Expanding Reach – New Payment Gateways Updated Transaction Fees

The world is a very diverse place with lots of different attitudes to monetary transaction. Philosophical aspects aside the main interest for us as a company in that is the diversity of currencies and ways to turn said currency into goods and services. So in the pursuit of bringing not just more harmony to the world, but also provide easy of access to our services we have added new payment gateways. Additionally we have re-enabled an option on an already existing gateway and upgraded another. Without further ado here they are with the shiny new one leading the front:

Paysafe

Paysafe offers debit-like pins that can be purchased with a certain monetary value attached. These pins can then be used to pay for goods and services online if other payment methods are not available. They have been around for quite some years now and are often the only way for people without access to a bank account to pay for goods and services on the internet. Given they can be purchased with cash they are also quite popular with young people who may just get an allowance handed out in cash. We have partnered with Paysafe to bring this payment method to our brands so that more people can enjoy them.

Stripe SEPA

SEPA is a direct debit system that directly pulls money from the associated bank account. It is quite popular in Europe, because once setup, it is almost hassle-free and so long as the bank account has the appropriate funds on it customers don’t have to worry about their bills not being paid. With the worry of paying bills on time out of the way there is more time to focus on the important things in life.

PayPal Subscriptions

We had previously disabled this functionality due to problems with overcharges and the lack of flexibility in adjusting the subscription when services were changed. These problems have not completely gone away, but recent changes to our billing system have advanced detection of problems in this regard so we feel confident to enable this function once more. With PayPal Subscriptions customers can subscribe to their monthly bill and have it automatically paid without re-authorization. This, much like direct-debit, reduces the complexity of monthly payments for our customers.

 

Transaction Fees

A very important change that has come along with adding new payment gateways is that we are updating our transaction fees. Previously a flat 5% rate was applied to any invoice customers received. This is changing now for a new structure that applies different fees depending on the gateway used. This reflects the contractual conditions we have with the gateway providers and more accurately reflects the additional costs we incur for each gateway. Invoices are automatically updated when a different payment method is selected so customers can see directly which one is better for them. We understand due to many different circumstances some payment methods are less appealing than others so we have tried to reduce the transaction fees where possible. The new transaction fees are as follows:

 

Gateway Fee Gateway Fee Gateway Fee Gateway Fee Gateway Fee
PayPal 5% Stripe 3% Paysafe(new) 15% Stripe SEPA(new) 3% Bank Transfer 7%

 

Additional payment methods may come in the future, if customers have special requirements for payments they can of course contact us in this regard as always. We hope these new payment methods will provide customers with ways to reduce the hassle on monthly bills and provide more alternatives to those without access to the previously available methods.