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:
Transaction fees:
Account | Description | Fee |
Essential
| Unlimited transactions via the Lopay app or terminal, accessed via the Lopay Card and settled once a week to the merchant's bank account. | 0.79% of the Overall Transaction Value for UK personal card transactions.
+1% for American Express, international & corporate card transactions. |
Standard | Unlimited transactions via the Lopay app or terminal, accessed via the Lopay Card and settled upto 1 business day (as scheduled by merchant) after the transaction to the merchant's bank account. | 0.99% of the Overall Transaction Value for UK personal card transactions.
+1% for American Express, international & corporate card transactions. |
Instant to Bank | Unlimited transactions via the Lopay app or terminal, settled on the same day as the transaction to the merchant's bank account. | 1.79% of the Overall Transaction Value for UK personal card transactions.
+1% for American Express, international & corporate card transactions.
Minimum payout fee of £0.50 applies. |
Additional product fees may apply:
Tap to Pay: +£0.08 per transaction
Payment Links & Subscription Links: +0.49% per transaction
XERO invoicing: +0.29% + 10p
Fees - Fees are deducted per transaction and rounded up to the nearest penny as the lowest unit of currency. Payment processing and card network fees included. 0.79% rate is the lowest rate available. Lopay reserves the right to apply additional charges if a merchant's average transaction value is significantly below the expected average transaction value of £20 per merchant.
Payout limits – For Essential and Standard accounts, the minimum payout is £1. For Premium accounts & instant payouts, the minimum is £5 and the minimum payout fee is £0.50. 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.
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.
Refunds – Transaction fees are non-refundable so all refunds are net of the initial transaction fee.
Disputes & Chargebacks – The Merchant (Account Owner) is responsible for the disputed amount plus a £20 dispute management fee. Lopay will submit all evidence provided by the Merchant to challenge the dispute on behalf of the Merchant. If a dispute is won the disputed amount plus the £20 dispute management fee is returned to the Merchant.
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.
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.
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.
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.
Lopay Rewards - Lopay Rewards are fee-free transactions offered at the discretion of Lopay. Rewards may be reclaimed against future (but not previous) Fees and be applied in the form of a reduction in Fees.
For a product breakdown of Lopay's fees please click here.
If you do not understand the Fee Schedule or you have a questions, please get in touch via the in-app chat or email [email protected] or call 020 4571 4796.