This allows you to automatically pass on the Next day or Same day payout charges to your customer.
Note: You can use this feature only if you have enabled the Next day or Same day payout.
How is the convenience fee calculated?
Once you enable the feature, a convenience fee equal to you Next day or same day payout fee will be added to all your future payments.
- Let's say your have created a link of Rs 1000 and have enabled Next day payout.
- Your customer will be charged a convenience fee of Rs 2.5 + taxes
- You will be paid out Rs 1000 - payment gateway fee.
If you have enabled the Instamojo convenience fee as well:
- Your customer will be charged a convenience fee of Rs 35.5 (= 3.25%+3)+ GST
- You will be paid out Rs. 1000
The convenience fee for faster payout is calculated based on the payout schedule you are on at the time your buyer makes the payment. Here is the fee charged:
Next Day Payout : 0.25% (plus GST)
Same Day payout:
Daily once- 0.5% (plus GST)
Daily twice-0.6%(plus GST)
Daily thrice-0.75%(plus GST)
What happens when you move to default payout?
No additional convenience fee will be charged for faster payout on any future payments.
Should you wish to discontinue the feature, you can always disable the convenience fee from payments setting.