If you’re considering using Stripe as your payment processor, it’s important to understand the fees you’ll be charged. Stripe fees are relatively straightforward, but they can vary depending on the type of transaction and the location of the customer. In this guide, we’ll break down the different types of Stripe fees and help you understand how much it will cost to use Stripe for your business.
Stripe charges a flat rate of 2.9% plus 30 cents per successful transaction for all domestic transactions. This means that every time a customer makes a payment through Stripe, you’ll be charged 2.9% of the transaction amount plus an additional 30 cents. If you have a high volume of transactions, this fee can add up quickly, but it’s a competitive rate compared to other payment processors.
For international transactions, Stripe charges a slightly higher rate of 3.9% plus 30 cents per transaction. This is because international transactions carry a higher risk of fraud and chargebacks, so payment processors typically charge a higher rate to offset this risk. However, Stripe’s international transaction fees are still competitive compared to other payment processors.
Stripe also offers volume discounts for businesses that process a high volume of transactions. If you process more than $80,000 per month through Stripe, you may be eligible for a custom rate based on your transaction volume. This can be a great way to save money on fees if your business processes a high volume of transactions.
It’s also worth noting that Stripe doesn’t charge any additional fees for features like refunds, chargebacks, or failed transactions. This can make it a more cost-effective option compared to payment processors that charge additional fees for these types of transactions.
In conclusion, Stripe fees are competitive and relatively straightforward. By understanding the different types of fees and taking advantage of volume discounts, you can optimize your payment processing and save money on fees. If you’re considering using Stripe for your business, be sure to carefully evaluate your needs and compare the costs and features of different payment processors to make an informed decision that helps you grow your business. Feel free to reach out to us at GetPayment so we can help you in greater detail!