Hey, @yeohwaihong. Welcome to the Community!
There is not a cap on transaction fees. It is a percentage (determined by your plan) of the total amount processed through your third party payment gateway. See the Help Doc on Transaction fees for more information, like how they are calculated and where you can find a breakdown of them.
What region are you based in? Shopify Payments is available to merchants located in any of these countries. When using Shopify Payments, you are not charged transaction fees; only credit card fees are applied.
Additionally, transaction fees aren’t charged for any type of manual payment method (such as cash on delivery (COD), bank deposits and checks), test orders, draft orders marked as paid or pending, or for POS orders.
Hope this helps! Let me know if you have any other questions or concerns.
You’re welcome, @yeohwaihong. Yes, we do have a discount for yearly subscriptions! They are as follows:
Along with a discount, you also have the option to enable Carrier Calculated Shipping (CCS) for free on any yearly plan. CCS allows you to offer your own negotiated shipping rates to your customer, if you have a business account with UPS, Fedex, USPS or Canada Post. It is also required if you were to use most of the third party shipping apps in the Shopify App Store with shipping rate functionalities. (Please note, Carrier Calculated shipping can also be added on to a monthly Basic or Shopify plan for $20/month, or is included in the monthly Advanced plan).
However, if you don’t have a need for CCS on your account, we can instead offer you a free custom domain when initially switching to an annual subscription.
You can switch to an annual plan directly from within your admin. Please go to ‘Settings > Plans and Permissions > Compare plans > Change your billing period’ to do so. These steps are also found in the Help Doc for Managing your Shopify account.
Once you’ve updated your billing period, a Support Advisor will need to assist with either enabling CCS, or helping you get a free custom domain. Therefore, when you’re ready, please reach out via live chat, email or phone callback by logging into your account through the Shopify Help Center and creating a support request.
Let me know if I can help with anything else!