Can anyone explain the card transaction fees on Shopify? There is a monthly plan, then plans for apps, then the card charges on top, which are well above our bank’s fees, and still way above a payment provider like Tyro’s.
For example, our bank charges a monthly terminal rental fee for physical terminals of 0.7% (you get a virtual terminal too), while Tyro charges 1.030%, and Shopify charges 1.75% + 30c on a basic plan. Shopify seems to have a very high acquisition cost. Of course Shopify doesn’t let you use your own bank’s virtual terminal, so you’re locked in. I don’t get it.
Hi @BN_2011
If you don’t use Shopify Payments or a manual payment method, then transaction fees apply for orders in addition to the processing fee charged by your payment provider.
To avoid this charge, you can use Shopify Payments so you aren’t charged transaction fees on orders for stores located in most countries.
I hope this helps.
Plan: Online credit card rates
Shopify: 2.6% + 30¢ USD
Plan: In-person credit/debit card rates
Shopify: 2.5% + 0¢ USD
Plan: Transaction fee if not using Shopify Payments
Shopify: 1.0%
Hi,
My question was “why the % fee”, not “what is the % fee”. A friend sent me a screencap of the rates they’re paying. It’s either a) making a lot of extra income for Shopify, or b) they’re very inefficient at transferring funds to bank accounts.
