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Documentation

Offering Key Terms

Listed below are a series of key terms and their definitions. The terms appear in the Partner Portal.

Key Terms

Key Term	Definition
MMF - Monthly Minimum Fee	The monthly minimum fee is the baseline amount a merchant must pay each month. If the merchant’s transaction volume does not generate fees that meet or exceed this threshold, Rapyd charges the difference to ensure the minimum fee is reached. In other words, even if activity is low, the merchant will always be billed the agreed-upon monthly minimum fee.
Settlement Currency	The currency in which the merchant receives their funds in their bank account. Regardless of the transaction currency, the settlement currency determines the final currency used when Rapyd transfers funds to the merchant’s bank account. The transaction currency is initiated by the Customer and authorized by the Merchant. It represents the currency displayed to the Customer at the point-of-sale (POS) or checkout and is the unit of value recorded for the individual payment instruction. The partner can set several Settlement Currencies per Offering.
IC++	Activating IC++ pricing for a merchant ensures that all underlying interchange (IC) and scheme fees are passed directly through to them. In this model, the percentage and fixed fee you enter in Rapyd’s system should represent only the markup on top of interchange and scheme fees — not the full acquiring fee. In practice, the merchant is charged: Interchange Fee + Scheme Fee + Your Markup. Rapyd provides full transparency and ensures that all variable card-network costs are accurately reflected in their final pricing.
Percentage Fee	The percentage applied to the transaction amount to calculate the fee Rapyd charges for each processed transaction (includes your partner markup). The percentage is multiplied by the gross transaction value, and the resulting amount becomes part of the total fees billed to the merchant. When IC++ is selected, the Percentage Fee acts as a standalone markup on top of the scheme fee and interchange fee. For Fixed pricing, the percentage and fixed fees are 'all-in,' covering the Interchange and Scheme fees plus the markup.
Fixed Fee	A flat, predetermined amount that is charged per transaction, regardless of the transaction value. This fee remains constant and is added to any other applicable pricing components for each successfully processed transaction.
FX Markup	This charge is applied whenever the transaction currency differs from the fee or settlement currency. It covers the cost of converting funds between currencies and is applied on top of the standard fees.
Transaction Types	Payment In-Store – A transaction completed at a physical retail location. Both the percentage fee and the fixed fee can be charged on this transaction type. If the fixed fee is assigned to the in-store payment element, it will be charged only for successful transactions. By applying the fixed fee instead at the payment authorization transaction type (see below), you ensure that it is billed for all authorization attempts — both approved and declined. Payment Online – A payment processed through an e-commerce or digital channel. Both the percentage fee and the fixed fee can be charged on this transaction type. If the fixed fee is assigned to the online payment element, it will be charged only for successful transactions. By applying the fixed fee instead at the payment authorization transaction type (see below), you ensure that it is billed for all authorization attempts — both approved and declined. Refund – A return of funds initiated by the merchant back to the cardholder. Pre-Dispute – An early cardholder complaint raised before a formal chargeback, with no file or evidence exchange between issuer and acquirer. Funds are returned to the cardholder with no further action. Chargeback – A formal dispute raised by the cardholder, resulting in the transaction being reversed while the case is reviewed. Payment Authorization (Auth) – This represents the step where the transaction amount is verified and placed on hold before capture. Every attempted transaction — whether approved, voided, or declined — is considered a payment authorization. For this reason, the fixed fee should be applied to this transaction type. Settlement Fee – A fee charged to the merchant for each settlement payout they receive.
Regionality	A reference to the geographic location for a card transaction. For a list of countries per region, see List of Countries by Region. Regionality types and definitions for the European region and the UK include: Domestic - Transactions where the merchant country and the cardholder country are the same. Intra-regional EEA - Transactions between merchants within EEA (European Economic Area) countries, excluding the UK. Intra-regional Non-EEA - Transactions where the merchant or cardholder is in Europe, but outside the EEA. Intra-regional EEA UK - Transactions between merchants in the European Economic Area (EEA) countries and the UK. Inter-regional - Transactions between merchants in different regions, such as Europe and America. Regionality types and definitions for the APAC (Asia-Pacific) region include: Domestic - Transactions where the merchant country and the cardholder country are the same. Intra-regional AP - Transactions between merchants within different APAC countries. Inter-regional - Transactions between merchants in different regions, such as APAC and Europe.
Category	Debit - Money is taken directly from the merchant’s available balance (for example, a debit card or bank account). The funds are withdrawn immediately at the time of the transaction. Credit - Money is charged against a credit line. The merchant pays later according to their credit card or financing terms.
Platform	Commercial - Transactions made for business purposes, typically by companies (for example, B2B payments, corporate cards). Consumer - Transactions made by individual end users for personal use (for example, retail purchases by private customers).
Transaction Fee Currency	The currency in which Rapyd calculates and charges the merchant fees for a transaction. If the transaction currency (the currency the customer pays in) differs from the fee currency, a foreign exchange (FX) markup may be applied to convert the transaction amount to the fee currency.
Invoice Currency	The currency in which the merchant will receive their invoice from Rapyd. The invoice currency determines how fees, charges, and settlements are presented on the invoice. When the Transaction Fee Currency differs from the Invoice Currency, Rapyd will convert the amounts into the Invoice Currency for reporting purposes. This ensures all transaction data is standardized and showcased accurately within a single, unified invoice currency.
Settlement Time	The number of days after the transaction date where the transaction is initiated and the funds are settled into the merchant's bank account. The settlement date is the date the settlement was processed and remitted by Rapyd. Various factors including payment method type, minimum settlement amount, and bank verification can impact the time frame.

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