Are you considering using Verestro's Fintech-as-a-Service platform to streamline your financial operations? Knowing the associated costs is critical to making an informed decision. This article provides a comprehensive breakdown of the three main fee categories you will encounter.
Get to know about:
1. Implementation Fees
Manday fees (650 EUR)
Our team's dedication comes at a cost. Manday fees reflect the direct work hours invested in building a customized solution that integrates seamlessly with your existing environment.
Flexibility
This flexible approach ensures we address your specific needs, unlike a fixed fee that might not account for unexpected changes.
Transparency
We report manday hours each month, followed by an invoice at month's end.
Cost optimizationÂ
Your own readiness plays a big role. A smooth integration process, aligned with our documentation and services, can significantly impact the total cost. In ideal scenarios, a card issuing project can be implemented for around 6,000 EUR (10 mandays). However, unforeseen customizations or requests may increase this cost.
2. Maintenance Fees
Monthly maintenance
To ensure ongoing platform functionality, security, and compliance, we typically charge monthly maintenance fees. These fees take effect once the initial test environment is established, reflecting the costs incurred.
Maintenance fees typically range from 4,000 EUR to 15,000 EUR per month. This variation depends on the complexity of your project and the number of Verestro products you utilize.
What's included in maintenance fees?
Your maintenance fees cover a variety of essential services, including:
Platform hosting
PCI DSS and security compliance adherence
Hardware and software procurement and updates
DevOps and IT administration team expenses
3. Variable Fees: Transaction-Based Costs
The very nature of financial services necessitates variable fees associated with each Verestro product. Payment and financial services can work only in cooperation with banks, payment organizations (Mastercard, VISA) or other processors and providers. To cover their fees and generate revenue, we need to charge variable fees.
These fees might not apply or might be minimal if you solely require technological services. The specific fees depend on the kind of the chosen Verestro product.
What are common variable fees?
Monthly Fees per Card/Account:Â This fee covers hosting, security, certifications, service level agreements (SLAs), payment scheme costs, and processor expenses. Expect a range of 0.02 EUR to 0.3 EUR per card/account, per month.
Transaction Fees:Â These fees encompass direct payment scheme processing and banking costs. The specific fee varies based on transaction type (e.g., transactions within Europe are generally cheaper than those across continents). For point-of-sale (POS) and e-commerce transactions, expect a range of 0.01 EUR to 0.08 EUR per transaction, along with an additional 0.05% to 0.1% of the transaction value. ATM transactions incur higher fees due to ATM service charges (typically 0.5 EUR to 1 EUR per transaction) and an additional 0.1% to 0.3% of the transaction amount.
Currency Conversion Fees:Â Banks and foreign exchange activities necessitate fees typically ranging from 0.5% to 1%.
IBAN Fees:Â If you plan to utilize Verestro's IBANs, expect a fee for both IBAN creation and incoming transactions. This fee generally falls between 0.1 EUR and 0.5 EUR, depending on the volume and the bank providing the IBANs.
Additional considerations
Third-Party Fees:Â In some cases, additional variable fees from third parties might be applicable. For instance, Apple charges fees per transaction and per card for using ApplePay services. Similarly, specific banks may require transaction volume fees for particular partners.
Ecommerce Transaction Processing:Â If you leverage Verestro's Paytool (eCommerce payment gateway), transaction fees range from 0.6% for domestic transactions in Poland to 2.7% for inter-regional transactions.
For a more in-depth analysis of a specific service's fees, feel free to contact Verestro directly. Our team is happy to address any questions you may have.
