Stripe serves to be the ultimate pay-as-you-go platform featuring transaction-based and flat-rate fees. Irrespective of the type of business you are running, it is not possible to operate unless you offer the ease of accepting credit cards. With Stripe, you can achieve this at relatively affordable rates.
In some cases, the transaction fees while using Stripe tend to be quite low at 2.7 percent along with 5 cents for in-person transactions. On the other hand, the price of credit card terminals starts at around $59 for dedicated mobile-based card readers. Let us help you with the comprehensive guide to Stripe pricing and fees.
Who can Use Stripe?
Stripe serves to be one of the most sought-after payment processing providers for small-scale businesses. Stripe offers small-scale business owners a simple way to process payments along with the ability to ensure the acceptance of credit card payments without the requirement of a minimum monthly revenue.
The leading payment processing provider offers access to comprehensive POS or Point of Sale tools while accepting more than 135 currencies. Stripe also permits businesses to customize the entire checkout experience for their customers.
Popular Pricing and Plans of Stripe
The overall pricing structure of Stripe is quite straightforward. The platform is free to set up. Moreover, the company does not charge annual or monthly fees for its payment processing services. Rather than this, all fees by Stripe are based on each transaction that is processed.
Online sales of Stripe will cost businesses a fee of around 2.9 percent along with 30 cents for every transaction. There is the also the presence of an additional fee of one percent for transactions that are international or conducted for currency conversion. In-person transactions at Stripe cost around 2.7 percent along with 5 cents for every transaction. In this case also, there is the same provision for additional one percent transaction fee in case of international transactions or those for currency conversions. These additional fees are charged automatically. These are usually deducted from the final payout of the merchant for each batch.
Stripe features a hosted, pre-built checkout page that has been optimized for ensuring conversions. The checkout page is capable of accepting both recurring and one-time payments. Additionally, it is possible to customize the checkout page to matching the branding requirements of the company. The best part is that the checkout page is available in more than 20 languages while featuring built-in conversion optimizations. Stripe also comes forth with automatic tax collection on all possible transactions for around 0.5 percent of every transaction along with easy-to-use tax reporting capabilities for different filing markets.
Stripe also provides access to a customizable plan for businesses featuring larger payment volume, unique business models, and high-value transactions. The customizable plan provides access to multi-product discounts, large-volume discounts, interchange pricing, and country-specific rates. Businesses that are interested in the customizable plan should contact the sales team for receiving a quote.
Once Stripe is associated to the bank account of the business, the standard payout is for the duration of two days. Business owners are capable of scheduling automatic payouts on a daily, monthly, or weekly basis. Businesses can also consider setting a customized payout schedule. Instant Payouts enable qualified or eligible business owners to be delivered payouts within 30 minutes of a transaction that has been approved. The option of Instant Payout will cost an additional fee of one percent of the total payout amount with a minimum fee of 50 cents for every transaction.
International Transactions on Stripe
One of the features of Stripe is the overall accessibility for international customers. Currently, around 47 nations – some including Brazil, Croatia, Japan, and Canada are known to support Stripe. Once Stripe has been supported, businesses in the respective nations can go ahead with taking payments from any corner of the world.
Stripe is known to accept over 135 products -enabling businesses to present prices in the native currency of the customers. Additionally, the payment processing provider also helps businesses in collecting taxes in around 30 nations while offering global support and supporting leading payment methods from all corners of the world -including iDEAL, Giropay, EPS, Bancontact, and so on. It is important to note that pricing will not change based on the specific payment method along with the application of 1.5 percent fee for international payment methods along with one percent fee for ensuring currency conversion.
Credit Card Terminals by Stripe
Businesses who wish to accept credit card payments in-person are required to purchase a dedicated credit card terminal. The overall pricing will vary on the basis of terminals while starting at $59 for a dedicated mobile-based card reader. The pricing can go up to $249 for ensuring payments for countertop terminals.
What is Included with Stripe Payment Processing Services?
When you make use of the standard Stripe account that is available for free, you can get access to the following features:
- Card account updater
- 3D secure authentication
- Developer tools
- Stripe Connect
- Stripe Checkout
- PCI Compliance
How are Stripe Fees Calculated?
Stripe makes use of the flat-fee transaction-based pricing structure along with add-on charges for delivering its advanced range of payment processing services. The price you will pay based on every transaction will depend on:
- Fees for ensuring international sales
- Interchange fees
- The total value of transactions -including taxes and additional applicable charges
- Optional features of Stripe -adding fees to the respective transaction
- Base markup of Stripe
It is important to note that with the base flat-rate pricing structure of Stripe, you will not observe the breakdown of markup and interchange fees on the monthly payment processing statement. The information is made available only when you go ahead with choosing the customized pricing plan along with interchange-plus pricing structure.
Chargebacks & Refunds by Stripe
Stripe is known to charge the chargeback amount of $15. You can decide to add relevant chargeback protection to the transaction for an additional value of 0.4 percent. Refunds with Stripe do not add additional fees. Instread, Stripe aims at keeping the original transaction fee.
Customized Pricing Plans by Stripe
Along with the flat-rate integrated pricing plan by Stripe, the company also brings forth the customized pricing plan to businesses experiencing significant payment volumes or having unique business models. However, the company does not offer information on the respective qualifications you are expected to meet towards qualifying under either of the existing categories.
With the help of a customized pricing structure, you will receive access to interchange-plus pricing that will turn out to be quite lower than the flat rates offered by Stripe. The tradeoff in this case is that you will be subject to the standard array of recurring fees almost every month -whether you are using the account or not. Multiple items that come with no additional charge under the company’s integrated plan will have to incur individual fees if you are on the customized pricing plan. Stripe works excellently when it comes to disclosing the differences on the website. However, it is recommended to review the proposal contract in-depth to avoid any problems in the future.
Are Stripe Pricing and Fees the Best Option for Your Business?
Stripe has quite a transparent pricing structure. Still, you are expected to run your numbers towards determining whether or not the payment plans by Stripe will help you in saving money in comparison to the current payment processors. Stripe does not have any plan for monthly fees. Moreover, it also does not lock you into any contract. At the same time, you also get access to payment security linked with its payment processing capabilities.
Modern businesses are always looking for a ready-to-scale and fully-branded solution. Therefore, with Stripe Payments, they can almost across all possible and helpful tools needed. However, for an e-Commerce business that requires a secure and reliable payment processor, it could turn out to be an overkill. If you do not possess the necessary technical expertise or experienced developers, you can never tap into the full potential of Stripe.