Automatic fee collection

TrueLayer bills its customers via a net settlement model, saving you the hassle of settling invoices at the end of the month. Fees are deducted daily from your Merchant Account balance. For example, if you were to process £1000 worth of payments and incur £10 in fees within a single day, then the value of the sweep made to you the following day would be £990.

You then receive an invoice which is paid in full at the end of that month outlining the total fees charged.

If you process payments across multiple merchant accounts with TrueLayer, we collect fees from each one for payments and other billable events that relate to that Merchant Account specifically. You’ll be charged in the same currency as the merchant account that the fees pertain to.

If you use TrueLayer solely for our Data services, you will be billed at the end of the month via invoice requesting payment for fees due.

Corrections

In some scenarios (for example, where pricing has changed mid-month) we may correct the fees charged to you within a month. If additional fees are owed, they will be included in the next Fee Collection. If fees are owed to you, you will see Fee Correction Refund in your reports.

Sweeping Reconciliation with Net Settlement

Fees collected and fee correction refunded applied to your merchant account will appear in your transaction reporting as type: payout with the remitter and beneficiary both being TrueLayer.

In the payments report fee collections will have type: fee_collection and correction refunds will be type: fee_correction_refund.

If you have a transaction-based sweeping setup and get your sweeps daily, you can use the transaction report and total all the values there.This equals the net amount swept out to you, including fees for transactions and billable events from the previous day.

If you use amount-based sweeping, you can reconcile sweeps by using the transactions report and balance report. Using the balance report for a given date range, you can reconcile the opening balance, transactions and fee collections within the date range and compare them to the closing balance.

The same also applies if you have transaction-based sweeping that’s set to a frequency other than daily. If this is the case, you also need to use a combination of the balance and transaction reports to reconcile transactions and fee collections against the opening and closing balance of that date range.

If you use daily transaction sweeping, total the amount in the transaction report and reconcile it with the amount swept out to you.

At month end, the total sum of fee collection and fee correction refund will equal the total amount displayed on your invoice. Note that the fee collection for the final day of the month occurs on the first day of the next month.