How is the Payment Processing Fee calculated?
The Payment Processing Fee is 4% of the total amount to be paid + ₦50 with a maximum of ₦2050. This means that all payments worth ₦50,000 and above will have a Payment Processing fee of ₦2050.
When do I get charged a Payment Processing Fee?Whenever you're required to make a payment in Naira, a Payment Processing Fee is added to the amount. There are two scenarios in which you can get charged a payment processing fee:
- When activating a trade to buy cryptocurrency, you're required to pay for the value of the maximum amount you're willing to buy. A Payment Processing fee is added to this maximum amount.
- When buying cryptocurrency (from another user's trade), the Payment Processing Fee is added to the cost of the cryptocurrency.
What else should I know?
- The Payment Processing fee is never refunded. The fees are used up to accept your payments via card or directly from your bank account.
- If you retire a buy Trade Posting that has not yet been completely bought out, a fee of ₦50 will be deducted from the amount refunded to you.