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Understanding fintech fees: What are you paying for? 

The market is full of companies providing financial services. They offer various features, local and international payment methods, and tools to manage your funds and analyse your income and expenses. You can easily read about all this on their websites. However, the topic of fintech services fees is not so readily addressed. In this article, we’ll cover the main types of fees and help you understand what you are paying for.

What fees may be charged by different payment services?

Today, it is not uncommon for merchants to overpay for payment processing and other financial services simply because they don’t understand the pricing. Different companies may set different types and amounts of commissions, as well as conditions for their charging. Let’s take a look at the standard fee structure in fintech:

  • Account maintenance fees: These fees are typically charged regularly, often monthly or annually, to cover the cost of maintaining and servicing your account. They depend on the company and the type of account you have.
  • Integration fees: When you first register a merchant account and integrate fintech service into your website, you may face integration and API fees. That’s a one-time payment for accessing and utilising the software tools and interfaces.
  • Transaction processing fees: These are the most common charges for merchants collected each time a customer makes a payment using a platform. They are usually a small percentage of the transaction amount and sometimes include a fixed fee for each transaction.
  • Currency conversion fees: When handling multiple currencies, merchants and their payers may encounter conversion fees for money exchange. They can be quite significant if the currencies of payment methods don’t coincide with those chosen by customers.

In addition to these basic types, some providers may impose commissions for international transactions and batch fees.

What fees are charged by Payop?

The answer to this question is very simple and short. When using Payop, you only pay a processing fee. Integration and account maintenance are free for all our merchants. We also don’t charge an additional fee for fraud monitoring, which is a common practice among payment service providers.

Plus, it’s important to note that we charge fees only for successful transactions. The precise amount depends on the payment method you use. You can find detailed information about Payop fees on our Pricing page.

We want to offer our merchants the most favourable conditions possible. That’s why we didn’t stop at commissions and implemented an optimised currency exchange strategy. Its essence is that the currency of the payment method always coincides with the currencies available for selection at the checkout. Plus, we offer a wide range of local payment methods and thus reduce the overall need for currency exchange.

So, if you’re exploring fintech services to grow your business, make sure you have a clear understanding of all the fees involved. It’ll allow you to make informed decisions and manage your costs efficiently.


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