The Velocity Payment System is fully compliant with all of the card association rules and regulations governing the collection of convenience and service fees. Understanding these rules can help merchants looking to offset some or all of their merchant services-related fees. In a convenience fee pricing model, the consumer makes payment for the sum of the principal amount plus an additional fee, called a convenience or service fee, to cover the cost of the transaction and associated payment technology. The merchant will not be charged credit card or ACH processing costs.
Convenience or service fee pricing typically covers all costs to Govolution associated with Velocity configuration, deployment, implementation, training, testing, compliance, and customer support and maintenance services. Govolution’s convenience/service fee pricing models enable merchants to implement a “zero cost” electronic payment solution across the enterprise.
When applying a convenience/service fee pricing model, it is important to understand that credit card associations have rules governing the assessment of fees by merchants and third party vendors. Govolution strictly follows the requirements mandated by Visa, when the merchant accepts Visa credit or debit cards. If Visa is not accepted, MasterCard rules and regulations apply. Non-compliance with these requirements places both Govolution and the merchant at risk of card association penalties and fines. Govolution prides itself on staying apprised of all convenience/service fee rule changes, and will update this page and our merchants accordingly.