How to manage Transaction fees
You can either follow along this video tutorial or read below.
An unavoidable part of the eCommerce business is managing the Transaction Fees from payment gateways.
The rate between Paypal, Stripe and other gateways can be different. Shopify also charge an additional fee for using external gateways other than Shopify Payments. This is between 0.5% – 2% depending on your Shopify plan.
You can input these rates in TrueProfit. Go to Calculation > Transaction Fees, then write the rates for each gateway you use.
For example, a typical store using Stripe would pay 30 cents + 2.9% + 2% Shopify external gateway fee, assuming it's using the Basic Shopify plan.
In addition to the 3 default payment gateways (Paypal, Stripe, Shopify Payments), you can now add other gateways in the Transaction Fees settings.
Here is how:
On the Transaction Fees page, click Select a Gateway on the top right corner.
You will see a drop-down list showing all the gateways that are automatically retrieved from your stores' historical orders. Select one and click Add.
Then you can set up or modify a formula for your newly-added gateway just as you would do with the default payment gateways. When you’re done, click Save Changes.
If you no longer use a payment gateway, click Remove.
If previously you set different transaction fees and need the new changes to affect all orders in the past, click on Re-calculate Transaction Fees at the bottom of the page. This will refresh profit calculation.
An unavoidable part of the eCommerce business is managing the Transaction Fees from payment gateways.
The rate between Paypal, Stripe and other gateways can be different. Shopify also charge an additional fee for using external gateways other than Shopify Payments. This is between 0.5% – 2% depending on your Shopify plan.
You can input these rates in TrueProfit. Go to Calculation > Transaction Fees, then write the rates for each gateway you use.
For example, a typical store using Stripe would pay 30 cents + 2.9% + 2% Shopify external gateway fee, assuming it's using the Basic Shopify plan.
Adding more payment gateways
In addition to the 3 default payment gateways (Paypal, Stripe, Shopify Payments), you can now add other gateways in the Transaction Fees settings.
Here is how:
On the Transaction Fees page, click Select a Gateway on the top right corner.
You will see a drop-down list showing all the gateways that are automatically retrieved from your stores' historical orders. Select one and click Add.
Then you can set up or modify a formula for your newly-added gateway just as you would do with the default payment gateways. When you’re done, click Save Changes.
If you no longer use a payment gateway, click Remove.
Update Transaction fees to orders in the past
If previously you set different transaction fees and need the new changes to affect all orders in the past, click on Re-calculate Transaction Fees at the bottom of the page. This will refresh profit calculation.
Updated on: 24/03/2023
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