Monetize the cross-border payment services you provide to your customers.
Use our payment fee functionality to generate an additional revenue stream and better serve your customers. It gives you flexibility when deciding how to charge your customers for fees relating to payments.
What are payment fees?
Our payment fee functionality allows you to apply individual fees to individual payments for each of your customer accounts.
Can I access this functionality via Currencycloud Direct and APIs?
Yes, this functionality can be accessed via both Currencycloud Direct and our API.
How does the functionality work?
You first need to provide us with the payment fee table(s) which you want to be available to your customers. The details we need are:
- name
- currency
- the fee for local, SWIFT Shared and/or SWIFT Ours
We then create these fee tables for you within the platform, and if you want we can apply a fee table across all of the sub-accounts.
You can then log into Currencycloud Direct or use our APIs to assign the tables available to you to the relevant customer accounts based on your pricing strategy.
All payments created against selected customer accounts will incur the fees defined in the corresponding payment fee table.
You’ll always have full control over the fees applied to your customer's payments, and the tools to amend, update or even remove the fees for individual payments at any time.
What fees can I set up at account level?
For each account, you can provide a different fixed fee by payment route and payment charge type. This means you can define different fee amounts for the following three cases:
- Route: SWIFT – Charge Type: Shared
- Route: SWIFT – Charge Type: Ours
- Route: Local
All three amounts are denominated in the same currency.
Can I set a default fee for all payments associated with a specific customer account?
Yes, please email support@currencycloud.com to provide the details of the pricing that you want to apply along with the relevant account details.
Are the fees displayed on the payment confirmation page?
Yes, the fee information is available during the whole payment creation process, including the payment confirmation page. The fee information is also included in the payment confirmation email.
How are the payment fees paid to me?
When a payment fee is debited from a balance on a customer account (sub-account), the funds are immediately transferred to the relevant balance (i.e. the same currency) of the house account.
What if my customer does not have enough funds on their balance to cover the fee?
The payment will not be executed unless there is sufficient funds in the relevant currency balance to cover both the payment and the payment fees. In there are insufficient funds, your customer will need to top up the relevant currency balance, by funding the account or by converting funds from a different currency balance. Alternatively, you can modify the fee amount to a smaller one that can be covered by the existing funds on balance or even remove the fee altogether.
If there are insufficient funds to cover the payment fee, will the platform auto-convert funds from another currency to fund the fee?
No, there must be sufficient funds to cover the payment and the fee for the payment to be executed. Otherwise, the payment is not executed and the fee remains in pending status. The balance can be credited by either instructing a conversion from a different currency or by directly topping up the relevant balance(s).
What happens if a payment fails?
If a payment fails before it completes, the fee transaction is canceled and not debited. If a payment fails after it completes, the fee is not automatically credited back to the account balance. To reimburse your customer for the payment fee, you can manually initiate a transfer from your main account balance (house account) to the relevant customer account balance (sub-account).
Can I apply different fee currencies per payment route or charge type for each customer account?
No, fees across different routes and charge types are denominated in a single currency within a customer account. The currency is defined in the fee table assigned to the account.
Can I apply one default payment fee table to all my customer accounts?
Yes, you can assign the same pricing table to all your customer accounts (sub-accounts). Please email support@currencycloud.com who will help set this up.
Can I apply different payment fee pricing for each of my customer accounts?
Yes, you can have different pricing for specific customer accounts. Please email support@currencycloud.com to set this up.
Can I price a specific payment differently to what is specified on the allocated pricing table?
Yes, you can update the fee amount for a specific payment, as long as the payment has not completed or failed. Once the payment has completed, the fee is debited and no further changes are allowed. If a payment fails, the fee, and the relevant payment transaction, are both canceled.
Do payment fees apply when payments are created through Bulk Upload?
Yes, fees apply on all payments if a fee table is assigned to the relevant account, regardless of whether they were created through our APIs, Currencycloud Direct or Bulk Upload.
Are there any limits to the fees I can charge through this functionality?
No, there is no limit to the size of fees you can charge for your payment service, however, you should follow any relevant regulatory requirements.
The EU regulation regarding cross-border payments (CBPR2) states that Payment Service Providers must charge the same fee for cross-border payments in Euros within the EU as they do for a corresponding payment of the same value in the national currency of that particular Member State. A Payment Service Providers in Poland must charge the same fee for both cross-border EUR payment and a PLN payment made between accounts in Poland. This only applies to transaction charges, not to charges applied to currency conversion services.
This information is for general information purposes only and it doesn’t constitute legal advice. If you need more details on your rights or legal or regulatory advice about what action to take, and how this information is applicable to your particular situation, please contact an adviser or solicitor.