Transaction fees management in vendor payouts (Such as Shopify, Stripe, PayPal and others).
Shopify is an e-commerce platform that allows businesses to create an online store to sell their products. When a customer makes a purchase on Shopify, the business owner may be charged a transaction fee.
The transaction fee is a percentage of the order total and is charged by Shopify for processing the payment. The transaction fee varies depending on the plan a business owner is subscribed to on Shopify.
For businesses using the Basic Shopify plan, the transaction fee is 2.9% + 30¢ per transaction. For those using the Shopify Plus plan, the transaction fee is 2.6% + 30¢ per transaction, and for those on the Advanced Shopify plan, the transaction fee is 2.4% + 30¢ per transaction.
It's important to note that these transaction fees are in addition to any fees charged by the payment gateway used to process the transaction, such as PayPal or Stripe.
Stripe and PayPal are two popular online payment platforms that allow businesses and individuals to accept payments from customers. Both platforms charge transaction fees for processing payments.
Stripe charges a fee of 2.9% + 30 cents per successful transaction for its standard payment processing service. However, Stripe also offers customized pricing for businesses that process more than $100,000 per month in transactions. The customized pricing may be lower than the standard fee, depending on the volume of transactions and other factors.
PayPal charges a fee of 2.9% + 30 cents per successful transaction for its standard payment processing service. However, like Stripe, PayPal also offers discounted pricing for businesses that process higher transaction volumes. PayPal's discounted pricing is available through its Merchant Rate program and can go as low as 1.9% + 30 cents per transaction for businesses that process over $100,000 per month.
Follow the below steps to activate the Transaction Fee feature on Marketcube, so that it can be subtracted from the vendor's payout.
1. Log in as an Operator >> Click on the Settings Icon >> Navigate to "Orders" >> Click Show >> Click "Commission".
- On the commission page >> Enable "Charge Commission On Order Price".
- Once "Charge Commission on order Price" is enabled then Click on the Settings Icon >> Navigate to "Payments" >> Click Show >> Click "Transaction Fees".
- To activate the transaction fee option, simply click on the "Enable" button located on the transaction fee page.
- After enabling the Transaction fee, you'll be able to modify the fees for Shopify and Stripe.
Enabling & Updating the "Transaction Fee functionality" on Marketcube will result in the deduction of the transaction fee from the vendor's payout (Please refer to the vendor payout invoice provided below for your reference).
- The operator has the ability to modify multiple transaction fees according to their needs and can also make updates to existing fees in the future.
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