Stripe vs. PayPal – Which one Should I Prefer for My SME Business?
PayPal, offering a wide range of products ranging from mobile payments to financing services, has turned into a household name. It is globally known for its simplicity. Stripe lacks behind when it comes to the popularity. Let’s get into the PayPal vs. Stripe debate. Before we get inside, you should know that none of the online payment platforms are offering cheap services. Setting up Stripe is tricky until and unless you have not developed the knowledge of development or hired an in-house web developer. So, it is little costlier than PayPal. On the other hand, in PayPal, you will need to do copy and paste a few lines of code onto your website. It brings the BUY IT NOW button on your screen which allows you to start trading. Driven by a brilliant team, PayPal Customer Service tells us many more differences between these two web payment platforms. Let’s check out the differences of their transaction fees.
Paypal Transaction Fees
- It retains the fixed fee for refunds
- It doesn’t take any charge for failed transactions or refunds
- It takes 3.5% as American Express fee
- It has an international fee of 3.9% + fixed fee
Stripe Transaction Fees
- It doesn’t ask for any charges for major cards Inc. American Express
- It doesn’t ask for any transaction fee for international cards
- It accepts Apple Pay, Android Pay, Bitcoin
- It doesn’t give refunds for failed transactions
Stripe allows its US-based users to access payments on a two-day rolling basis whereas it is a 7-day rolling transfer schedule for the other countries. However, you can obtain your funds within 3-4 days if you are a merchant. PayPal offers name recognition and keeps the business transactions separate which are considered as extra benefits by the merchants. You can avail other information about PayPal transaction by dialing PayPal support number, which is known for its customized services. If you are running a micro or small business, it could be an overwhelming task for you to run or analyze two payment processors. A data consultation app helps you in knowing all the must-know information; it will present all the must-know information into one handy dashboard. Hence, you can get complete control on the financial transaction of your business venture. Running due payment processors can be beneficial when it comes to the transaction fees.