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 Processing fees?
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dbdave
ECT Moderator

USA
8801 Posts

Posted - 11/05/2019 :  14:08:20  
What's everyone paying. Paypal sent an email. They are going up....

It might be time for me to look around.

Thanks,
David

1818charlie
Ecommerce Template Expert

United Kingdom
618 Posts

Posted - 11/05/2019 :  14:33:23  
I'm UK based and most of my incoming payments are by direct bank transfer. I only accept card payment's on my website via Stripe. The fee is 1.2% + 0.20p all be it 3 days to transfer funds to bank whereas I understand PayPal withdrawl can be done as soon as funds are received.

Steve
Manchester, UK

Using ECT since 2004

Vince
Administrator

39437 Posts

Posted - 11/06/2019 :  00:13:48  
quote:
The fee is 1.2% + 0.20p
Is that their standard rate?

Vince

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1818charlie
Ecommerce Template Expert

United Kingdom
618 Posts

Posted - 11/06/2019 :  07:38:49  
Hi Vince,

I made a slight error on the %age, it's actually 1.4% + 0.20p for European cards & 2.9% + 0.20p for non-European cards. That's the info from the following link - https://stripe.com/gb/pricing

Steve
Manchester, UK

Using ECT since 2004

Graham Slaughter
Ecommerce Template Expert

758 Posts

Posted - 10/26/2020 :  08:48:35  
Did you guys ever change over to something else Dave?

It has been a year of their new "We don't refund processing fees on refunded orders" and I'll be darned if we haven't paid them WAY more money this year. I'm ready to jump ship.

- Graham Slaughter

dbdave
ECT Moderator

USA
8801 Posts

Posted - 10/26/2020 :  10:05:21  
Hi Graham, I think they had gotten a new CEO some time back and that's when they started taking away things that made them special.
I believe the rates are likely about the same everywhere in the end.
Non-swipe transactions are always going to be higher.
I wouldn't want to drop paypal standard because some customers really like and trust it.
So splitting my payment processing (moving away from paypal pro) is a tough decision.

I think all of the processing companies keep those fees too.

Thinking of pros and cons, I still get my money right away with paypal, and I have that debit card that give us 1.5% cash back. The cash back is sometimes as much as 30-40% of my total fees.

It's a love/hate thing really, but right now, I am still with Paypal.

David

Graham Slaughter
Ecommerce Template Expert

758 Posts

Posted - 10/26/2020 :  10:28:13  
Thanks. Yeah, I think we all live somewhere in the "Love / Hate" realm with them right now. When they first announced they wouldn't be refunding processing fees on refunded orders I didn't think it would be that big of a deal because it didn't happen too often. Now Covid is here and lead times increased across the board, so I'm just throwing money away because of that policy change. It really bites.

I used to tell myself the 1.5% CB on the PayPal card enough to offset the processing fees, but then they changed the CB%. Now we use the Spark card from Capital One. It's unlimited 2% cashback. I know that's just an extra half percent, but all I have to do is just pay off that card instead of automatically pulling from Paypal which is a small price to pay.

I'm going to try and see if the fees are at all negotiable. We do a pretty sizeable amount of processing with them, so I feel like we have some hope at least.

Thanks again for the reply.

Graham Slaughter
Ecommerce Template Expert

758 Posts

Posted - 10/26/2020 :  10:32:15  
For the record, regular PayPal is 1.9%. I believe that's the first cart page button only. If they go through the full 3 cart pages and enter credit card info that's 2.2%

All that said, I pulled our ACTUAL rates that they charged over the last year and it varies a LOT. Sure 95% is 1.9 and 2.2, but about 5% of all the transactions are 2.7-3.7%

Yuck.

dbdave
ECT Moderator

USA
8801 Posts

Posted - 10/26/2020 :  11:39:23  
American "excess" is always 3%+

1818charlie
Ecommerce Template Expert

United Kingdom
618 Posts

Posted - 10/26/2020 :  13:28:11  
Since this article started I have started to use SquareUp - Jan 2020. Their 1.75% fee for Chip 'n' Pin, Contactless & Mobile payments using their Bluetooth Square card reader is great. Also with my account comes a Virtual Terminal, at no monthly charge, & the fee per transaction is 2.5%. Used that a few times for customers far away! So far never had any issue with Square. The payments I take are for my services / time not tangible goods.

I still have the Stripe account but I needed a card reader of which Stripe doesn't have.

I will add that I don't trust nor like Paypal & regardless what their fees come down too (as if that will ever happen) I still couldn't see me ever using them. I have been asked numerous times if I accept Paypal but I know that by not doing so have I ever lost any business. Each to their own!

Steve
Egerton Village, Bolton, UK

Graham Slaughter
Ecommerce Template Expert

758 Posts

Posted - 10/26/2020 :  13:37:36  
We used Square this year for a local brick and mortar business via a credit card terminal and I was honestly really happy with them.

I agree, I dont really trust Paypal but I can tell you that a sizable portion of our customers will only use Paypal to process their transactions. When we added Paypal as a payment method years ago it made a notable difference in increase of orders.

dbdave
ECT Moderator

USA
8801 Posts

Posted - 10/26/2020 :  14:09:36  
If I happen to have a dispute (luckily we get very few), I would much rather that it was a paypal transaction.
We usually win those.

David
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