Frequently Asked Questions

When is my processing rate going to change?

On the date indicated in the email notice you received, your processing rate will adjust to the corresponding rate for your annual online transaction volume.

We understand that the annual online transaction volume may vary and fluctuate across businesses. We will regularly review your online transaction volume and proactively notify you, with advance notice, of any upcoming changes to your payment processing rate.

How is the processing fee paid?

The credit card processing fee is deducted from your FareHarbor gross payout. The payment amount can be checked via the Payouts & Refunds report (found on Reports > Accounting > under Internal).

How is my annual online transaction volume calculated?

Your annual online transaction volume is calculated by aggregating the total online transactions of the past 12 months. Based on the annual online transaction volume calculated, you are eligible for the corresponding processing rate shared in the email notice.

Why is this happening?

At FareHarbor, our primary goal is to continually enhance our products and services to meet the evolving demands of our clients and the market. The decision to adjust our rates based on annual online transaction volume was made after careful consideration and analysis of the costs associated with providing our products and services.

Over the last decade, we have subsidized the credit card processing rate below the market standard to alleviate your costs. As we continue to support our growing client base and invest in our product, people, and infrastructure, it has become essential for us to refine these rates.

I didn’t receive this update, what does this mean for my business?

The update is being rolled out in phases in the United States. If you haven’t received an email or notification regarding this update, rest assured, we will keep you informed via email as the rollout progresses.

What types of online bookings fall under online transactions?

When calculating the online transaction volume, online bookings from your website, ASN button/QR Code bookings, and FHDN bookings are included.

If my rate changes, how does this impact completed payments and new payments?

If your rate changes, the completed payments (and any refunds on those payments) made with the previous rate will continue to follow that rate. For any new payments made from the day your rate changes to the new rate, the new rate will apply.

If my business qualifies for a lower rate, would I be reimbursed for the costs that I paid for transactions made prior to the new adjusted rate?

No, the processing fees paid for transactions prior to the adjusted rate are non-refundable. We understand that the annual online transaction volume may vary and fluctuate across businesses. We will regularly review your online transaction volume and proactively notify you, with advance notice, of any upcoming changes to your payment processing rate.

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The adjusted CC processing rate is only applicable to Stripe clients in the United States. We are rolling this out in phases, starting with select clients.

Annual Online Transaction Volume	Credit Card Processing Rate
$0.00 – $83,300	2.9% + $0.30
$83,301 – $1,083,000	2.3% + $0.30
$1,083,001+	1.9% + $0.30

Client wants to find the adjusted processing rate and the corresponding annual online transaction volume.

Please direct clients to the email notice that they received, which includes a table of the adjusted rate and required annual online transaction volume.

Client is not part of the rollout, but would like to learn more.

If the client is not part of the phased rollout, let them know that the update is being rolled out in phases. If you haven’t received an email or notification regarding this update, rest assured, we will keep you informed via email as the rollout progresses.

Client is asking how the processing fee is paid.

The fee is deducted from the client’s gross payout. The payment amount can be checked by the client via the Payouts & Refunds report (found on Reports > Accounting > under Internal).

Client is asking why they are being charged 2.9% if our rate with Stripe is likely lower than this rate. Below is how you can respond.

Our processing rate with Stripe is based on the total volume processed through our Stripe account. Rates vary based on online transaction volume, and your rate reflects the respective rate for your company’s online transaction volume.

A fellow operator who was recently onboarded gets to stay at 1.9% for up to their first year, why is that not the case for my business?

Rate adjustments are being implemented in phases, your friend’s business may not have been affected as of now. When your annual online transaction volume meets the threshold for a lower rate, we will update your processing rate accordingly.

I just went live at 1.9%, why is my rate already changing if I haven’t been with FareHarbor for 12 months yet?

Given your current annual online transaction volume falls between $0.00 – $83,300, the applicable processing rate at this volume range is 2.9%. As your transaction volume grows during the first 12 months, we will actively monitor and notify you of any adjustments to your processing rate.

I was just onboarded a few months ago. How long do I get to stay at 1.9%?

Great question! Rate adjustments are being implemented in phases, which means your business may not have been impacted yet. Rest assured, we will let you know in advance of any upcoming changes to your processing rate.