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Value of Using Stripe on BO?
Good morning, fellow sellers (or evening, wherever you are <s>)!
Since I opened in 2018, I've only accepted PayPal - it's easy for me, and I have all my "books" setup to automatically grab PayPal report data to auto-populate a variety of information and forms, e.g., taxes.
I was wondering if there is indeed value to adding Stripe as a payment option to my store? Maybe once a year I get a message from someone who loathes PayPal and asks to use another method, but obviously I have no insight into how many folks (if any) got to checkout, saw PayPal only, and just dumped their cart.
What are you thoughts on Stripe? For me, it will add add'l one-time work in integrating their reporting format into my books, then monthly work to import data from yet another source for my updates. Other than that, no extra work really...
Looking forward to hearing if you see a sales benefit in offering Stripe or not!
Since I opened in 2018, I've only accepted PayPal - it's easy for me, and I have all my "books" setup to automatically grab PayPal report data to auto-populate a variety of information and forms, e.g., taxes.
I was wondering if there is indeed value to adding Stripe as a payment option to my store? Maybe once a year I get a message from someone who loathes PayPal and asks to use another method, but obviously I have no insight into how many folks (if any) got to checkout, saw PayPal only, and just dumped their cart.
What are you thoughts on Stripe? For me, it will add add'l one-time work in integrating their reporting format into my books, then monthly work to import data from yet another source for my updates. Other than that, no extra work really...
Looking forward to hearing if you see a sales benefit in offering Stripe or not!
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Comments
The number of people that use it isn't very high. I think of it as another avenue for customers to purchase from me.
Stripe auto deposits the funds to my bank account I believe once a month?? One thing I haven't run into yet but need to figure out is if you need to refund a customer and you have no balance in the Stripe account are you still able to refund? I haven't run into this situation yet but someday I'm sure I will.
I do not currently use Stripe (but have in the past). One issue I had with them, back then, was that Stripe refused to accept a PO Box address as matching their criteria. Stripe blames the card issuers, but PP always confirmed those addresses. Go figure.
Stripe offers anti-fraud protection for a very small fee (can't remember what it is), and better protection than PayPal for credit card purchases where the issuing bank forces 2FA on cardholders.
Stripe pays out daily, weekly or monthly, whatever you prefer.
Refunds are easy, handled the same way as PayPal on BO. If you do not have sufficient funds within your Stripe account, they debit your bank account after a few days.
I ditched PayPal a few months ago due to its climbing fees and haven't looked back.
Like @nita_rae said, it offers a way to examine the payment before accepting it, which has helped me a couple of times. @TechnicBuilt and @Hoddie have already mentioned the comparable fee rates and auto-deposits to your bank account.
I'd also like to add that if a customer wants to cancel the order and you haven't processed the payment, you can cancel the payment without being charged the service fee (unlike PayPal, who wants their fee regardless of the situation).
The only downsides are, like you've pointed out, are yet another account. They also don't have a "micropayment" option, so I've lost money on very small (<40¢) sales, but that is a rarely-occurring risk I've accepted.
Thank you again, all, and a happy holiday season to you and yours! ::hugs::
Sandy
Hoddie, they charge a fee for anti-fraud protection? That's interesting.