If a transaction is initiated by the payer this is a Send Funds Scenario (see below for an example). In this scenario the payer will pay the full amount of the transaction plus the ShieldPay fee. By law, we must transfer the full amount of the transaction to the payee.
If a transaction is initiated by the payee this is a Receive Funds Scenario (see below for an example). In this scenario, the payer will only be required to send the amount of the transaction. We will then take the ShieldPay fee from the transaction amount and transfer the remaining amount to the payee. As such the ShieldPay fee is deducted from the transaction amount.
Send Funds Scenario
Penny sells goods or services to Tom. Tom decides he would like to send his payment securely using ShieldPay. The price of the goods or services is £100. As this was Tom’s choice to transact using ShieldPay he agrees to pay the ShieldPay fee of £3. This means that the amount Tom funds the ShieldPay Vault with is £103. Penny receives £100 when she withdraws the funds.
Receive Funds Scenario
Tom sells goods or services to Penny. The prices for the goods or services is £100. Tom requests to receive payment securely via ShieldPay. The amount Penny funds the Vault with is £100, Tom accepts that by choosing to transact via ShieldPay that a £3 service fee will be deducted from the amount available to withdraw. He receives £97 when he withdraws the funds.