Is anyone experiencing the same problem? There has been an increase in fees applied to the transactions on our Shopify store since 1 September 2020.
At first, we thought there was an increase for local credit cards, from 3.1% to 3.4%. However, when we applied 3.4% to the 2nd September transactions, the figures do not tally.
Has there been a change to the charging formula? If anyone knows, please advise.
How Shopify charges credit card rates and transaction fees have not changed; however, should we need to change our rates, or how these fees are calculated then we will provide a minimum of 30 days' notice. Based on the credit card rate you provided, I assume you are based in Singapore while using Shopify Payments as we offer 3.1% + $0.50 SGD on our Shopify plan. If this is correct, then you likely saw an order come in where a customer used an international/Amex card which has a credit card rate of 3.5% + $0.50 SGD. You can view the country the card was issued in by going to the order, scrolling down to the order timeline, then clicking "information from the gateway." From there, you'll want to find "payment method details which will list the country:
Credit card rates are charged based on the order value. For example, if you had an order value of $50, then the formula would be $50x3.5%+0.5. The fee would be $2.25 with a payout of $47.75. The amount charged will be determined on if Shopify Payments was used at the time of the transaction, and which country the credit card comes from; however, your order amounts should be aligning. If you're seeing numbers that do not align after checking the country then please let me know as I'd be happy to verify the store to take a closer look.
I am having the same issue. There is indeed an overcharge on transaction fee, have checked the source code of the order and card details (Peter's suggestion)
I went though shopify chat twice with 2 different care agents, and they haven't given me a solution. It's been a week or so.
If you have any solution please do share them with me! @Peter I would also love for you to verify my store. Thanks.