Canopy Payments: Dues & Assessments | FAQ
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Table of ContentsWhat are dues and assessments?Where can I see the dues and assessments I am getting charged?1. Choose Payments from the slide-in panel.2. Select the Deposits tab.3. Click on a relevant deposit.Why does Canopy not include dues and assessments in the rate?When are dues and assessments billed?Where can I find out more about what dues and assessments are charged?
This section contains frequently asked questions about dues and assessment fees charged associated with your Canopy Payments account.
What are dues and assessments?
Dues and assessments are fees which are charged directly by the card brands (Visa, Master Card, Discover, etc.) on all credit & debit card transactions. These fees are non-negotiable and will be charged regardless of who you process with. Some payment processors will pass the dues and assessments down to the merchant and others will incorporate them into a higher blended rate (an example would be Stripe and PayPal).
Where can I see the dues and assessments I am getting charged?
Dues and assessment fees can be easily viewed within Canopy. To get started, click Billing on the global navigation bar.
1. Choose Payments from the slide-in panel.
2. Select the Deposits tab.
3. Click on a relevant deposit.
- The deposit will expand to show a breakdown of the fees charged for that batch of payments.
Why does Canopy not include dues and assessments in the rate?
Canopy's goal is to give our customers the lowest possible overall rate on their merchant
transactions. Rather than charging an inflated flat-rate fee designed to overestimate the total fees, we chose to use a more precise fee schedule that charges only for the fees actually incurred by our users. By separating dues and assessment fees from the processing fee, we were able to negotiate for a competitively low processing fee rate of 2.75% + $0.30 per transaction.
When are dues and assessments billed?
Dues and assessments are typically provided to the payment processor once a month, however, not all card issuers bill at the same time. Dues and assessment fees are typically withdrawn from the undeposited amount in your merchant account before the money is deposited in your bank account. If there are no funds in the account at the time of billing, the processor may debit the funds directly from your bank account.
Where can I find out more about what dues and assessments are charged?
Card providers are constantly changing their dues and assessments. We have found this
resource to be helpful for understanding the total cost of processing. In addition, this resource provides information about keeping payments current on dues and assessments.
Alternatively, please reference the Canopy Payment Terms and Conditions: