Nov 1st: Fourthwall Rate Changes for International Card & PayPal Payment Processing
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Hey everyone,
We wanted to give you all a heads-up about two upcoming changes to our payment processing rates:
International Credit Card Rate Update
On November 1st, 2023, we will add a +1% fee when processing credit cards from outside the USA.
So, instead of 2.9% + $.30, if a buyer from Spain purchases a product, the fee will be 3.9% + $.30. This is the same fee that Shopify, Patreon, and Squarespace add for international cards.
Why the change? Stripe, our credit card processor, charges us extra to process international cards – meaning we currently lose money when people check out with cards from outside the USA.
One bonus: Fans can now checkout in 10+ currencies. Your customers can now check out in 10+ currencies, from Canadian Dollars to British Pounds to Polish Złoty. When a customer visits your website, we’ll automatically show them their local currency. Customers can also choose which currency they’d like to use in new currency selectors in the footer of your website. You can choose the currencies you’d like to accept in the Settings tab of your dashboard. Read more on the release of multi-currency in our blog post.
PayPal Processing Rate Update
On November 1st, 2023, PayPal processing will go from 2.9% + $.30 per transaction to 3.49% + $.49 per transaction.
For international credit cards processed through PayPal, a +1.5% fee will be added (so the rate would be 4.99% + $.49).
These are the exact same prices as you’ll find on PayPal’s website.
Why the change? PayPal increased their prices to the exact prices we listed above; unfortunately, we’ve had to match as we are currently losing money on many PayPal transactions.
What if I don’t want to accept PayPal? If you don’t want to accept PayPal payments, we’ve added an option to disable them in the Settings tab of your dashboard (coming by EOM).
Google Pay and Apple Pay rates are not impacted and will stay at 2.9% + $.30.
We hate raising prices, and this is the first time in our five-year history we’ve had to adjust our credit card processing rates. Our goal is to be a sustainable business that puts creators first, and we hope you feel our commitment to that goal.
If you have any questions whatsoever, please feel free to contact us on via Support or Discord.