You can get paid as a freelancer or small business owner in a few different ways. But two of the most popular methods are via PayPal and Stripe. In this post, we’ll take a look at how each of these payment processors work, and the pros and cons of using them.
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PayPal is one of the most popular payment processors out there, and for good reason. They’re easy to use and have many features that make them attractive to small businesses and freelancers.
One of the main reasons to use PayPal is that they offer a lot of protection for both buyers and sellers. If you’re selling something online, PayPal will protect you from fraud. And if you’re a buyer, PayPal will protect you if you don’t receive what you paid.
Another reason to use PayPal is that there are no monthly fees, and the transaction fees are 3.49% + $0.49. Calculate the PayPal processing fee using the PayPal fee calculator.
– One of the biggest advantages of PayPal is that it is extremely convenient. All you need is an email address to send or receive payments, and the money can be transferred instantly.
– Another plus is that PayPal is very secure. Your financial information is never shared with the person you are paying or receiving money from.
– PayPal also offers buyer protection, so if you ever have any problems with a purchase you can get your money back.
– Finally, PayPal is widely accepted. Many online businesses and individuals use PayPal, so it is easy to find someone who will accept payments through this method.
– One downside of PayPal is that there are fees associated with some transactions. For example, if you are receiving money from someone in another country, you will be charged a small percentage of the total amount.
– Another potential downside is that PayPal is not available in all countries. So, if you are doing business with someone in a country where PayPal is not available, you will need to find another way to send or receive payments.
Overall, PayPal is a convenient, secure, and widely accepted way to send and receive payments online. However, there are some potential downsides to using this service that you should be aware of.
Stripe is another popular payment processor, and it’s often used by small businesses and freelancers. Stripe has a lot of the same features as PayPal, but there are a few key differences.
One of the biggest differences is that Stripe has much lower fees. There are no monthly fees, and the transaction fees are only 2.9% + $0.30. That’s significantly lower than PayPal, which charges 3.49% + $0.49 per transaction. Calculate the Stripe processing fee using the Stripe fee calculator.
One of the best things about Stripe is that it’s easy to use. Setting up an account and adding your products or services is a breeze. And when it comes to processing payments, Stripe is quick and efficient.
Another big pro of using Stripe is that there are no setup fees. This is a huge benefit for small businesses or startups that are working with limited budgets.
Stripe also doesn’t have any monthly fees, which is another cost-saving benefit. You only pay when you process a payment, and the fees are very reasonable.
Another great thing about Stripe is that it’s flexible. It can be used for one-time payments or recurring subscriptions. And if you need to process payments in multiple currencies, Stripe can handle that too.
When it comes to processing payments, security is always a top concern. Stripe uses the latest security measures to protect your customer’s data. And if there is ever a security breach, Stripe has a $5 million insurance policy to cover any damages.
One of the biggest drawbacks of using Stripe is that there is limited customer support. If you have a problem or need help with something, you’re mostly on your own. The only customer support options are a knowledge base and a community forum.
Another big downside of Stripe is that there is no phone support. This can be a problem if you have a urgent issue that needs to be resolved.
Stripe is not available in all countries. Currently, Stripe only supports businesses in the United States, Canada, Australia, and the United Kingdom.
When you process a payment with Stripe, there is a 2.9% + $0.30 transaction fee. This fee is higher than some of the other payment processors out there.
To use Stripe, you must have a U.S. or Canadian bank account. This can be a problem for businesses that don’t have a bank account in one of these countries.
Overall, Stripe is a great option for businesses that need a simple and efficient way to process payments. However, there are a few drawbacks that you should be aware of before you sign up.
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