Wodify Payments FAQ

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With Wodify Payments what you see is what you get. You’ll have reports right in Wodify that will show you exactly how much money you process, how much is coming out in merchant processing fees, and exactly what is going to be deposited into your account.

 

Benefits of Wodify Payments at a glance:

  1. Quick and easy approval process
  2. Flat, transparent pricing - No hidden fees!
  3. Enhanced financial reporting
  4. Automated and thorough chargeback dispute process
  5. Automated card updating - when a member gets issued a new card (lost card, expired card) the information will be updated on the back end via the bank, so there will be no need to recollect the card from your client which will lead to less failed transactions.

 

What is the fee for credit card transactions?

2.9% + $0.30 per transaction

  • No setup fee
  • No batch fees
  • No PCI fees
  • No higher fee for rewards cards
  • No annual fees

What is the fee for chargebacks?

$15 for lost disputes.

 

Am I charged anything for failed credit or debit card transactions?

The $0.30 cent transaction fee applies to all attempts regardless of the outcome.

 

What is the fee for ACH transactions?

1.5% + $0.30 per transaction

  • No setup fees
  • No batch fees
  • No annual fees

Am I charged anything for failed ACH transactions?

There is a flat charge of $1.00 per failed ACH transaction.

 

I’ve been told that in order to use ACH my athlete needs to verify two micro deposits into their account first. Is that true?

Yes and no. Wodify Payments includes a partnership with the 13 major banks in the U.S. If your athletes are using one of these banks they will not need to authorize their bank account via micro deposits. In fact, they won’t even need their account or routing number, they’ll just need their online banking credentials.

The cost for this streamlining service is paid for by Wodify and is delivered to you at no additional cost. However, if the athlete has a bank other than one of the banks listed then they will need to authorize two small transactions on their account.

 

How long do I have to wait for a payout?

For Credit Card transactions, you should expect to receive a deposit within 2 total business days. For ACH, banks require a 5-day holding period to mitigate any risks (i.e., overdrafts).  After 5 days, you can expect to receive the deposit within 2 business days.

 

Are there any other fees I should be aware of?

Nope! That’s really it!

 

 

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