Charges and limits
At Eversend, we strive to be as transparent as possible on all transaction fees/charges our users may encounter, so as to give them a good experience when they use our services. Below are the fees:
Virtual card creation(Issuance) fee: $0
Monthly Card Maintenance Fee: $1 (starting from the first month you created a card with us, we shall debit you $1 and this will keep happening on every active or frozen card monthly)
What other fees should I be aware of?
Please note that you’ll be charged FX(International Transaction) Fees of 3.5% + $0.5 when you make non-USD payments via your virtual card or if the payment originates outside the United States.
For Instance, if you are making payments in a currency like NGN, EUR, UGX, GHS, you will be charged a cross-border (FX) fee because it is not a USD transaction even though you are paying with a dollar card.
Also, when you pay a US merchant in USD, you might encounter a cross-border (FX) fee. This happens when the merchant settles the payment outside the US. An example is facebook Ad payments. While Facebook is a U.S.-based company, they settle their ads payment in Dublin, Ireland ( an European country).
Unfortunately, these fees are beyond our control, as card processors (Visa, Mastercard) implement them.(Please refer to Eversend transaction fees.)If your virtual card payment gets declined due to insufficient funds (not enough balance on your virtual card to complete payment), a fee of $0.35 will be charged for every failed attempt.
Why are fees charged for declined transactions?
When a virtual card payment is declined, Eversend incurs charges from our virtual card processors on the failed payment attempt. The fee, as mentioned above, for declined transaction due to insufficient card balance is debited from the user so as to cover the charge we get from our card processors - we do not make any profit from this. Matter of fact, we reduced the charge to $0.35 for convenience on our users' end.
How can you avoid "insufficient balance" fee?
Keep your Eversend virtual card sufficiently funded: Make sure you always have enough funds on your virtual card to cover any of your one-time and/or recurring online payments. Check your card balance regularly to ensure it adequately covers any of your intended spendings.
Manage recurring services: Review the recurring subscription services linked to your Eversend virtual card. If there are services you no longer use or don't plan to continue, remove or unlink your card details from those auto-renewing platforms. This way, you won't be charged for services you no longer need.
Virtual Card Penalties
Newly Issued Cards:
If your newly-issued card is used for a payment that fails due to insufficient balance 2 times, the card will be terminated after the 2nd failed attempt.
Existing cards:
Your card will be terminated if you make a payment and it gets declined after 4 times due to insufficient funds.
Blocked Merchant IDs:
Your card will be terminated if 2 payment attempts are made with it on unsupported platforms (e.g, Crypto, Bet9ja, Wise, adult content).
For a comprehensive list of unsupported platforms where your virtual card cannot be used, please refer to this article: Restricted Merchant Category Codes (MCCs) and Countries.
Conclusion:
Remember, by maintaining sufficient virtual card balance and managing your recurring online payments, you definitely will have a smooth payment experience with your Eversend virtual Dollar card.
If you have any further questions or need clarifications, don't hesitate to reach out to us.