![]() ![]() There’s no monthly fee with Stripe and you only have to pay 0.5% on all recurring charges. PayPal charges a monthly fee of $10 to set up recurring billing (this is on top of the $30 monthly fee for the PayPal Pro account). cards, this fee is even higher: 4.4% plus a fixed fee based on the currency outside the U.S.īoth PayPal and Stripe offer recurring billing. PayPal also charges 2.9% plus $0.30 for transactions in the United States, but if your customers use an American Express card, this fee goes up to 3.5%. Stripe charges 2.9% plus $0.30 for all U.S. Therefore, many have signed up to Paypal without being aware of superior alternatives.Ī viable alternative to PayPal is Stripe. The fact of the matter is that PayPal had been the largest and most dominant force in the merchant services game for years. The issue comes down to general awareness. Photo by Steve Johnson / Unsplash Is there an alternative to PayPal for small businesses?Ībsolutely there is. If you're a business and are using PayPal, we also recommend closing your PayPal account. So, what is the solution? PayPal has said that anyone who disagrees with any of their new terms is free to close their account. Most merchant service providers do not have a policy like this. It is difficult to agree with this statement. PayPal claims that this refund policy is standard across the industry. Ultimately, the costs will be passed onto consumers. Merchants will need to find ways to absorb or minimise these fees. No matter how you look at this, this policy is bad for business. Photo by Mike Petrucci / Unsplash PayPal's Refund Policy - Not the Industry Standard Despite the fact that the transaction was cancelled. For example, if a customer pays $10,000 for an item on your online store and then cancels the order shortly after, you as the merchant will have a $290 fee from Paypal. To put it simply PayPal is no longer refunding fees on refunds. ![]() The latest policy change we speak of is in regards to their fees. Despite the fact that PayPal is finally facing competition for its position as leader in the merchant service provider market, the company continues to push users away due to bad policies and anti-consumer practices. ![]() The latest policy change from PayPal is not a good one. Luke Riley In this article, we ask the key questions what is Paypal's refund policy, and how does it impact businesses and freelancers? Paypal is making it harder, costlier and riskier to do business in 2021 ![]()
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