What are the fees and is it easy to see payments when integrating Stripe or PayPal?
We're using Xero accounting software and now I'm considering adding Stripe or PayPal to our invoice options.
You can set both Stripe and PayPal up as bank accounts in Xero – so seeing payment is easy. If our client pays using the link in your invoice, Xero will also automatically mark that invoice as paid and create a payment transaction to be reconciled when the transaction comes through.
Stripe payout after 7 days and with PayPal you have to manually action payouts to your bank account.
PayPal fees are 3.4% plus $0.45 per transaction for less than $5k per month, dropping down to 2.9% plus $0.45 for anything over $5k.
Stripe fees are 2.9% plus $0.30 per transaction – so quite a bit less than PayPal.
Adding one or both of these payment options to your invoices is a great way to reduce the amount of time it takes for clients to pay. Quite often people will pay immediately if they can use their credit card, whereas you may have to wait until their next payment cycle to be paid by bank transfer.
This answer was written by http://www.adminarmy.co.nz