Price matters, and we want to help you make the best, informed decision.
If you haven't read about what interchange rates are, now is a good time to check that out to fully understand our pricing model.
My Well Ministry leverages Interchange Plus Zero Pricing. This is the most transparent model in the payment industry, and coincidentally, the model that helps you receive the lowest possible rate. Each transaction is simply charged at cost.
The average effective rate across all My Well accounts is 1.75%. This includes all interchange fees, monthly fees, and individual transaction fees.
My Well considers "at cost" to be the base fees that the payment processing networks charge for all transactions and the transaction fees that our gateway charges. What makes us different is that we charge 0 basis points (0%) on top of interchange. This eliminates all profits on these accounts. We call this Interchange Plus Zero Pricing. Now let's take a look at the actual interchange costs involved.
This rate is comprised of the almost 400 different types of fees that must be paid to Visa, MasterCard, or Discover. It varies by transaction based on the card type used by the giver. A couple examples are 0.65% + $0.15 for a Visa debit card or 3.80% for an American Express card.
Merchant Processing Account
Your merchant account is a specific type of bank account that you open with a payment processor. This account is where your funds are stored as the payment processor facilitates taking payments from an end user's account and putting them into your merchant account.
Per Transaction Fee
Per transaction: $0.30
Monthly platform fee: Starts at $49 and scales with your ministry's needs.
- Per batch: $0.10 (There are typically 2 batches per day, one for card payments + one for ACH payments)
Account Start Up Fee: $0
Annual Account Fee: $0
PCI/Security Fees: $0 (If you complete certification through our partner TransNational, which we provide to you for no cost)
Account Termination Fee: $0
There are no lengthy contracts that you are bound to. You simply pay month to month and you can cancel at anytime without penalty.
We hope this explains the breakdown My Well Ministry's pricing. We believe that our incredibly low, at-cost pricing will help you best steward the money coming into your organization.
Note: If you have any specific questions or would like more information about My Well Ministry, please connect with us!