Setting Up Transaction Costs
Setting up transaction costs for different types of payments is a crucial step in setting up your Lifetimely account. Transaction costs are fees taken by Shopify and payment providers from the order revenue.
To begin, please navigate to https://app.lifetimely.io/cost/transaction-costs to begin setting up your transaction costs.
- If an end customer uses Shopify Payments for checking out, then Shopify takes a %-fee and a fixed amount in USD based on the merchant’s Shopify plan.
- If an end customer uses some other payment gateway, Shopify takes an alternative %-fee based on the merchant’s Shopify plan.
Based on your Shopify plan, we show you the transaction costs formula for the Shopify payments which looks like below
To edit these values, click the pencil icon:
Once this is done, for all the orders that had Shopify payments, we calculate the transaction costs based on the values you set up in the above step.
Other Payment Gateways
You can also set up transaction cost formulae for other payment gateways like Paypal, Stripe, and Others.
Simply click the + Add gateway button to add the transaction cost per each payment gateway, as shown below:
Once you set these up, we will recalculate your orders and will assign a transaction cost for each of them depending on the payment gateway.