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Paypal VS Stripe Review

Paypal VS Stripe Review

Decisions…..Decisions

In the world of business, it is important to give value to the customer and provide a meaningful solution to their issue. That is to say, we must provide a product or service that meets a need. This is the basis upon which monetary interactions are made. A customer comes to you, your website or your brick and mortar business with a need. Our goal is to meet that need efficiently and precisely.

One of the factors involved in the transaction of payment for products or services rendered is the payment processor you choose. The method by which your customer pays you or you provides refunds will have a psychological impact on whether or not the customer receives satisfaction and returns in the future.

In short, you want that payment transaction to be seamless and smooth. In our world where credit and debit cards are used every day, the in-between payment processor you choose will either negatively or positively impact the sales process and influence whether or not that customer returns to your website in the future.

It is, therefore, an important decision you will make when you decide to use a payment processor.

In an effort to help you decide on this important part of the sales process, this review is offered as a tool to use in making your decision. We will point out certain aspects of two major payment processors known as Paypal and Stripe.

Paypal

Officially registered as PayPal Holding, Inc, the company was known simply as Paypal is an American company operating worldwide providing online money transfers. It seeks to be an electronic alternative to paper methods of payment. It is a payment processor for online companies, commercial users, auction sites, and individual website owners.

The company started in 1998 as Confinity and became a subsidiary of eBay in 2002. It spun off from eBay in 2015 and is ranked 222nd on the Fortune 500 list of companies. Paypal acquired the Verisign payment solution and was successful in expanding its online offerings with added security. In 2007, Paypal joined with Mastercard which allowed them to offer the Paypal Business Mastercard. The company has continued to expand and grow by acquiring fraud management companies and an online payment company is known as Bill Me Later.

Also in 2015, PayPal launched “PayPal.Me” an offering that allows account holders to send a custom link for payments. They have also joined efforts with Instagram and iZettle which allows their reach to extend even further into the marketplace.

PayPal’s gross revenues have increased over the years despite the complaints from the public regarding the length of time to actually receive funds into your account and the fraudulent attacks on individual accounts.

So, What Do You Get With Paypal?

Well, you get a few benefits. You get to pay relatively securely as all transactions are encrypted. You get return shipping paid for by PayPal. If your credit score is high enough, you can get some financing to purchase a high ticket item. You can send or receive money to friends and family. With “One-Touch” you get a one-click payout at the end of your shopping.

Fees!

Here are the fees associated with money transactions with PayPal.

When you purchase something within the territorial United States, the purchase does not incur a fee.

If you sell something within the United States, you will pay PayPal 2. 9% plus .30 per sale. If you are a charity, you will pay 2.2% plus .30 for every transaction. If you sell internationally, you will pay 4.4% plus a fee based on the currency exchanged. If you use the PayPal card reader, you will pay 2.7% when you swipe a card and 3.3% plus .15 when you enter a sale manually.

Transfers

You will not pay anything to transfer money to a linked bank account. You will pay 1% of the amount transferred with a maximum fee of $10.00 when you do an instant transfer with an eligible linked debit card or bank account.

Family and Friends!

If you are a PayPal account holder in the United States and you are sending money to family and friends who are also PayPal account holders, you will pay a fee based on your payment method. If the payment method is your funded PayPal Cash or PayPal Cash Plus account or a personal bank account linked to Paypal, then the fee is waived. If the transfer of funds is being funded by a credit card, debit card or PayPal Credit, then you will pay 2.9% of the amount sent plus a fixed fee based on the currency used.

If you are sending money to other countries and you are a U.S. PayPal account holder and the person receiving the money is also a PayPal account holder, the fee paid depends on the amount being sent and the payment method chosen.

If the transaction is being funded by a PayPal balance or a linked bank account, then you will pay 5% of the total amount with a minimum of $.99 and a maximum of $4.99. There is no funding fee for this kind of transaction. If the transaction is funded by a credit card, debit card or PayPal Credit, then you will pay 5% of the total amount with a minimum of $.99 and a maximum of $4.99. There will also be a fee of 2.9% plus a fixed fee based on the currency being used. The fixed fee amounts for each country may be found on the PayPal website at https://www.paypal.com/us/webapps/mpp/paypal-fees#fixed-fees.

PayPal offers an app for transactions. You may download the app by navigating to the PayPal website or download the app in Google Play or the Apple App Store.

Stripe!

Stripe was started in 2009 by two Irishmen, John and Patrick Collison in San Francisco, California. Through a series of partnerships and venture capitalists, the company has steadily increased its stand in the payment processor niche. Stripe sees itself as not just a payment processor, but a complete technology company that is building economic infrastructure for the internet.

This processor provides a payment platform along with applications that include;

Radar: A fraud detector that uses machine learning to stop the bad guys.

