How the fee is broken down — and why nothing is being charged yet.
Every event is one or the other, and it is an explicit choice rather than an empty box. A free event is free; a paid event needs an amount, and that amount cannot be zero — a paid event at $0.00 is a free event spelled twice.
The entry fee is not the only line. A quote is built from three parts:
Those are shown as one total to the competitor, but computed separately, so a change in processing rates is never a silent cut to what you receive.
The total is solved rather than added up, because the processor charges a percentage of the total — including of its own fee. Adding the three together would under-collect on every transaction.
You are the merchant of record for entry fees on your own event, not BoutHost. A competitor's payment goes to your account, and our share is split off the same transaction.
That is why there is a separate application at Settings → Payouts — it boards you with our payment processor under your own name. Completing it is what makes your event able to take money.