Why are my processing fees 6+% when it is supposed to be 3.6% + 0.5 sgd?

[Jack134]

Hi guys i would like to ask why my processing fees are so high (6.3-6.6%) when according to shopify it is supposed to be 3.6% + 0.5sgd. As you can see here my charges are $294.31 and my processing fee is $19.01 which is a whopping 6.45%! Im from singapore for context. Can someone explain this to me?

 

 

[TrueProfit_Jen]

Hello @Jack134 ,

Shopify's standard transaction fees for online credit card payments in Singapore are typically comprised of two components:

1. Percentage Fee: This is a percentage of the transaction amount. As you mentioned, Shopify's standard percentage fee in Singapore is 3.6% for online credit card payments.
2. Fixed Fee: This is a fixed amount applied per transaction. For Singapore, the fixed fee is SGD 0.50.

You can see the breakdown of the fees in your Shopify account by go to Settings -> Payment Providers -> select the payment gateway you are using

Hope this can help.

Jen from TrueProfit

[Greta]

Hi, @Jack134!

Thank you for your post. I recommend contacting our live support team through the Help Center so we can look into this payout further. I'm unable to provide account-specific support over the Community Forums, but by logging in through the Help Center we can investigate and see if there were any issues on the backend. 

Please let me know if you have any other questions or need assistance with getting in touch! 

[Jetadex]

Do you have a Stripe account, if the Stripe commissions is lower than that, try 3rd party solutions.

Stripe Pricing: https://stripe.com/en-sg/pricing

Solution: https://community.shopify.com/c/payments-shipping-and/does-shopify-support-paynow-singapore-dbs-paym...

This solution supports most payment methods supported by your Stripe account.