At Ryft, we believe in transparent pricing with no hidden fees. Our transaction fees are straightforward and competitive, ensuring you get the best value for your payment processing needs.
Understanding these fees is crucial for both account holders and Sub-Account holders, as they impact the overall cost of using Ryft's services.
In general, there are two main types of fees associated with transactions processed through the Ryft platform:
- Platform Fees: These are fees that the Main Account holder can optionally choose to charge Sub-Account holders for using the Main Account's platform and services.
- Processing Fees: These are Ryft fees charged for processing each transaction, covering costs such as card network fees, interchange fees, and Ryft's service fees.
Every Account holder can optionally raise a Platform Fee for each transaction processed through the Ryft platform. This fee is determined by the Main Account holder and paid by the Sub-Account holder(s) every time the vendor's products are purchased.
For example, in a £100 transaction between a Customer and a Sub-Account, with a 2% Platform Fee raised by the Main Account and a 1% + 5p Processing Fee:
- The Customer will be charged £100.
- The Main Account Holder will receive £2.00 (Platform Fee) - £1.05 (Processing Fee) = £0.95.
- The Sub-Account will receive £100 - £2.00 (Platform Fee) = £98.00.
Processing Fees are charged for each transaction processed through the Ryft platform. These fees cover the costs associated with payment processing, including card network fees, interchange fees, and Ryft's service fees, and are deducted automatically from the transaction amount before the funds are transferred to the account holder.
We currenly support two pricing models:
- Blended Pricing: A single fee that covers all transaction costs, for simplicity and ease of budgeting. For example, a flat rate of 1.2% + £0.05 per transaction.
- Interchange Plus Pricing (ICC++): A more detailed pricing structure ideal for businesses with high transaction volumes or those seeking greater transparency in their fee structure. ICC++ breaks down costs into three components:
- Interchange Fees: These are fees set by card networks (like Visa, Mastercard, etc.) and paid to the card-issuing banks. They vary based on factors such as card type, transaction type, and region.
- Card Scheme Fees: These are fees charged by the card networks for processing transactions. They are typically a small percentage of the transaction amount.
- Processor (Ryft) Fees: This is our fee for providing the payment processing service, which is a fixed percentage and/or a flat fee per transaction.
Depending on your business model and transaction volume, you can choose with your Account Executive the pricing model that best suits your needs.
In the Ryft model, Main Account holders can choose to pass on their Processing Fees to their Sub-Account holders. This means that when a transaction occurs, the fees associated with that transaction can be charged to the Sub-Account holder instead of the Main Account holder.
This feature is particularly useful for marketplaces or platforms that manage multiple vendors, as it allows for more transparent cost allocation and helps Sub-Account holders understand the fees they are responsible for.