Teya's pricing, fees and billing may differ based on the products and services your business has subscribed to, as well as the country in which your business is operating. Teya does not want to keep you bound in a contract but offers you choice and flexibility. You can always refer to our terms of use for further clarification on any of the conditions.
What does pricing refer to?
The term pricing is used when discussing accepting card payments, whether on your physical card machine or online payments. Each card transaction undergoes several steps in the background security check, ensuring that it’s an authorised and secure payment.
The main parties in this process are:
- The bank that issued the customer’s card (the issuer);
- The card institution to which the card used belongs - Visa or Mastercard (the card schemes);
- The institution that processes card payments for your business (the acquirer).
Each party participates in this process, and each applies a fee for processing card machine. The pricing your business agreed upon joining Teya is composed of these fees, and they are applied with each processed card transaction. The common pricing models used at Teya are Blended and IC++.
What do fees refer to?
The fees in this case refer to the card payment transaction fees. With each transaction processed at your physical card machine or via online payments, a fee is applied.
The fee always consists of three separate costs:
- The interchange fee goes to the card-issuing bank.
- The card scheme fee that goes to the card house that the card used belongs to, e.g. Visa or Mastercard.
- The acquirer commission fee goes to the institution that processes the card payment for your business.
| Note: Fees can vary based on the card type, the country of the business and the customer's card issuer. For example, transactions made with a foreign commercial credit card have higher fees applied than transactions with a domestic debit consumer card. |
Once the transactions have been processed, they enter a settlement cycle. With each settlement cycle, a report called the daily settlement report is automatically generated in the system and sent out to the email your business is registered with. A monthly settlement report is also generated at the end of each calendar month and sent out to the same email. These are not invoices, but rather a breakdown of fees per transaction or card type that offer more insight into transactions your business processed in the previous period.
What does billing refer to?
If you are using a Teya card machine for card payment acceptance, a monthly terminal rental fee will be applied to your business. Each month you will receive an invoice for the terminal rental fee, as described in more detail here.
If you are using Storyous by Teya, you will receive invoices as part of your subscription.
What are the criteria to define pricing?
Merchants get charged fees to process card transactions as explained above. The transaction fees and monthly fees are agreed with the Sales Agents or Teya Partners beforehand based on your transaction volume, type of business, type of cards accepted and other variables.
Changes in pricing, fees and billing
Depending on the changes in terms of use and the volume of transactions your business processes, Teya may apply changes in pricing and fees, as well as billing. This means they might increase, but depending on how well your business is doing, they may also decrease. Keep in mind that these estimates take a longer period into account and one month would not be enough for a quality estimate.