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Fee calculation

Fees are calculated live, and each product resource has an associated fee (i.e. each payment intent has a fee, each refund has a fee). To make sure what shows up in the API is the same as what shows up in your bank statement, fees + VAT are rounded to the smallest currency unit.

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Step by step

  1. A fee is calculated for each resource, based on your pricing plan.
  2. The VAT is calculated as a percentage of this fee, depending on your country’s VAT rate.
  3. The fee + VAT add up to the total fee of each resource.
  4. Finally, what is deducted from your payout is the total fee, rounded to the nearest currency unit.
Here is an example of the steps to calculate a single resource’s fee (for this example we are using CLP currency and a fee of 1.35%). *Fees and taxes are recalculated based on the rounded fee. At the invoice level, the sum is direct and no rounding is necessary. The following table illustrates how we calculate the total amount that will show up in your end-of-period invoice. For this example we are using CLP currency and a fee of 1.35% for payments. We are using 0.014 UF fee for refunds (UF value $36.730 CLP). The total amount of the invoice will be the sum of rounded fees of the resources consumed by your organization in the past billing period. The total VAT of the invoice will be the VAT rate, calculated over the rounded fee.

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How you’re billed

How you pay Fintoc’s fees depends on whether automatic fee deduction is active for your organization.
  • With automatic fee deduction: Fintoc deducts the total fee of each resource from your daily settlements. At the end of the month, Fintoc still issues an invoice for that usage. The invoice arrives already paid, because the fees were deducted from your settlements. You are not charged twice.
  • Without automatic fee deduction: Fintoc bills your fees on the end-of-period invoice, and you pay that invoice.

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Download your invoices

You can download Fintoc’s invoices from the Dashboard in Settings > Invoices. Each invoice shows its issue date, folio, amount (tax included), and status. To download an invoice, open the Download files menu on its row. Available files can include PDF, XML, and CSV formats. Invoices can have the following statuses:
An invoice’s status can take up to 24 business hours to update. To access invoices, your Dashboard user needs the permission to access the billing and invoices section.

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VAT Rates

To calculate fees and end-of-period billing, a VAT rate is included over the fee. This amount varies based on your country.