Payment Processing Billing Options

Description: Learn the payment processing billing options available to merchants processing payments with Shift4.

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Merchants processing payments with Shift4 can choose from three billing options to cover their payment processing fees. The billing option is selected during onboarding but can be adjusted upon request at any time.

Contact our customer service team at shift4.com/contact-support to change your billing option. For your reference, here is an explanation of how the three billing methods work:

• Monthly Gross Billing: This billing method uses a single debit at the beginning of each month for all accrued processing fees from the previous month, during which transaction deposits were received. However, it comes with an additional 0.02% per transaction Monthly Float Fee.
• Daily Net Billing: This billing method debits any daily accrued processing fees (including interchange fees) from that day’s batched settlement before deposit to the merchant account, with no additional fee.
• Daily Gross Billing: This billing method debits any daily accrued processing fees (including interchange fees) from the merchant's account, with no additional fee.
  

Internal:

Shift4 covers interchange fees for the card brands, which are later recovered by collecting them in a month-end debit from the merchant. While setting your payment processing billing method to month-end can help you keep more working capital on hand, it also carries a risk, which the Monthly Floating Fee covers.

Frequently Asked Questions

Why did I receive a statement notification?

If you received this notification, your account is currently on monthly billing, meaning your processing fees are debited as one lump sum at the end of each month. Beginning June 1, 2024, should you choose to remain on a monthly billing structure, you will be assessed an additional fee of two basis points on all processed volume. 

Are there any actions required on my end?

No action is needed. However, if you remain on monthly billing, you will be assessed an additional two basis points for your processing volume at the end of each billing cycle. 

How does daily billing work?

Daily billing means your processing fees will be debited from your account daily instead of at the end of the month:

• Net Daily Billing debits will net against your batch funding for that day.
  • Example: If you were to process gross sales of $100 with a 3% processing fee ( $100 sales - $3 processing fee), you will see a $97 deposit into your merchant bank account.
• Gross Daily Billing debits will be a separate account debit each day.
  • Example: If you were to process gross sales of $100 with a 3% processing fee ( $100 sales - $3 processing fee), you will see a $100 deposit and a $3 debit from your merchant bank account.

Can I review the reporting for daily billing?

Yes, reporting will be available on the Lighthouse portal. For examples of how this can be set up view the guide Top 5 SkyTab Business Intelligence Reports Every Merchant Should Know and Use Daily on how to set these up in Lighthouse Business Manager.