What is changing?
Starting March 16th, Rapyd will deduct fees from all payments and payouts on the day after a transaction has been completed. Before this fee schedule update, Rapyd had deducted fees at the end of each calendar month.
How is this affecting Rapyd clients?
Fees are now deducted earlier than before. The fee amount is not changing, only the fee schedule.
Why are we doing this?
Two reasons:
- When fees are deducted closer to the time of the transaction, the balance amount presented will be more accurate.
- Securing fees earlier helps decrease the number of invoices sent to you.
When will this change go into effect?
March 16, 2021.
What transactions will be affected by this?
All transaction types will be affected by this fee schedule change:
- Collections (payments, payment reversals, refunds, chargebacks)
- Payouts
- Issued bank account transactions
- Issued card transactions
Where will clients see this fee schedule update?
You will find the fee deduction amounts and timestamp in the Client Portal: under the daily reconciliation report found under the Reports section, and also under the wallet transactions section.