Payment processor fees on income
Credit card fees
Stripe credit card payment processing fees fees are tracked debited from the project’s balance automatically on Open Collective. We have their nonprofit discount, so our rates are: 2.2% + $0.30 for non-Amex transactions and 3.5% for Amex.
Check processing costs
Check donation processing costs us $6 per check and ~$4.50 per batch, but we currently cover those costs ourselves.
Payment processor fees on expenses
We use Wise to pay out expenses. The cost is $1.13 per domestic expenses, varying internationally.
Avoiding Wise fees
You can avoid Wise fees coming from your project balance for transactions to you by setting up a Wise account and using Wise bank info for your OC payouts. These have a payment processing fee of $0. Note, however, that there may be fees associated with your use of the money, which will not be covered by Raft.