Today I found a great solution for anyone who wants to offer something besides Paypal as a payment processor.
I found out about Stripe.
According to their website: “Stripe is a simple, developer-friendly way to accept payments online. We believe that enabling transactions on the web is a problem rooted in code, not finance, and we want to help put more websites in business.”
You can find it at stripe.com and here are some of the stats:
2.9% + 30 cents per successful charge. No setup fees, no monthly fees, no card storage fees, no hidden costs: you only get charged when you earn money.
Earnings are transferred to your bank account on a 7 day rolling basis.
American Express charges have the same fees and are paid out at the same time.
Stripe is more a technology. It has a library of API calls to integrate with your service.
My Experience With Stripe
I am currently using Harvest for my time tracking and invoicing. I love it. In looking at the settings, I saw a listing for Stripe. I checked it out, signed up, and in less than 10 minutes had it up and running on my website. It is a simple copy and paste operation. I flipped a switch to make it “live” and was ready to roll.
Compare it to Paypal
PayPal fees mainly apply to sellers, who pay a 2.9% transaction fee on the total sale amount plus a $0.30 fee per transaction (which are the same fees as Stripe).
In the end you get the same fees as Paypal without the baggage of the paypal name, and you get your money automatically put into your account in 7 days.