Your Deluxe Payments processing rate is 3% + .30 per transaction. If you are an Acorn subscriber, the performance fee (an additional 3%) is also withheld from credit card transactions.
But you may have already noticed that our terminology isn't what displays on your Deluxe statement and reports. . .
That's because SchoolAuction.net/Tofino Auctions.com partners with Deluxe Payment Processing to offer an integrated cc processing solution - but we are separate, independent businesses.
This article provides an overview and explanation of the various fees that might show up in your Deluxe statements and reports.
It is offered as a convenience for our customers - with the caveat that these are fees set and collected by Deluxe Payments - and their team should be consulted about specific and/or uncommon situations. Fortunately, their help desk is available 24/7 and staffed by real (and friendly) people. You can reach them directly at 888 453 4538.
The most common fees - explained
Your monthly statements contain a summary of the processing and transaction fees incurred.
To view the fees on daily transactions, Go to: FirstView™ > Reports > Daily Deposit Detail
The most common fees are shown (and translated) below. Note that the .30 transaction fees are broken down by the type of card being used:
- IP FOR VS TRAN = VISA
- IP FOR MC TRAN = MASTERCARD
- IP FOR AX TRAN = AMEX
- IP FOR DS TRAN = DISCOVER
* Deluxe has acknowledged that our contract does not include collection of a daily network inquiry fee - and they are adjusting their automated process to remove it permanently from our customers accounts. Until then, they are manually refunding any daily fees assessed on a monthly basis. The refund process takes place after their monthly reconciliation on the 17th - so it has been taking about 45 days after the end of each month for the refunds to be credited, but rest assured, these fees will be refunded to your account.
What constitutes a transaction? What triggers the .30 fee?
The .30 transaction fee is assessed on all authorizations - successful and failed, sales and refunds.
The 3% processing fee and the 3% performance fee (Acorn customers only) are assessed at settlement. Most of the time, authorization and settlement occur on the same day so the timing is not relevant.
Are fees assessed on refunds?
When a refund is issued, the entire amount paid (including fees already withheld) is refunded to the customer. A .30 transaction fee is incurred during the successful refund authorization, but no additional processing fees are added. Processing fees assessed on the original payment are retained by Deluxe.
What is the difference between a Void and a Refund?
There is a window of time between authorization (approval) of a transaction and settlement (when the daily transactions are "batched" and the revenue (less fees) are deposited to your bank account. The .30 transaction fee is assessed at authorization. The processing fees are assessed at settlement. If you process a refund on a transaction that hasn't settled yet, the transaction will be "voided" or cancelled - and will incur only the .30 transaction fee at the time of the original payment - no processing fees are charged.
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