PARTIES:

Lopay Ltd (registered in England and Wales under company number 13384279), whose registered office is at 20-22 Wenlock Road, London, N1 7GU (“Lopay”); and

The entity or business registered on the Lopay App and using Lopay Services to take payments (“Merchant”).

TERRITORY:

United Kingdom

PAYOUT CURRENCY:

GBP (£)

TERMS:

Your onboarding and use of Lopay is subject to your acceptance of this Fee Schedule and the Merchant Terms and Conditions. By onboarding and using Lopay, you expressly agree to the Terms and Conditions, this Fee Schedule, and any updates or modifications to either of those documents made from time to time by Lopay. In this Fee Schedule all capitalised terms shall have the meaning given to them in the Merchant Terms and Conditions linked above.

FEES & SERVICES:

Account

Description

Fee

Weekly

Unlimited transactions via the Lopay app or terminal, settled every Thursday after the transaction;

Payment processing and card network fees included.

0.79% of the Overall Transaction Value for UK personal card transactions.

1.79% of the Overall Transaction Value for American Express, international and corporate card transactions.

+0.25% (min £0.03) if a sale via the Lopay Point Of Sale.

Next Day

Unlimited transactions via the Lopay app or terminal, settled 1 business day after the transaction;

Payment processing and card network fees included.

0.99% of the Overall Transaction Value for UK personal card transactions.

1.79% of the Overall Transaction Value for American Express, international and corporate card transactions.

+0.25% (min £0.03) if a sale via the Lopay Point Of Sale.

Instant

Unlimited transactions via the Lopay app or terminal settled on the same day as the transaction;

Payment processing and card network fees included.

1.79% of the Overall Transaction Value for UK personal card transactions.

2.79% of the Overall Transaction Value for American Express, international and corporate card transactions.

+0.25% (min £0.03) if a sale via the Lopay Point Of Sale.

  1. Fees - Fees are deducted per transaction and rounded up to the nearest penny as the lowest unit of currency. Our 0.79% rate is the lowest rate available.

  2. Point Of Sale fees - This additional fee of 0.25% (min £0.03) applies to all transactions made via the 'Shop' screen in the Lopay app only. The Point of Sale feature enables the combination and tracking of products.

  3. Payout limits The minimum payout on Weekly and Next Day accounts is £1. On Instant accounts the minimum is £10. Instant payouts are capped at £1,000 per day unless the Merchant has agreed a higher amount with Lopay. Funds above the cap will pay out the next business day.

  4. Tipping – Tips/Gratuities will be included in the Overall Transaction Value settled by the Payment Processor to the Merchant. It is the Merchant’s responsibility for distributing the gratuities between their staff.

  5. Card readers – Each Merchant is entitled to 1x free card reader (excluding £6.95 Postage & Packaging) if they transact £2,500 within the first 6 months from ordering the card reader. Otherwise card readers are charged at £49 + VAT each.

  6. Refunds – Transaction fees are non-refundable so all refunds are net of the initial transaction fee.

  7. Disputes & Chargebacks – The Merchant is responsible for the disputed amount plus a £20 dispute management fee. Lopay will submit any evidence to challenge the dispute on behalf of the Merchant.

  8. Suspected fraud - Highly suspicious payment activity will result in payouts being frozen for 120 days (to allow for any customer disputes /chargebacks to be responded to before funds are paid out) and an additional 5% review fee. This fee will be applied to all funds paid out after 120 days.

  9. Territory – You can only use Lopay in the territory where you signed up to Lopay. For example, if you created your Lopay account in the UK, you can only use Lopay for payments in the UK and in £ (GBP). You can also only connect a bank account that’s in the country where you signed up.

  10. Settlement – Transactions are settled net of fees in the Payout Currency specified in this Fee Schedule. Fees are deducted automatically from the settlement funds paid into the Merchant’s bank account and are paid directly to Lopay by the Payment Processor. The Merchant acknowledges and agrees to the formation of a separate contract with the Payment Processor.

  11. Foreign exchange – An additional fee of 2% of the Overall Transaction Value in the payout currency is payable by the Merchant on transactions made in a currency that is different to the payout currency.

    If you do not understand the Fee Schedule or you have a question about Fees, please get in touch via the in app chat, [email protected], or 020 4571 4796.

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