Paycity is a payment gateway that facilitates online transactions for businesses, allowing them to accept payments from customers through various methods. Like most payment processors, Paycity charges fees for its services. These fees are typically composed of a percentage of the transaction amount and sometimes a fixed fee per transaction. Understanding these fees is crucial for businesses to accurately price their products or services and manage their profitability.
How the Paycity Fee Calculator Works
This calculator helps you estimate the Paycity fees associated with a specific transaction. It takes into account the following key inputs:
Transaction Amount (R): This is the total amount of money being processed for the sale.
Payment Method: Different payment methods (like Credit Card, Debit Card, EFT, Payflex, PayFast) can sometimes have slightly different fee structures. This calculator uses this selection to apply the correct fee rates.
Payment Provider Fee (%): This represents the percentage-based fee charged by Paycity (or the underlying payment processor) for handling the transaction.
Fixed Fee Per Transaction (R): In addition to the percentage, there is often a small, flat fee charged for each transaction processed.
The Calculation Formula
The total Paycity fee is calculated using the following formula:
Total Fee = (Transaction Amount * (Payment Provider Fee / 100)) + Fixed Fee Per Transaction
Essentially, we first calculate the percentage-based fee by multiplying the transaction amount by the fee percentage (divided by 100 to convert it to a decimal). Then, we add the fixed fee to this amount to get the total cost for that transaction.
Example Calculation
Let's say a business is selling a product for R 1500.00 and a customer chooses to pay via Credit Card.
The Paycity fee structure for credit cards is:
Payment Provider Fee: 2.8%
Fixed Fee Per Transaction: R 3.50
Using the calculator:
Transaction Amount = R 1500.00
Payment Provider Fee = 2.8%
Fixed Fee Per Transaction = R 3.50
Calculation:
Percentage Fee = R 1500.00 * (2.8 / 100) = R 1500.00 * 0.028 = R 42.00
Total Fee = R 42.00 + R 3.50 = R 45.50
So, the estimated Paycity fee for this transaction would be R 45.50.
Why Use a Paycity Calculator?
Accurate Pricing: Ensure your product or service prices cover payment processing costs, maintaining healthy profit margins.
Budgeting: Predict monthly or quarterly payment processing expenses for better financial planning.
Cost Comparison: Although specific rates vary, understanding the components helps compare different payment gateway options.
Transparency: Demystify the fees and understand exactly what you are paying for.
function calculatePaycityFee() {
var transactionAmountInput = document.getElementById("transactionAmount");
var paymentMethodSelect = document.getElementById("paymentMethod");
var paymentProviderFeeInput = document.getElementById("paymentProviderFee");
var fixedFeePerTransactionInput = document.getElementById("fixedFeePerTransaction");
var resultDiv = document.getElementById("result");
var transactionAmount = parseFloat(transactionAmountInput.value);
var paymentProviderFeePercentage = parseFloat(paymentProviderFeeInput.value);
var fixedFeePerTransaction = parseFloat(fixedFeePerTransactionInput.value);
var feeRate = 0; // Default fee rate
// Set fee rates based on payment method (example rates, actual rates may vary)
var selectedMethod = paymentMethodSelect.value;
if (selectedMethod === "creditCard") {
// Example: Credit Card Fees
paymentProviderFeePercentage = 2.8; // Default to typical credit card rate if user doesn't input
fixedFeePerTransaction = 3.50; // Default to typical credit card fixed fee
} else if (selectedMethod === "debitCard") {
// Example: Debit Card Fees
paymentProviderFeePercentage = 1.8;
fixedFeePerTransaction = 3.00;
} else if (selectedMethod === "eft") {
// Example: EFT Fees
paymentProviderFeePercentage = 0.5;
fixedFeePerTransaction = 1.50;
} else if (selectedMethod === "payflex") {
// Example: Payflex Fees (often higher due to BNPL nature)
paymentProviderFeePercentage = 5.0;
fixedFeePerTransaction = 5.00;
} else if (selectedMethod === "payfast") {
// Example: PayFast Fees (can vary)
paymentProviderFeePercentage = 3.5;
fixedFeePerTransaction = 4.00;
}
// Update input fields with default values if they are empty or invalid based on selected method
if (isNaN(paymentProviderFeeInput.value) || paymentProviderFeeInput.value === "") {
paymentProviderFeeInput.value = paymentProviderFeePercentage;
} else {
paymentProviderFeePercentage = parseFloat(paymentProviderFeeInput.value);
}
if (isNaN(fixedFeePerTransactionInput.value) || fixedFeePerTransactionInput.value === "") {
fixedFeePerTransactionInput.value = fixedFeePerTransaction;
} else {
fixedFeePerTransaction = parseFloat(fixedFeePerTransactionInput.value);
}
// Basic validation
if (isNaN(transactionAmount) || transactionAmount <= 0) {
resultDiv.innerHTML = "Please enter a valid transaction amount.";
return;
}
if (isNaN(paymentProviderFeePercentage) || paymentProviderFeePercentage < 0) {
resultDiv.innerHTML = "Please enter a valid percentage fee.";
return;
}
if (isNaN(fixedFeePerTransaction) || fixedFeePerTransaction < 0) {
resultDiv.innerHTML = "Please enter a valid fixed fee.";
return;
}
var percentageFee = (transactionAmount * (paymentProviderFeePercentage / 100));
var totalFee = percentageFee + fixedFeePerTransaction;
resultDiv.innerHTML = "R " + totalFee.toFixed(2) + " (Total Estimated Paycity Fee)";
}