How are transaction fees calculated?

Forwardly's pricing aims to be as straightforward as possible. We only charge for two reasons: receiving an instant payment and using a credit card. If you send a bank payment, it's always free. If you're receiving a bank payment, you only pay when it's instant.

When paying by credit card, who pays the fee is determined by the payee's credit card policy. They may choose to pay the credit card fee themselves or have the fee paid by their payer. If the fee is to be charged to the payer, it will be clearly shown during payment. 

Forwardly's Processing Fees

* Same-day ACH payments only apply for instant payments to banks that do not support instant payment technology. Scheduling deadline for same-day ACH payments is 11:00 am PT | 2:00 pm ET from Monday to Friday (not including bank holidays).

** Minimum fee is $1 and the maximum fee is $10 per received instant payment. Processing fee is charged separately, not taken from the total processing amount. 

*** Card fees may be applied to payer or payee based on the payee’s business policy.

What if a payment fails? 

For invoice payments, if your customer’s bank payment fails, you will be charged the NSF fee.

For bill payments, you are responsible for any NSF charges. 

Our NSF fee is $30. We recommend Plaid bank connections for all businesses using Forwardly, as they can help reduce the likelihood of NSF situations.

Instant payments

With Forwardly, you can send money for free and receive bank payments instantly for 1% per transaction (see details below). When receiving bank payments, Forwardly processing fees are calculated on an invoice-by-invoice basis. Processing fees don't come out of the processed bank payment but are charged to the payment receiver (Payee) monthly. This is to ensure that all payments are reconciled perfectly and processing fees can be carefully tracked. 

Traditional payment providers like credit cards charge an average of 3% in processing fees. Forwardly offers a modern way of transferring payments instantly, where users can enjoy a cost-effective avenue to accessing their funds sooner than ever.

Card payments

If you accept credit or debit cards via Forwardly, you have the option to impose a surcharge on customers paying by card to offset the card fee. This practice must comply with rules established by:

• State law
• Federal law
• Card association rules and regulations

Remember that some states don't allow card fees or surcharges. Check your state's laws on card fees and surcharges. If there's a chargeback on a card payment, Forwardly will charge $30.