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What are stripes fees per transaction

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  • 20-12-2016 3:10pm
    #1
    davidom2513
    Registered Users Posts: 477 ✭✭


    It says on their website that their fee is 1.4% + €0.25 for European cards

    But everywhere else on the web it says fees are 2.9% + €0.25 regardless

    So is there some hidden fees that they are not displaying? Or is it 1.4% as advertised?

    Anyone use recommend a different payment gateway, other than PayPal?


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    #2
    StupidLikeAFox
    Registered Users Posts: 7,711 ✭✭✭StupidLikeAFox


    We use stripe - you can go by the pricing on their website:
    https://stripe.com/ie/pricing

    This is their pricing for Irish accounts. Not sure what you mean by "everywhere else on the web" but the pricing might be different for other jurisdictions.

    It's highly unlikely Stripe would be misstating their pricing on their own website


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    #3
    jimmii
    Registered Users Posts: 14,810 ✭✭✭✭jimmii


    davidom2513 wrote: »
    It says on their website that their fee is 1.4% + €0.25 for European cards

    But everywhere else on the web it says fees are 2.9% + €0.25 regardless

    So is there some hidden fees that they are not displaying? Or is it 1.4% as advertised?

    Anyone use recommend a different payment gateway, other than PayPal?

    The first is the fee for EU cards and the second is the fee for non-EU cards some places seem to just quote the higher price for some reason. I've not ever had any bad experiences with Stripe there's a load on here who use them which says it all really!


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    #4
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    Depends....Stripe is great for a small number of transactions. For larger numbers it becomes a nightmare to account for, not helped by their lack of reporting (for some reason you can export detailed transactions to quickbooks but not csv ?? ). You just have to accept the balance displayed, their transaction reports frequently do not tot to their dashboard. Forget multiple currency support / multiple bank account support.

    I will say both Paypal and Stripe are not suitable for companies to use, really their setup is sole trader. You will find it difficult to explain if one person sets up an account within the company and leaves etc......in fact their comprehension of how to operate with business is very poor.

    Sage is flat rate service but you need a credit card terminal provider as well. There is also a more difficult to pass review process.
    Worldpay are partnered with Ulsterbank.

    As I said it depends how many transactions you are currently at and how many you expect to grow to. Much like your server strategy.


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    #5
    davidom2513
    Registered Users Posts: 477 ✭✭davidom2513


    Thanks for confirming guys

    I was seeing different rates mentioned everywhere, and thought there might have been certain T+C's to get 1.4% or something.


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    #6
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    Don't forget Stripe will hold onto your cash for a week before you see it.


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    #7
    davidom2513
    Registered Users Posts: 477 ✭✭davidom2513


    Dades wrote: »
    Don't forget Stripe will hold onto your cash for a week before you see it.

    Yeah, that's a nuisance

    Is there another service you would recommend that can compete with 1.4% fees?


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    #8
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    Can't recommend any, as I'm still using Stripe. Looking to change in 2017 though.

    Will be looking at RealEx and Payzone to name two.


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    #9
    davidom2513
    Registered Users Posts: 477 ✭✭davidom2513


    Dades wrote: »
    Can't recommend any, as I'm still using Stripe. Looking to change in 2017 though.

    Will be looking at RealEx and Payzone to name two.

    I was looking at RealEx myself, but they seem more expensive than Stripe.

    €29/month plus 2%+ tranaction fees if I'm not mistaken?


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    #10
    StupidLikeAFox
    Registered Users Posts: 7,711 ✭✭✭StupidLikeAFox


    davidom2513 wrote: »
    I was looking at RealEx myself, but they seem more expensive than Stripe.

    €29/month plus 2%+ tranaction fees if I'm not mistaken?

    Remember with Realex you will still need a merchant account from one of their partner banks.

    We did a review recently and this was the breakdown for Realex and AIB MS.

    AIB Fees
    10c per transaction
    0.35% of amount (but a minimum of €30 per month anyway)
    €1.22 Authorisation fee
    €9.75 PCI compliance fee

    Realex
    €29 Realex fee (this increases if you go over 350 transactions)

    This is a lot up front, fixed costs, which means as you scale the cost per transaction gets a lot cheaper compared to Stripe. You would probably have to be doing at least €5k per month before you start to see the savings


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    #11
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    It's all down to turnover. Stripe is easy to set up and possibly cheaper when starting out, but is expensive as turnover goes up. There's other factors to consider like do you have a lot of small transactions? If so Stripes 25c per transaction then is expensive.

    Even if one gateway is cheaper to begin, you have to think about the cost of changing it when your volume (hopefully) gets bigger. You also need to think of things like having a site (or gateway) that stores customers credit card details, if to change they'll need to be put in agin by everyone.

