How does SynapsePay collect its fees?

We debit your monthly fee from your bank account on the 5th of each month.

By default, transaction fees are deducted during each transaction from the fund recipient. However, if you want the fund recipient to receive 100% of the funds, you can debit the fees from your own account instead.

Note: You can also collect an optional facilitator fee during a transaction (see 2nd example). 

Example:

>> Hannah sends a $10 payment via ACH to Rent-A-Bike

>> SynapsePay receives $0.25

>> Rent-A-Bike receives $9.75

 

Example with *optional* Facilitator Fee:

>> Hannah sends a $10 payment via ACH to Rent-A-Bike

>> SynapsePay receives $0.25

>> Your company decides to take a $0.75 facilitator fee

>> Rent-A-Bike receives $9.00

 

Example with SynapsePay fee taken from your own account:

>> Hannah sends a $10 payment via ACH to Rent-A-Bike.

>> When creating the transaction: Set the faciliator_fee to -0.25 and the 'to' node to your prefunded SynapsePay node.

>> Your company pays SynapsePay the $0.25 fee.

>> Rent-A-Bike receives $10

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