 years ago