What are transaction charges?
Transaction charges generally represent the fees charged by banks, the payments acquirer or the processor, which are then passed on to the end user. These fees help the parties involved in the payment processing run and maintain their systems to process the transactions.
Who pays the charges?
For all Direct Debit payments via GoCardless for Cheqdin, you (the childcare centre) will have to pay the transaction fees on a per-transaction basis. All transaction-fee deductions are only made when you receive your payouts. You do not pay the charges for any failed or unsuccessful transactions.
How much are the transaction fees?
The transaction charges are 1.5% per transaction (1% GoCardless Fees at Min 20p, capped at £2, and 0.5% Integration Fees), and are standard for all our customers.
There are no hidden costs or contracts involved. You can cancel your direct debit processing at any time and continue to receive and reconcile payments manually. However, you will not be able to access the functionalities of fully-automated payments and auto-reconciliation once your direct debit processing is cancelled.