Sigma: A business data compiler that keeps all your data clear and at your fingertips. Keep up with finances, business operations, data analysis, and product management.

Billing: Provides all levels of business direct billing options and flexible payment methods.

Atlas: This is an easy to use platform that assists anyone to start a business. It bypasses paperwork, bank visits, legal jargon, and fees by putting it inside on a user-friendly interface.

Capital: This platform allows you to find financing for your business and keep it growing over time. Banks and traditional lenders are still not so inclined to loan money to online businesses, so Stripe Capital was started to fill the need for getting capital for your start-up or home-based, online business

Fees!

When using credit or debit cards, the per-transmission pricing does not require setup or monthly fees. All cards carry the same price. That price is 2.9% plus.30 per card charge.

International payments are 1% for international cards and if a conversion of currency is required, an additional 1% fee is added. With Stripe there is an additional charge of .03¢ for the use of an authentication model that uses 3D to establish the identity of the user.

For large transactions that use ACH direct debit, ACH credit, or wire transfers there is a 0.8% charge with a $5.00 cap. SEPA direct debit is also 2.9% plus .30¢. Other local payment methods are accepted such as ACH, Bancontact, Giropay, iDEAL Sofort, Alipay, and WeChat Pay.

Stripe allows users to set their own schedules for payouts of money directly to their bank accounts. After attaching your bank account, it will take 7-10 days to actually receive your first payout to your bank. After this waiting period, your payouts are based on the payout schedule you set up on the dashboard.

The first payout option is the standard one and that is 2 business days. Payouts are made daily and contain payments processed two business days prior. A 4 business day option is in effect for the country of New Zealand. A 5 business day option is in effect for the country of Malaysia. A 7-day option is in place for all countries except Japan and high-risk businesses. A 30-day option applies to the country of Brazil. There are alternate payout schedules such as the ability to select a day of the week for payouts or a day of the month for the same.

Should you choose, you may opt-in for automatic payouts. This option will require you to go to the dashboard and effect the payout using a manual process. Instant payouts allow a user to send money to a supported debit card. Instant payouts will occur within 30 minutes of the request.

ThriveCart!

So, you are an internet marketer and you are looking for an efficient payment processor. The choice to use either PayPal or Stripe is up to you. However, don’t you think that after making that choice you might want to find a tool that will assist you to both make the sale and collect the payment easily?

What if you need to set up recurring billing or you want to add an upsell or cross-sell? You can’t do that with PayPal or Stripe. How are you going to get that extra bit of money out of the sales process before letting the customer go? You can’t add an autoresponder to a payment processor so how are you going to keep the attention of a “tire-kicker” and still sell them something down the road?

Introducing….ThriveCart.

ThriveCart is the world’s easiest and most powerful cart platform. With this product, you get to increase profits with high converting cart pages, sales funnels, affiliate campaigns, and tracing features. With ThriveCart you can split test pages and see what is working and what isn’t. You can create sales bumps and upsells with ease.

With ThriveCart you get two different ways for embeddable and popup checkout carts. You can either paste a code on your site or provide a button for the customer to press.

This platform integrates with Aweber, Infusionsoft, HubSpot, ConvertKit, MailChimp, GetResponse, ActiveCampaign, Drip, and MailerLite. It works well with Thinkific, Kajabi, Zapier along with WishList Member, Teachable, MemberMouse, MemberPress, Paypal, Stripe, Apple Pay, Authorize.net, Google Pay, Kunaki, Shopify, Lulu, Demio, WebinarNinja, Vervante and is GDPR compliant.

ThriveCart will collect information and money easily. Seventeen different currencies are accepted and the platform allows the offering of single prices or multiple pricing options. It is a flexible and hard to beat platform that adds to the sales process instead of taking away from it as the customer is paying.

You Can Find Out More About  ThriveCart Here

Conclusion

Making sales, collecting money, and keeping the customer happy during the process is part of the internet marketing process. You have to make this part of the sales process seamless, smooth and as painless as possible. The customer should be quickly and earnestly wanting to pay you money because you have solved some kind of problem for them.

Whether you choose to work with PayPal, Stripe, and ThriveCart, the choice is ultimately up to you. But, know that electronic interactions still carry with them an innate and built in anxiety that the customer of today still experiences at check out. They may not ever write you an email but you can be assured they know full well the possibility of fraudulent activity in the world and how it could impact them.

It is in your business’s best interest to have the best payment processor and the best total cart services available to them. No one can ever completely stop the bad guys from doing what they do. However, you can put a serious dent in their nefarious efforts by using the best technology available so far in the form of Stripe and ThriveCart. These two platforms see themselves as not only payment methods but sales technologies built around customer satisfaction and immediate problem resolution.

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Paypal VS Stripe Review

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