Stripe Related
What’s changing and why?
As of 10 April 2023, Stripe fees for card processing and disputes will be higher due to increases in network costs (in recent years, major card networks have introduced several new fees and have increased existing fees), as well as increases in underlying service costs.
Standard Stripe Card Processing Changes
From now on, two different fees will apply for cards issued in the UK. Stripe has separated these fees in order to limit fee increases to only those cards whose network costs have increased significantly. Transaction fees for cards will be categorized into multiple regional prices:
| Current card fees | Card fees starting April 10, 2023 |
| All UK cards: 1.4% + £0.20 per transaction | UK Standard Cards: 1.5% + £0.20 per transaction UK Premium Cards: 1.9% + £0.20 per transaction |
| International cards: 2.9% + £0.20 per transaction |
International cards: 3.25% + £0.20 per transaction. If currency conversion is required, an additional 2% fee will apply. |
| EEA Cards: 2.5% + £0.20 per transaction | EEA Cards: 2.5% + £0.20 per transaction (no change) |
For the full list of affected countries and card types, see stripe pricing change summary.
How can I reduce card processing costs?
We developed Slerp Pay, to help you increase margins and reduce card processing costs. Due to the volume of transactions Slerp provides to Stripe, we have been able to negotiate a preferential rate.
For the majority of cards such as UK Standard Cards, the rate via Slerp Pay is 1.3% + 20p, while the standard stripe account rate is 1.5% + 20p, over 13% less. This means you have the opportunity to actually save money via SlerpPay, rather than absorb all the stripe costs increase.
For the majority of cards such as UK Standard Cards, the rate via SlerpPay will be 1.3% + 20p. This is available immediately.
|
Slerp Pay Rates |
|
UK Visa / Mastercard: 1.3% + £0.20 per transaction |
|
AMEX: 2.9% + £0.20 per transaction |
|
Discovery / International cards: Above card types + 2% Foreign Exchange Fee |
Please note: It is not possible to disable taking a card type.
How do I take advantage of this?
All you have to do is reconnect your Stripe account via Slerp. It is a simple 6 steps process that will take 5 minutes with instructions here.
- How can I visit my Stripe dashboard?
- Log into your Slerp Controls dashboard.
- Go to Settings.
- Click on the Payment Methods tab.
- Click on View Dashboard under Payments Solution to be redirected to your Stripe dashboard.
Please note: This help page provides more details on the notice we sent, which describes certain fare changes from Stripe. This is a legal notice sent to Slerp partners regarding stripe, including those who have unsubscribed from marketing communications. It is not possible to unsubscribe from the legal notices. Your continued use of the Slerp services after April 10, 2023 is subject to these fee changes. Your contractual termination rights will not be affected by this change.