Modular Merchant's most recent rate adjustment was in 2011, coinciding with the initial release of the MMv4 software packages. We hope that this past decade has demonstrated our commitment to doing what we can to mitigate service fees. Even so, during that time, the online marketplace has continued to develop and mature; and its software, payment processing technology, and security requirements have expanded along with it.

As the merchant processing landscape has evolved, the time has come for it to be necessary for an evolution in Modular Merchant's pricing structure as well. On January 1st, 2024, the following adjustments to Transaction Service Fees will take effect:

• For stores grossing under $30K in sales per month: Transaction Service Fees will be temporarily waived.
  
• For stores grossing between $30K-$60K in sales per month: Transaction Service Fees will be adjusted to 1%.
  (With no per-transaction fee.)
• For stores grossing over $60K in sales per month: Transaction Service Fees will be adjusted to ½% (one-half of one percent).
  (With no per-transaction fee.)

How do these Transaction Service Fees compare to the industry average?
While Transaction Rates vary accords the industry, research finds that these rates average higher than this, around 2%; reaching as high as 2.9% + 30¢ per transaction for credit card transactions - and sometimes even higher for in-build payment systems, such as cardless payment and crowdfunding services. We have worked to keep Modular Merchant's Transaction Service Fees as low on this spectrum as possible.

What if my store has disk space or bandwidth overage fees?
In the event that a store incurs overage fees, then the greater of the two fees will be used. (ie: Transaction Service Fees and Disk/Bandwidth overage fees will not be added together.)

Does the Transaction Service Fee replace the software subscription fee?
The Transaction Service Fee does not replace any currently existing product or service fees; such as: software subscriptions, Managed SSL Certificates, etc.

When do the rate adjustments go into effect?
The rates above go into effect on January 1st, 2024. An itemization of the pricing structure will be documented in the email receipt that is generated when account invoices are processed.

Thank you for your understanding as to the necessity to update pricing structures from time to time. We greatly appreciate the opportunity to serve our clientele, and are looking forward to further improvements that this new year will bring.

With Gratitude,
Your Modular Merchant Support Team