We are having to make some important changes to your Collins Pay transaction fees.
From 1st September 2022, Collins Pay transaction fees for all card types will be increasing by 0.2%.
We more than understand the challenges our operators and their customers are presently facing with the rising costs of food, drink, and services and we have held off on passing on the increases to our own costs for as long as we could.
The increased cost of transaction processing imposed on us, coupled with the impact of inflation means that unfortunately, we can no longer continue to provide Collins Pay at the existing rates which we have held for several years.
The changes coming into effect will see:
- Debit Card transactions increase from being charged at 0.8% to 1.0%
- Credit Cards from 1.25% to 1.45%
- AMEX from 3.28% to 3.48%
- Non-EEA is going from 2.9% to 3.1%
The flat 15p per transaction will remain unchanged across all card types.
Some example costs comparing the old fee structure vs the new, based on a sample £50 transaction:
By utilising Collins Pay, you are also taking advantage of additional premium fraud prevention features we have enabled such as 3D Secure and Stripe Radar, ensuring a high level of confidence in the payments you take through our systems and reducing the incidence of chargebacks to your venue for unauthorised card use.
We have a proven track record of delivering exceptional value for money and an unrivaled feature set, and we will continue to improve our software to exceed the ever-evolving demands of a modern hospitality venue. We are excited to soon be releasing a slick new in-service mobile app as well as significant improvements to the checkout journey, and a brand-new availability search on designmynight.com to help drive even more footfall to your venues.
Across the whole of Collins Pay, Amex is responsible for just 6% of total transactions but attracts the highest level of fees. You do have the option to deactivate Amex cards through Collins Pay should you wish, and you can do this at any time by contacting our support team, your CSM, or your account manager.
Leave a Reply