Prefunded Transaction Fees

Overview

We've implemented a prefunded transaction fee system to ensure smooth and uninterrupted service for all our API users. This system requires users to maintain a balance that is dedicated to covering transaction fees incurred during API operations.

What is a Prefunded Transaction Fee Balance?

A prefunded transaction fee balance is a deposit of funds made by the user into their HIFI account, which is solely used to cover the transaction fees associated with using HIFI’s API services. This approach ensures that fees are paid upfront and are deducted from the balance as transactions occur, facilitating faster processing and eliminating the need for separate fee payments with each transaction.

Why Prefunded Transaction Fees?

• Consistency and Reliability: By maintaining a prefunded balance, users can avoid disruptions in service, ensuring that transactions are processed without delay, regardless of the time of month or invoice cycles.
• Simplified Billing: This system simplifies the billing process by eliminating the need to handle transaction fees separately for each transaction. Users can manage their finances better by knowing exactly how much has been allocated for fees at any time.

How to Set Up Your Prefunded Transaction Fees

1. Funding Your Balance: Navigate to the Billing tab on the HIFI Developer Dashboard.
   Add funds to your balance according to the transaction fee estimates provided in your developer agreement. This initial funding is necessary to activate your production API keys.
2. Managing Your Fees: Transaction Fee Deduction: As transactions occur, fees will be automatically deducted from your prefunded balance.
3. Monthly Minimum Commitment: If your transaction fees for the month do not meet the minimum agreed upon in your developer agreement, you will be invoiced for the difference.
4. Setting Up Autopay: In the Billing tab, enable autopay to automatically top up your balance when it falls below a specified threshold. This ensures that your transactions are never interrupted due to insufficient funds.

Monitoring Your Transaction Fee Balance

You can monitor your prefunded balance and view detailed transaction fee reports directly from your HIFI Developer Dashboard. This transparency allows you to track how your fees are being utilized and anticipate when additional funding might be necessary.

Need Help?
If you have any questions about setting up or managing your prefunded transaction fee balance, please contact our support team through your dedicated Slack channel or at [email protected].