📝 Overview
At DaySmart, we recognize the Importance of understanding the fees associated with your business transactions. It is important to have a clear understanding of terms like "interchange fee", as they are the costs you incur.
We aim to provide you with the knowledge and tools to easily identify and analyze these fees, ensuring you have a comprehensive view of your expenses and can make informed decisions for your business.
🚀Understand Your Rate Plan
Interchange (IC) fees
Whenever a customer pays with a card, the card company - such as Visa, MasterCard, American Express, or Discover - charges a small fee known as an interchange fee.
Each transaction has its own unique interchange rate, which depends on factors like the type of card used, how the transaction was processed, and the security measures taken.
What is the Plus?
The "plus" refers to a small additional fee from Stripe for the gateway and processing services.
The Interchange Plus (IC+) model is a transparent pricing structure that breaks down processing fees into separate line items. Unlike flat-rate pricing, IC+ shows you the true cost of each transaction.
This model can be more cost-effective, especially for businesses that process high transaction volumes, since you're paying the actual card fees with a small markup.
🔎Where to Locate Transaction Fees
We understand how important it is to stay informed about your successful transactions and fees. Rest assured, viewing your transactions in Stripe is a simple and reassuring process!
Per Transaction
On the left side, click Transactions.
Select the payment you'd like to see more info on
Look for Payment Breakdown
Payment Amount: The amount the transaction was run for
DaySmart Application Fee: The amount taken by Stripe to process the transaction
Net Amount: The amount you receive in your payout
Per Month / Custom Dates - The "plus" only
On the left side, click Reporting, then Reports.
Under Track Money Movement, click on Payout Reconciliation.
Check you have the dates you want to look at selected.
If you want to be notified of these reports, you can use the Schedule button to select how often you'd like to receive them to your email.
Itemized Payout Reconciliation: This is the report that shows all transactions processed, refunded, and disputed.
Itemized Ending Balance Reconciliation: This report provides the balance of transactions that have not been paid out yet. Meaning the bank is still processing them, or they were just run today
Balance Summary
Look for the Balance change from activity section.
Account activity before fees: Is the total amount that you made before fees in the dates selected
Fees: Is the amount of processing fees you paid on the dates selected
Net balance change from activity is your profit after fees, so you don't have to do the math yourself.
Payouts Reconciliation
Below is a breakdown of what you might see. If you do not see all of the lines below, this means those types of charges did not apply to your business for the dates selected.
For each section, there will be a breakdown that follows this structure.
Count: how many transactions were processed.
Gross Amount: Total amount before fees are removed
Fees: processing funds that were deducted
Here is a description of the different transaction types you might see
Charges: successful transactions processed.
Charge Failures: Failed transactions, typically due to not enough funds, or the issuing bank blocked the charge on the card.
Refunds: refunded back to the cardholder.
Refund Failures: refunds that were not able to be returned to the cardholder.
Disputes: more commonly known as a Chargeback, this means the cardholder went to the issuing bank and said they did not authorize the charge.
Dispute Reversal: If you submitted and won a dispute that was a valid charge, you'll receive those funds back.
Lastly, you can look at Total Paid Out (last line of this section) to see the total profit you made for the dates selected. This number has the fees removed for you, so it is showing just your profit made.
If you're looking for more details on this report, you can move your mouse to the end of the Payments reconciliation title for the export button to appear. Based on the typical request receive the following settings are recommended to make sure you get the most out of your report.
Click Export by hovering your mouse at the end of the Payments reconciliation title and select Download to system.
Report format: Itemized should automatically be selected; if not, this is the recommended format
Reporting Category: If you're looking for the full report All should be selected. You can choose a specific section of the report if that's all you like to see. If you only want to see Charges, Refunds, or Disputes, then you should select those.
Columns: these are the columns we recommend in addition to the preselected options by Stripe
Payment method type - Shows if it was Card present (card_present) and Card not present (card)
Card brand - Visa, Master Card, American Express, or Discover
Card funding - Debit or credit
Surcharging - if available
Notifications: Larger reports can take longer to generate; you can receive notifications when the report is ready for download.
Once the report is done, you can look for it in your computer's download folder.
Ending Balance Reconciliation
This report is just here for the transactions that have not been paid to you yet. This just means that the payment is still showing as pending on the cardholder's bank and is typically a transaction that was run the day you're looking at the report.
Per Month - Interchange Fees only
On the left side, click reporting
From the drop-down, click Reports.
Scroll down to the subheading, Operational reports
Click on Network cost passthrough
The download options will be set to the current month. If you're looking for a different month/year, use the dropdown to select the month you'd like
Download the Plan level report
The report will take a couple moment to generate and populate for download. Once the report is done, you can look for it in your computer's download folder. DaySmart and Stripe do not control these fees; they are set per card brand.
📢 FAQ
Q: Where can I see the fees for my Stripe Reader S710 cellular plan?
Click the arrow to learn more.
Click the arrow to learn more.
On the left side, click Transactions.
Click the All activity subheading
Look for the line Terminal Cellular Fee (Dates charged for)
Stripe will take the fee out of your daily deposit before sending the funds for that day, just like their processing fees, so you might notice a lower deposit than expected when the fees come out.
If there were no transactions run that day or there wasn't enough to cover the fee amount, you will see a Stripe payout to pay for the fees with your connected bank account. This will create a withdrawal in your connected bank account if you notice any unknown Stripe fees.
Q: What is the rate percentage?
Click the arrow to learn more.
Click the arrow to learn more.
Stripe rates are not listed directly on the Stripe website, but DaySmart can look at your rates and let you know your plan. If you want to know your rates, 💬 Contact Us.
Q: Why is the time on the transactions incorrect?
Click the arrow to learn more.
Click the arrow to learn more.
If the time on your downloaded report isn't looking right, make sure you have the correct timezone set. Click on the button below for the steps on how to update your timezone.
💬 Contact Us
Can't log in to Stripe or still have questions? Contact us through our live chat option at the bottom right of this article or email us at [email protected].