Category Archives: Payment Processing

Get clarification on old and new options for online payment processing for your business

Stripe – A Newcomer in Payment Processing

In my last piece I talked about the ease and simplicity of using PayPal to collect payments on your website.  In this piece I’m going to talk about a newcomer to the payment processing game… Stripe.

Stripe (Stripe.com) began in 2010 and was funded by some of the original founders of PayPal.  Stripe set out to become the next PayPal, and while PayPal still holds the market share, Stripe is quickly gaining ground.

Even though they are built a bit more for the developer in mind, they do make integrating a payment button in your website.  Customers can make payments quickly and easily, without having to have a Stripe account, using a credit card.

You can setup a Stripe account in minutes and you’ll immediately be in “Test mode” where you can create your buttons, develop your software and integrate however you like.  They have great tutorials, and if you’re using WordPress there are countless plugins available to work with Stripe.   Once you’re ready to go live, a few simple steps to verify your account and your bank account and you’re off and running collecting payments.

Their fee structure is remarkably identical to PayPal, simply 2.9% of each transaction and .30 cents per transaction.   They don’t offer any kind of Pro plan with a monthly subscription, however they do ask you to contact sales for Enterprise (aka high-volume) solutions.

They offer some more cutting edge bells as whistles, such as integration with Apple Pay, Alipay and also supporting Bitcoin payments.  They work with over 100 global currencies so you can instantly charge your customers in their local currency.

If you’re looking for a slightly more technical solution to accepting payments via PayPal, check out Stripe!

Collecting Payments with PayPal

As your website grows, there may come a time when you’re ready to accept payments from visitors.  Maybe you are selling something, or maybe you are collecting donations?

One of the easiest and most widely used methods of collecting payments on websites is via PayPal.  It’s widely used, has more than 179 million active, registered accounts and allows customers to send and receive funds in 26 currencies worldwide.

PayPal is a free service you can sign up for at www.PayPal.com.  They offer a wide range of tools to create Payment Buttons, donation buttons or even create a simple shopping cart via the PayPal website.

PayPal works a bit like a bank account.  When people want to pay you (via one of the buttons you created) they can either send money that they already have in their PayPal account, or they can pay directly using a Credit Card or Bank Account.

On your end, the money arrives to your PayPal account.  From there you can either use it to purchase other things with PayPal, or after linking up and verifying your bank account, you can withdraw it to your bank account.   They even offer a debit card option which allows you to spend it that way as well.

For a basic personal or simple business account, there is no monthly fee.  They simply charge 2.9% of each transaction + .30 cents a transaction.    They also offer a Pro account which charges the same fee, plus $30/month and allows greater customization of the checkout process and full integration with a third party shopping cart.   It also offers a virtual terminal which would allow you to take credit cards offline or over the phone by keying the transactions into the web interface.

If you’re looking for a quick and easy way to start collecting payments, PayPal offer the simplest solution!