Hello, I am hoping someone can explain transaction fees for a typical rental.
Let's say the total amount due from a guest is $1000. How much is taken out of that $1000 and who pays for it?
Stripe takes out 2.99% + $0.30 (owner pays)
What about credit card fees? Is that in addition to the above?
See the following post for more information and what the application fee contains: https://community.myvr.com/topic/459/what-is-the-myvr-application-fee
The 2.99% you mention would be the credit card processing fee, so it wouldn't be in addition to what you have mentioned.
To illustrate how credit card processing fees work: When you receive a credit card payment using your merchant account, there is a processing fee that you are responsible for paying. So for all credit card charges you accept via your merchant account, a portion will be retained as a processing fee that you, as the merchant account holder, are paying.
By way of example, let's say you receive a $1000 payment via a credit card using your merchant account. Further, let's assume you have a 3% credit card processing rate with that provider (we're using hypothetical round numbers here so the math is easy) along with the standard $0.30. In this case, the $1000 payment would be made by a renter, you would receive $969.70 and $30.30 would be retained as the payment processing fee. This $30.30 is paid by you.
Hope this helps.
Thanks Wendy. So in the specific case of a non-integrated MyVR listing, I would only pay the Stripe fee of 2.99% + .30 and nothing more ? It doesn't matter which credit card the guest uses?
@john-klein - No problem, I'm happy to help! In the case of a non-integrated listing you would pay the credit card fee and the $0.30, however the credit card fee will differ based upon which credit card the guest uses. You can check your rates for different credit cards by going to Setup > Booking & Payments > Merchant Accounts > (Select your Stripe account) > Accepted Cards and Rates.