#Costs

There is no cost for having Chippin as an option in the online checkout. Chippin only deducts a service fee when a customer completes a successful transaction - i.e. when they successfully reach their monetary target within the allotted timeframe.

Chippin is a dedicated shared payment service that integrates with 'Stripe' to process the payments. Stripe is a global technology company that focuses on providing the technical, fraud prevention, and banking infrastructure required to operate online payment systems. (see Stripe's Terms and Conditions for more details).

Chippin's payment service charge comprises of 2.5% of the total gross value of each participant's share plus a 5p standing charge for each contributor. Stripe's card processing charge is currently 1.4% of the total gross value plus a 20p per transaction for all European cards and 2.9% plus 20p for all non-European cards. When Stripe fees are decreased (or potentially increased) this will automatically be reflected in the charges deducted.

The fees are automatically deducted from the total value of a successful transaction. So, for example, a £100 purchase split equally between two people (instigator and contributor (both using European cards)) works as follows:

Total product price = 100 Instigator Contributor Total
Transaction total 50.00 50.00 100.00
25p tx charge* 0.00 0.25 0.25
Total revenue 50.00 50.25 100.25
Stripe 1.4% charge -0.70 -0.70 -1.40
Stripe 20p charge -0.20 -0.20 -0.40
Chippin 2.5% charge -1.25 -1.26 -2.51
Chippin 5p charge -0.00 -0.05 -0.05
Total charges -2.15 -2.21 -4.81
Merchant Receives 47.85 47.79 95.44

* This total is configurable by the merchant to cover standing charges if required.

Example to show a Chippin of £100 with 10 people sharing the cost:

Total product price = 100 Instigator 9 x Contributor, each Total
Transaction total 10.00 10.00 100.00
25p tx charge * 0.00 0.25 2.25
Total revenue 10.00 10.25 102.25
Stripe 1.4% charge -0.14 -0.14 -1.40
Stripe 20p charge -0.20 -0.20 -2.00
Chippin 2.5% charge -0.25 -0.26 -2.59
Chippin 5p charge -0.00 -0.05 -0.50
Total charges -0.59 -0.65 -6.49
Merchant Receives 9.41 9.35 95.76

* This total is configurable by the merchant to cover standing charges if required.