Great Britain: Stripe Credit-Card Transaction Fee Explanation
Scenarios:
You are wanting to take credit card payments from your customers and need clarification on the fees associated.
This document assumes the following:
You are a business running in the United Kingdom.
You have opted to receive credit card payments from your customers.
How the Stripe Credit Card Transaction Fee Works
Every time a customer opts to pay for your activities by credit/debit card, a transaction fee will occur. The transaction fee will be absorbed by the activity provider in full:
The provider's full transaction fee amount is 2.4% + 20p
Taking payments for activities upfront enables you to:
Activate payment instalment plans as a payment method for credit-card-only activities
Have Enrolmy automatically reconcile credit/debit card payments against invoices.
Empower parents to pay for their term activity within two hours of booking with you.
Ensure that customers who don't pay for your activity, don't take up a bookable space.
Have refunds handled by Enrolmy Support.
Accounting for VAT on Transaction Processing Fees
In the United Kingdom, Stripe payment processing fees are exempt from VAT.
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