    The only way to really compare is to do a spreadsheet with number/cost of transactions and the various rates/fees.

    Having your payment provider take care of PCI compliance is also huge. I thought AIB required you ta pay a quarterly fee every year to one of their approved compliance validators which adds a big cost to their service (this might have changed).


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    #12
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    Dades wrote: »
    Can't recommend any, as I'm still using Stripe. Looking to change in 2017 though.

    Will be looking at RealEx and Payzone to name two.

    Can I ask why you want to change? Just curious!


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    #13
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    davindub wrote: »
    Can I ask why you want to change? Just curious!
    My business involves volumes of smaller transactions, which each get hit with a 25c charge. At some point I know turnover will make it more cost effective to use another merchant. A spreadsheet tells me!

    That, and the seven delay in getting your money from Stripe really gets on my wick.


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    #14
    kala85
    Registered Users Posts: 1,894 ✭✭✭kala85


    Dades wrote: »
    Don't forget Stripe will hold onto your cash for a week before you see it.

    Why does this happen?


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    #15
    Gloomtastic!
    Registered Users Posts: 8,480 ✭✭✭Gloomtastic!


    kala85 wrote: »
    Why does this happen?

    Same as all the major clearing banks. So they can make money from it.


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    #16
    kala85
    Registered Users Posts: 1,894 ✭✭✭kala85


    Gloomtastic! wrote: »
    Same as all the major clearing banks. So they can make money from it.

    Is it anything to do with fraud prevention.

    Does paypal hold onto your money for as long.


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    #17
    kala85
    Registered Users Posts: 1,894 ✭✭✭kala85


    davidom2513 wrote: »
    It says on their website that their fee is 1.4% + €0.25 for European cards

    But everywhere else on the web it says fees are 2.9% + €0.25 regardless

    So is there some hidden fees that they are not displaying? Or is it 1.4% as advertised?

    Anyone use recommend a different payment gateway, other than PayPal?

    on the website it says its 1.4% and €0.25 for transaction excluding VAT at 23%.

    What is the net cost to me after the VAT is added to the transaction?

    Say somebody buys something from my website at €100 . How much commission do they charge on this and take out of it.


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    #18
    Dades
    Moderators, Society & Culture Moderators Posts: 25,558 Mod ✭✭✭✭Dades


    kala85 wrote: »
    Is it anything to do with fraud prevention.

    Does paypal hold onto your money for as long.
    Stripe, afaik, don't offer the fraud prevention that PayPal does. They ensure they've been paid it in the first place and then hold onto it for a while to earn interest on it while it sits in their account.


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    #19
    adm2017
    Registered Users Posts: 2 ✭adm2017


    Probably silly question but how are people treating transactions accounting wise? Before fees are taken or after?

    (will be getting an accountant don't worry but a general overview is always handy)
    kala85 wrote:
    on the website it says its 1.4% and €0.25 for transaction excluding VAT at 23%.

    What is the net cost to me after the VAT is added to the transaction?

    Say somebody buys something from my website at €100 . How much commission do they charge on this and take out of it.

    Can't link cos new user but stripe has a handy test dashboard.
    €100 for an Irish card seems to give €97.97 with the €2.03 fee breaking down into "€1.65 stripe processing fees, €0.38 VAT"


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    #20
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    adm2017 wrote: »
    Probably silly question but how are people treating transactions accounting wise? Before fees are taken or after?

    (will be getting an accountant don't worry but a general overview is always handy)



    Can't link cos new user but stripe has a handy test dashboard.
    €100 for an Irish card seems to give €97.97 with the €2.03 fee breaking down into "€1.65 stripe processing fees, €0.38 VAT"

    Not as simple as that when you are dealing with a lot of transactions. The gist is you count sales as sales and handle the banking and fees as a separate process. But until you get up and running there is not much for an accountant to do. Just keep an eye on the chargebacks, etc. We handle this stuff in work for bigger online shops as part of vat returns but if you want pm me when you get up and running.


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    #21
    newacc2015
    Closed Accounts Posts: 2,379 ✭✭✭newacc2015


    Dades wrote: »
    Stripe, afaik, don't offer the fraud prevention that PayPal does. They ensure they've been paid it in the first place and then hold onto it for a while to earn interest on it while it sits in their account.

    I find this very hard to believe. Maybe this would have been the case in 2007. But for the last few years, a company like Stripe would be charged by a bank to keep that money in account. We have negative interest rates for large companies at the moment ie you pay to keep money in the bank rather than earn interest. If anything you expect Stripe to give money to customers ASAP to avoid this charge


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