Alternatives to Paypal, with banking facilities


(James Bond) #1

At present my clients pay me via PP, I use it like a bank account, storing money in the account, making purchases, etc. The problem is the PP fees are just too high. Even with merchant rates based on £6k a month throughput, it’s still over 2% per transaction.

I don’t wish to use a regular bank account, so I’m wondering what my options are? Does anyone know of any alternatives?


(NeilUK) #2

I personally prefer Stripe and stopped using PayPal a while ago. Apart from PP’s fees and exchange rate rip-off, I just don’t trust them.

However, Stripe’s fees are 2.9% + 30 cents per transaction or 1.9% +20p if it’s an EU based card payment.


(James Bond) #3

Stripe are not a bank, as such though, are they? I thought they were just a payment processor?


(NeilUK) #4

Sorry, I didn’t read it fully. Yes, Stripe just process the payments.


(James Bond) #5

Thought so. Some of my clients use Stripe, but for me, I don’t need payment processes as such, just somewhere for clients to easily pay me monthly retainers.


#6

I stick with Paypal. The fees are reasonable for what I do, I’ve been using them for over 20 years and have never lost money on a paypal transaction. A big reason I like Paypal is that on the rare occasion there is a problem it is very easy to reach them on the phone. I don’t know how much money there is to save on these fees over what you pay paypal. Even if you accept regular credit cards there are fees involved.

I like to use paypal similar to the way you describe. It is handy… but for large orders I only accept checks as payment. New customers must even wait until the check clears. If they insist on paypal I will do it but I explain the fees I have to pay and adjust my pricing to cover them. I give them the choice…