Zeller's processing fees are charged per transaction and deducted before each settlement.
A 1.4% processing fee applies to every tapped, dipped or swipe card payment. A 1.7% processing fee applies to all MOTO payments.
Fees are taken out of the total amount of each transaction, including GST, surcharges and tips.
There are no additional fees for:
- account activation
- refunds
- chargebacks
- account deactivation
Understanding Banker's Rounding
When calculating a transaction fee sometimes Zeller may need to perform rounding. When the partial value is 0.5 cents, instead of rounding up Zeller will apply banker's rounding. Banker's rounding seeks to round monetary values more fairly by rounding 0.5 cents to the nearest positive whole cent.
For example:- If you accept a payment for $17.5 using a Zeller Terminal, we will deduct fees of $0.24 (1.4% x $17.5 = $0.245 = $0.24). In this case we round 24.5 cents down to 24 because it is the nearest even cent.
- If you accept a payment for $16.79 using a Zeller Terminal, we will deduct fees of $0.24 (1.4% x $16.79 = $0.235 = $0.24). In this case we round 23.5 cents up to 24 because it is the nearest even cent.
When using standard rounding, you would round up or down to the nearest number. For amounts in the middle (ending in 5), it rounds up. This could result in higher costs to you as a merchant.
By using banker's rounding, Zeller gets your fees as close to the actual amount as possible.