Wi-Py

Fees

We know that nobody likes to pay banking fees! Wi-Py was designed to use deposit methods that minimize administrative costs so we can offer mostly ZERO Fee services except for an unheard-of 1.5% Merchant Fee!

The Wi-Py 'Secret'

We use every trick possible to minimize everyone's Fees, Merchants and Personal users alike. Our success is directly linked to how effective we are in cutting Fees; the lower our Fees, the more Merchants and Personal users will join Wi-Py!

The largest cost incurred by any payment system is represented by Credit Card processing. Visa and Mastercard charge 2.0%-2.7% per transaction, plus other administrative Fees. Meanwhile, deposits by Cheque, E-Mail Transfer or Bank Deposit are much cheaper! Most people prefer the convenience and speed of Credit Card processing, but that comes at a cost that they may try to avoid if the Credit Card Fee is passed on to them by the Merchants.

We encourage Personal users to use ZERO Fee deposit and payment methods in two ways:
- 1% CashBack Rewards! If you use cash from your Wi-Py account to make a payment instead of your Credit Card, we give you 1% back; as simple as that.
- Credit Card Fee Split! We allow merchants to split the Standard Fee with their Customers. If the Merchant covers the Credit Card Fee, the Customers won't care about them, but if they end up being charged for using a Credit Card, they will be encouraged to switch to one of the ZERO Fee deposit or payment method.

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Personal Accounts

1% CashBack Rewards!
Make a payment to a Merchant Account using your Wi-Py balance and receive a 1% CashBack on the spot!
You can easily PROFIT from using Wi-Py!
Use ZERO Fee methods to fund your Wi-Py Account instead of Credit Cards and then pay Merchants from your Wi-Py balance and earn the 1% CashBack Reward

Fee Schedule

Use ZERO Fee methods to fund your account then use all your cash within Wi-Py, and you will never pay fees!

ZERO Fee -  Transfers between Wi-Py Personal
                       Accounts; our recommended method
ZERO Fee -  Funding Account via Mail-In Cheque,
                       Bank Deposit or Interac E-Transfer
ZERO Fee -  Escrow, IOU, CyberCash and E-Gift

We suggest our Personal Users to:
- Avoid using Credit Cards; either you or the Merchant will have to pay their fees.. If you help Merchants save on Credit Card fees, you will be rewarded with a 1% CashBack - see above;
- Use your balance to make a transfer to another Wi-Py Account, pay a Merchant or make a donation and you will never have to pay a Withdrawal Fee!

But if you still prefer the convenience of Credit Card deposits and to withdraw cash:

      2.75% -  Credit Card funding of your own Account
                      Note: Minimum Wi-Py Fee: $0.20;
0 - 2.75% - Some Merchants may choose to split Credit
                     Card fees with you, if you prefer to pay
                     with your Credit Card instead of Wi-Py
                     funds; it is totally up to them to decide;
                     Note: Minimum Wi-Py Fee: $0.20 which
                     may be covered in part or in full by you;
       $3.00 -  Withdrawal fee per remittance.


Merchant Accounts


We are proud to offer one of the lowest Merchant services in the industry! We offer even lower rates to those Merchants who are successful in encouraging their Customers to use low cost payment methods - avoiding costly Credit Card transactions!

      1.50% -  The lowest Merchant Rate!
                      This rate is offered to those Merchants
                      who collect 100% Wi-Py payments or
                      pass the entire Credit Card fee to their
                      Customers;
      2.75% -  Our Standard Merchant Rate!
                      This is the Maximum Rate and it only
                      applies to Merchants who collect 100%
                      payments via Credit Cards and do not split
                      any Credit Card fees with their Customers

Note: As Merchant, you can expect to pay a rate in between 1.5% and 2.75% depending on how much you rely on Credit Card payments and choose to cover it in full instead of splitting it with your Customers.
We analyze the payments' sources and adjust the Merchant Rate based on performance.               

       $3.00 -  Withdrawal fee per remittance.

Merchant Account Setup

When we setup a Merchant Account, we will ask you to choose your Transaction parameters for Credit Card incoming payments. For this purpose, the Standard Rate is applied:

Merchant Rate:            0.00% - 2.75%
Customer Rate:           2.75% - 0.00%

Merchant Rate and Customer Rate must total 2.75%.
It is totally up to you to decide your pricing strategy. We recommend you to share this cost with your Customers; they may be encouraged to use Wi-Py funds to pay you, this way saving everyone's money!

Minimum Credit Card Transaction Fee: $0.20
Credit Card companies charge minimum fees which can be very costly if the Customers make a lot of small payments; we must pass such minimum fees onto our Merchants - no choice in this matter.

Minimum Fee paid by: [_] Merchant or [_]  Customer
You can choose to cover the Minimum Fee or pass it to your Customers!

Minimum Credit Card Payment Amount: $__.__
(most common: $5.00)
You may advise a Minimum Credit Card Payment Amount in order to minimize your 'Minimum Fee' cost.

Wi-Py provides you this pricing toolset that can be customized for your business to provide your Customers a balance of convenience and cost savings.

More information: 

DepositsWithdrawals

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Avoid Fees: Tips and Tricks

Avoid Deposit Fees!

The easiest, fastest and totally Zero-Fee method of funding your account and taking out cash is to ask a friend, relative or co-worker who uses Wi-Py to transfer funds from their account into yours (or the other way around) in echange for real cash.

Example: Bob gives $20 real cash to Emma who sends $20 from her Wi-Py account into Bob's; done instantly and at Zero-Fee, as the cash stays in Wi-Py.

Anyone can fund or make a payment into a Wi-Py account (including their own) at a Zero-Fee via Mail-In Cheques, Bank Deposits or Interac E-Transfer service from certain banks (some banks charge Interac fees).
Avoid Withdrawal Fees!

Use your Wi-Py balance to make payments and donations to other Wi-Py users instead of taking out cash. Withdrawal is something that only Merchants and Sellers should use, because they receive more cash than they spend.

If you wish to close the account, consider donating your end balance to a charity. We will soon offer utility and tax bill payments inside Wi-Py, so you will be able to use every penny you have, at Zero-Fee!

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