Paypal Vs. Stripe Vs. Square

Credit Card Processing - Compulabs Etc. LLC
Credit Card Processing - Compulabs Etc. LLC
Deciding the correct payment portal for your non-profit or small business can be an exhausting effort.  With so many options and fee structures, you could feel like you need to hire an accountant, CPA and a tech consultant just to get your company up and running. Our team of technical and financial consultants have came up with a list of the most popular Online Payment Services in 2018.  Some are easier to use than others, all will require configuration. Let’s take a look!

Paypal

 
Paypal

Paypal

PayPal is an online payments powerhouse.

If your focus is running an online store, you should seriously consider using PayPal as your payments provider.

Paypal has been one of the original merchant service on the web and PayPal’s secure system integrates with virtually all ecommerce platforms.

  • No fee for failed transactions or refunds.
  • 2.7% per US swipe on card reader
  • 3.5% + $0.15 for keyed in transaction sales
  • 2.9%+ $0.30 per transaction within the US
  • *a fee of 2.2% + $0.30 for Non Profit 501(c)(3) organization
  • Chargeback fee of $20.

Cons:

Paypal can have a steeper learning curve potentially with tons of options and configurations.

Micropayment Fees for transaction under $10 – a fee of 5.0% $0.30per transaction within the US

Stripe

Stripe

Stripe

For years, PayPal was king of the merchant castle, until the launch of Stripe in 2010.

Stripe has proven itself to be a strong option for taking payment in a physical store and has since moved into eCommerce as well. Stripe has been known as the easy setup and intuitive user experience.

  • No charges for major cards
  • 2.9% + 30c per successful transaction.
  • No fee for international cards.
  • No fee for failed transactions or refunds.
  • Accepts Bitcoin, Apple Pay, Android Pay.
  • Chargeback fee of $15.

Cons:

No discount for Non profit organizations.

Square

Square

Square

 

We recommend Square for businesses and individual sellers who want a low-cost way to sell anywhere, accept all types of payments, and manage everything in a centralized point-of-sale (POS) system. Square is also a newer solution to online payments and has an simple and elegant user platform. This includes:

  •  A free reader with their accounts( Great for In-store retailers )
  • Sellers using mobile devices to accept payments
  • Service providers sending invoices or using automated payments
  • Online store owners
  • Online transactions – 2.9% + 30¢ per transaction
  • 2.75% for Credit Card swipe through card reader

Cons:

Keyed-in transaction fee can be a bit high.

 

Synopsis:

Online transaction are a key factor in the growth of business today.  After analyzing the payments option discussed they all have the SAME online transaction fee!  So if you are starting that E-commerce store its really will be a choice of preference.  For those looking to accept payments in-person maybe Square may have an upper hand for that scenario.  The world of Online transactions continue to grow, we hope this will guide your organization through the process. Have any issues with your organization payments system or just want advice on your online shopping experience, leave us a comment below! Sources: 1 2
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