Credit Card Processing Rates
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Lastly, we’ve also moved to a new fee structure for credit card processing that utilizes volume tiers (rates start at ~2.99% in for the US, and decreases with increasing client volume).
In the year-end update, the above comment mentions credit card rate decreases based on volume. Can you point me to where I can learn what those corresponding volume and rates are outlined?
Thanks,
Matthew
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@Matthew-Giles said in Credit Card Processing Rates:
Lastly, we’ve also moved to a new fee structure for credit card processing that utilizes volume tiers (rates start at ~2.99% in for the US, and decreases with increasing client volume).
In the year-end update, the above comment mentions credit card rate decreases based on volume. Can you point me to where I can learn what those corresponding volume and rates are outlined?
@MyVR-Employee Can you provide guidance on the above? Thanks!
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Apologies for the delay in responding! Currently, our cc rate tiers are as follows:
2.99% + $0.30 — Under $100k
2.89% + $0.30 — $100k to $250k
2.79% + $0.30 — $250k to $500k
2.69% + $0.30 — $500k to $1MM
2.59% + $0.30 — $1MM to $2MM
2.49% + $0.30 — $2MM to $3MM
2.39% + $0.30 — $3MM to $5MM
2.29% + $0.30 — $5MM to $10MM
inquire — $10MM+ -
@Jonathan-Murray Thanks Jonathan. Are these cumulative thresholds or based on a time frame?
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@Matthew-Giles it is based off last 12 months
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@Matthew-Giles Where did you get receive/find this year-end update with the new processing rates? I cannot seem to find any mention of it and only discovered it after looking at my Stripe history.
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Hi - @Windsock-Acres
Were you on an old plan previously? You would have seen it in a few places. It was emailed to you a few times, and the year-end update was also popped in-product in a modal. I believe the modal was also designed so that it kept popping every time you visited until you clicked to view the full year-end update with all the details. A prompt for the year-end update was also displayed in a banner across the bottom of the product for over a month. Lastly, during the upgrade process from the old plan to the new plan, it was included in the terms of the new plan and there was an opt-in box that you were required to check which stated the new fees approach.
I can also see your open history on the emails, but ping us offline if you’d like to discuss your specific account, as we try to avoid getting into specific accounts in the community, as the community is focused on how to use the product. We’re happy to discuss 1:1, however.
Hope that helps!
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@Windsock-Acres You can find a copy of the initial mention of the new processing rates in the December 20th update in the MyVR blog at blog.myvr.com
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@Jonathan-Murray Thanks Jon! I was on the old plan and upgraded in January. Perhaps I deleted the emails? I will keep looking and contact you if I have any questions. Thanks.
