When your customers pay you online through MyCo, there are two types of fees that apply:
- Payment Gateway Fees - Charged by the payment provider (Stripe, Paystack, Flutterwave, or Korapay) for processing the transaction
- MyCo Service Fee - A 1% platform fee (capped at ₦1,000 for Nigerian Naira transactions) for using MyCo's payment infrastructure
The total fees are automatically deducted from the payment amount, and the remaining balance is what you receive.
Fee Breakdown by Payment Provider
Nigerian Naira (NGN) Payments
| Provider | Gateway Fee Structure | MyCo Service Fee |
|---|---|---|
| Paystack | 1.5% + ₦100 (₦100 waived if < ₦2,500) + 7.5% VAT Capped at ₦2,000 |
1% (capped at ₦1,000) |
| Flutterwave | 2% + 7.5% VAT No cap |
1% (capped at ₦1,000) |
| Korapay | 1.5% + 7.5% VAT Capped at ₦2,000 |
1% (capped at ₦1,000) |
UK Payments (GBP, EUR) and International (USD)
| Currency | Gateway Fee (Stripe) | MyCo Service Fee |
|---|---|---|
| GBP (£) | 1.5% + £0.20 | 1% |
| USD ($) | 2.9% + $0.30 | 1% |
| EUR (€) | 1.4% + €0.25 | 1% |
Example Calculations
Example 1: ₦10,000 Payment via Paystack
Customer pays: ₦10,000
Gateway fees (Paystack):
• Base fee: ₦10,000 × 1.5% = ₦150
• Flat fee: ₦100
• Subtotal: ₦150 + ₦100 = ₦250
• VAT (7.5% on ₦250): ₦18.75
• Total gateway fee: ₦268.75
MyCo service fee:
• ₦10,000 × 1% = ₦100
Total fees deducted: ₦268.75 + ₦100 = ₦368.75
You receive: ₦9,631.25
Example 2: ₦10,000 Payment via KorapayGateway fees (Paystack):
• Base fee: ₦10,000 × 1.5% = ₦150
• Flat fee: ₦100
• Subtotal: ₦150 + ₦100 = ₦250
• VAT (7.5% on ₦250): ₦18.75
• Total gateway fee: ₦268.75
MyCo service fee:
• ₦10,000 × 1% = ₦100
Total fees deducted: ₦268.75 + ₦100 = ₦368.75
You receive: ₦9,631.25
Customer pays: ₦10,000
Gateway fees (Korapay):
• Base fee: ₦10,000 × 1.5% = ₦150
• VAT (7.5% on ₦150): ₦11.25
• Total gateway fee: ₦161.25
MyCo service fee:
• ₦10,000 × 1% = ₦100
Total fees deducted: ₦161.25 + ₦100 = ₦261.25
You receive: ₦9,738.75
Example 3: £100 Payment via StripeGateway fees (Korapay):
• Base fee: ₦10,000 × 1.5% = ₦150
• VAT (7.5% on ₦150): ₦11.25
• Total gateway fee: ₦161.25
MyCo service fee:
• ₦10,000 × 1% = ₦100
Total fees deducted: ₦161.25 + ₦100 = ₦261.25
You receive: ₦9,738.75
Customer pays: £100.00
Gateway fees (Stripe):
• Percentage fee: £100 × 1.5% = £1.50
• Fixed fee: £0.20
• Total gateway fee: £1.70
MyCo service fee:
• £100 × 1% = £1.00
Total fees deducted: £1.70 + £1.00 = £2.70
You receive: £97.30
Gateway fees (Stripe):
• Percentage fee: £100 × 1.5% = £1.50
• Fixed fee: £0.20
• Total gateway fee: £1.70
MyCo service fee:
• £100 × 1% = £1.00
Total fees deducted: £1.70 + £1.00 = £2.70
You receive: £97.30
Using the Fee Calculator
To see exactly how much you'll receive for any payment amount, use our built-in Fee Calculator:
- Go to Menu > Payment Hub > Fee Calculator
- Select your currency
- Enter the payment amount
- Click "Calculate Fees"
The calculator will show you a complete breakdown of gateway fees, MyCo service fees, and your net amount.
Important Notes
- MyCo service fees are effective from 1st January 2026 for Starter, Growth & Scale packages. Fees for Enterprise PRO accounts are effective from Q2 2026.
- Gateway fees are set by the payment providers and may be updated by them from time to time. Always check the Fee Calculator for the most accurate estimates.
- For Nigerian Naira transactions, MyCo's service fee is capped at ₦1,000 per transaction, regardless of the payment amount.
- All fees are automatically deducted before funds reach your account - you don't need to manually calculate or pay them separately.
💡 Tip: Korapay typically has the lowest fees for Nigerian Naira transactions, making it MyCo's recommended choice for cost-conscious businesses.
