Understanding your Pricing

Understanding your pricing

Trust My Travel fees and terminology

Trust My Travel's IC++(P) explained

Trust My Travel fees and terminology

Trust My Travel Implementation Fee - A one-time fee to connect to the Trust My Travel Platform.

 

Trust My Travel Membership Fee - A monthly fee payable on your account.

 

Card Processing Charge (%) - % charge for processing a payment from your traveller.

 

Card Protection Charge (%) - % charge for protecting a payment from your traveller.

 

Per Transaction Fee - Levied against all card transactions that run through our gateway including refunds.

 

Bank Transfer Charge (%) - % charged per customer payment via bank transfer directly to a local bank account with Trust My Travel.

 

Bank Transfer Protection Charge (%) - % charged per customer for protecting a payment via bank transfer directly to a local bank account with Trust My Travel.

 

Bank Transfer Per Transaction Fee - Levied against all bank transfer transactions run through our gateway including refunds.

 

Protection Scheme - Protected Processing (funds released based on transaction date) or Trust (funds released based on end travel date).

 

Release Schedules - Bi-Weekly, Weekly, Monthly.

 

Payout Fee - Charged per payout to your business bank account for settlement of all processing done through Trust My Travel.

 

Rolling Reserve - A percentage deduction per transaction held by the bank as protection against fraud, chargebacks and refunds. Amount reserved in Month 1 released in Month 7 on a rolling basis.

 

Affiliate & Supplier allocations - Can process and automatically split commission at point of sale or after sale for external affiliate & agent sales. This is only available when integrating through our API.

 

Fraud Protection Tool (Monthly) - Screening of payments against known hit lists, high-risk locations and known fraud databases. 

 

Use of Infinity Platform - Use of the Trust My Travel inbuilt Dashboard App.

 

API Integration - Full API Integration with integration assistance. This may already be completed if you are using a Trust My Travel partnered booking system.

 

Chargeback Fee - Per open Chargeback dispute (when a cardholder queries a transaction with their card issuer).

 

Alternative Payment Methods (APM) (%) - One transparent blended pricing structure for payments processed using one of our support APM's.

 

MCP Commission (multi-currency pricing) (%) - Commission offered when your customers pay in a foreign currency to your channel's base currency.

 

Trust My Travel’s IC++(P) Pricing 

Whilst we realise our solution is slightly different to a traditional processor, we also see the benefit in also using this pricing structure to align with the expectations of our providers. We know that our providers indirectly receive the benefits of our ability to process payments from customers through our financial protection offering, so we think it makes sense to align our pricing with IC++. That i’s why we introduced IC++(P) Pricing to our providers who process over GBP 3 Million a year in sales through us. We will transparently display the three original components of IC++ and additionally add a Protection fee on top.

This means, we will pass on the hard costs to acquiring the transaction,  and charge an agreed rate for the Processing Fees (Second ‘+’) and our Protection Fees (‘P’).

To help explain and break this down further, interchange is a hard cost set by card schemes such as Visa, Mastercard etc and there are over 100 variations. When a card transaction is made the acquirer (merchant’s processor) checks to see if the card holder has sufficient funds to process the transaction, when the card issuer (card holders bank) confirms that the required funds are available the card issuer charges the acquirer to move the funds. Whether this is a Visa, Mastercard or AMEX card etc the card scheme will also charge the acquirer to approve the transaction. As a combined result the acquirer will also charge a fee for handling the interchange and card scheme fee. Once the transaction is complete the merchant will be charged for the below fees to handle the transaction. As explained above Trust My Travel also includes financial protection on top of this as shown by the diagram below:

Screenshot 2022-02-11 at 10.43.33

Interchange Plus pricing passes on the hard costs an acquirer must cover to acquire any transaction, so that you the merchant can see these transparently, and charges you a fixed fee for processing the transaction on top of these hard costs. This allows merchants to feel confident in the fees that they are paying, the margin the acquirer is charging and to price merchants as a reflection of their requirements.  

There are hard costs involved when processing a card payment and settling it into a merchant’s bank account. The real cost is determined by all the different parties involved who handle the transaction. Interchange Plus pricing is a pricing model that transparently  breakstransparently breaks down the costs of card processing into three parts: interchange fee, a card scheme fee, and processing fee. The interchange fee and card scheme fee are hard costs every transaction incurs regardless of the processor, and the processing fee is the fee the acquirer charges you to process the transaction.

(IC)(+)(+) Breakdown:

(IC = Interchange) (+ = Scheme Fees) (+ = Acquirer’s Fee)

As an example, a merchant account provider may provide you with a pricing structure which is IC++ 0.4%. This means, they will pass on the hard costs for the interchange (the IC) and the Scheme (first ‘+’), and charge you 0.4% on the transaction volume (the second ‘+’). In most cases, a separate per transaction fee is also applied.  

IC++(P) in more detail

Interchange Fee (IC)

What is it?

The cost that the card issuer (card holder’s bank) charges the acquirer to process the transaction.

How its priced

On average between 0.2% to 2% on each transaction, variable depending on many different factors e.g where the transaction was taken, type of card used, country of card issue.

How its charged

This is a hard cost we pass on that will be invoiced on a monthly basis.

Examples

HSBC, Natwest, AMEX.

Card Scheme Fee (First ‘+’)

What is it?

Cost that the card scheme (Visa, Mastercard, etc.) charges the acquirer to process the transaction.

How its priced

On average between 0.02% to 0.65% on each transaction or 0.5 - 1.5% where a cross border transaction is involved, but it is variable depending on the location of the cardholder v merchant, security of the transaction or card type.

How its charged

This is a hard cost we pass on that will be invoiced on a monthly basis.

Examples

Visa, Mastercard, AMEX, Diners, JCB

Acquirer Fee (Second ‘+’)

What is it?

Cost that the acquirer itself charges for processing the card.

How its priced

This will be shared in your proposal at the stage of pricing, this will include the protection fee.

How its charged

This is a fixed fee invoiced in line with your pricing proposal. 

 

Protection Fee (P) 

What is it?

Included financial protection, protecting the consumer for the value of any validated payment made to any approved Trust Protects Provider in the event of their failure – details of the protection can be found - https://trustprotects.me/the-protection/  

How its priced

This will be shared in your proposal at the stage of pricing, this will include the acquirer fee.

How its charged

This is a fixed fee invoiced in line with your pricing proposal.