We just received an email from PayPal, and it’s a sad day for many small businesses like Bitsum. PayPal has now done away with their tiered transaction fees for high volume customers *and* increased their foreign transaction rate by 1%.
That means the new PayPal transaction fees are:
- 2.9%+$0.30 for all domestic orders
- 3.9%+fixed fee (approx $0.30) for all international orders
(plus additional monthly charges for PayPal Pro and other features)
We actually do use Stripe on our new web site, simply because the plug-ins we used did not fully support PayPal Pro, and we wanted to keep customers on our site, as opposed to sending them to PayPal and back again, as we do at our legacy site. So far it’s worked very well.
By comparison, Stripe’s rate is set to compete, and now beat, PayPal at a flat 2.9%+$0.30 for *all* transactions, domestic or foreign. Stripe’s transaction fees:
- 2.9%+$0.30 for all transactions, foreign and domestic
(no other monthly fees or add-ons)