The payment gateway fee Is a fee charged by Myntra to the sellers using the Myntra platform. Myntra charges this fee to the sellers as the payment is made using a payment gateway by the customers for the particular order. Regardless of which payment gateway, all orders are charged this fee. In case of refund or cancelled orders this fee will be not refunded.
Myntra charges this fee as 2% on the order price or Rs.20 whichever is higher.
Calculating the payment gateway fee can be quite tedious since each order has a different amount, and verifying this amount with Myntra’s report just adds to the time it takes. The good news is that Cointab’s system is automated and smartly calculates the payment gateway fees automatically for every order by applying Myntra’s rate card to it. Cointab has made its rate card based on Myntra’s rate card because it makes the necessary calculations easy.
An example of Cointab’s rate card
When an order data is received. It gets allocated according to the rate card above and the required calculation is done and the data is presented in an orderly fashion.
For every order, the payment gateway fee charged by Myntra is recorded. Then the expected fee is recorded and right next to it is the difference between both. Which shows if Myntra has correctly charged the fee or not. This data is then shown in an easy-to-read output.
The Result is as follows:
The Result Shows:
- Total Payment Gateway Fee
- The Amount charged by Myntra as Payment Gateway Fee is recorded here.
- Correctly Charged Payment Gateway Fee
- When the Payment Gateway fee amount calculated by Cointab is equal to the amount charged by Myntra in their reports. It is then highlighted as Correctly Charged.
- Overcharged Payment Gateway Fee
- The system calculates the difference between the Payment Gateway fee and the calculated Payment Gateway fee for every order. This row shows a total of all the overcharged Payment Gateway fees in this calculation.
- Undercharged Payment Gateway Fee
- The system calculates the difference between the Total Payment Gateway fee and the calculated Payment Gateway fee. This row shows a total of all the orders where the Payment Gateway fee is undercharged.
To see all the other fee verification charges by Myntra, Click here.
