Starting up event business involves a lot of steps which might leave you feeling overwhelmed. Despite all of the processes involved, selecting the best platform to receive payments through is often the most critical part. Still, after proper research, it always boils down to choosing between PayPal or Stripe.
In order to prevent money issues in the future, the majority of events business owners ask the question, which is better between PayPal and Stripe. The truth about this is, the best payment option for you is based on your particular situation. Hence highlighting the features of both can help you decide which would be much better for you.
One of the first things to consider when choosing an online payment medium are the fees. This way you can be sure that in any events, you can still be comfortable with the fees and rates. With PayPal, the fees and rates are very straightforward. The fee for each transaction is $0.30 USD, plus 2.9% of the amount you receive. There are no monthly fees to be paid, and the fee is fixed, irrespective of the card you use. If you make use of PayPal’s Payment Pro service, you’d be charged an extra $30 per month.
Stripe, on the other hand, charge you a flat rate of 2.9% + 30¢ per successful charge as long as you’re doing under $1 million in volume per year. This rate varies country to country, but it’s always flat. Although there are also no monthly fees to be paid. Stripe offers a number of tools ranging from business intelligence to recurring billings which makes it a bit more flexible than a PayPal.
It might be helpful to note that both PayPal and Stripe fees are the same.
- Termination fee and contract length
Termination fee and contract lengths are one of the most important features to consider when selecting a payment gateway. On the bright side, there are no contracts required with either Stripe or PayPal. Both platforms let you pay as you work with them hence no termination fees included. In most events, there is no need for you to present too much information when setting up your account because they are both third-party payment platforms. All you need to set up these accounts are your name and address.
This also means that every account is watched carefully and if any fishy transactions take place with your account, your account could be locked or terminated.
- User friendliness
Both providers have services which are easy to use. They are user-friendly for the customer as well as an online business owner, setting up your PayPal or Stripe is easy.
- Hidden fees and transparency
With both payment platforms, you don’t have to bother about hidden fees. PayPal and Stripe are very transparent with their fees and rates. There will be no advertisements littering your account or getting emails from salespeople.
Registration for PayPal
Registration for Stripe