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Bank Payout options

Hello all.

Did anyone else receive an email from Booking.com this week offering bank payouts rather than the virtual card options?  If so, can anyone share why they think it isn't just a corporate-greed-inspired mugging?

Our business is now eligible to receive automated bank payments.  BUT, they will charge me 1.4% of the total for the privilege!  Let's be clear.... they are going to charge ME to send me the money THEY ALREADY OWE ME!!!  In what world does this make sense?  Can I charge Booking.com every month for paying their invoice please? My charge will be 2% of whatever the amount is so who should I send the invoice to? Booking.com never stops surprising me with their ability to find ways to screw more money out of paying customers for doing nothing.  I have to pay banking fees to have a business account. So do they, but I don't expect them to pass those fees on all the time! #greed

We do not feel at all like partners.  We feel robbed and that we have no choice in whether we work with these sharks because of their abuse of their on line market power.

Kevin


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Didem - Commun… 10 months ago

 

Hi 13 Bees, Kevin,

 

Thank you for sharing your feedback in the Community.

 

I forwarded it to our finance team. If I receive any new insights on this topic, I will make sure to share them with you here. 

 

In the meantime, I hope that other partners can help, too, by sharing their experiences below.

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Didem - Commun… 10 months ago

 

Hi Kevin,

 

I've received some insights from our finance team for you. The team fully understands your reaction and there is unfortunately often a misconception of what these costs entail.

 

We recently updated this article to properly explain the fee structure: https://partner.booking.com/en-gb/help/policies-payments/payment-products/how-much-payments-bookingcom-costs

 

We don't charge bank transfer fees, we charge to cover the costs we have to process for us to do payments eg payment processing costs, chargeback and fraud risk expenses and, where applicable, SCA costs. We don't make money on Payments, we solely charge to carry the cost, hence the 1.4% for the partner. I'd like refer to the costs you would have with your PSPs if you process payments via VCC or handle payments yourself.

 

It is explained in this article and I hope it helps to clarify this for you. 

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13 Bees 10 months ago

Thank you for taking the time to share these links.

My original question is still outstanding though.... who do I invoice at booking.com for my payment processing costs as, just like you, it costs us too.  And I imagine you are still making a profit per transaction.  It costs us money to accept payment from you!  This would not be acceptable in other other walk of life... would you be happy going in to a supermarket and them billing you because you chose to pay by card?  Or how about if you returned something you bought via Amazon and Amazon only agreed to give you a refund if you paid a processing fee to credit your card back?  You wouldn't accept it so why do you expect that we should?

I'm happy to send our payment processing invoice directly to you in the absence of any support from your Finance colleagues.

Regards

Kevin