Nacha, the electronic payments association, has introduced a fee structure for an upcoming test of a system to let consumers initiate automated clearing house payments for online purchases.
The Herndon, Va., association said Wednesday that the main charge for the Secure Vault Payments system will be paid by e-commerce merchants' sponsoring financial institutions, which will receive the funds from the purchase, to the consumer's authorizing financial institutions, which will originate the payment.
The authorization fee for consumer purchases, will be 1.35% of the transaction value, with a minimum of 10 cents, Nacha said.
Consumers also can use the system to pay bills online. Billers' banks will pay a flat fee of 50 cents a transaction.
Nacha will collect a 1-cent fee on each transaction to cover its marketing and overhead costs.
The test is set to begin in the first quarter.
